updated 2/22/2011 12:46:54 PM ET 2011-02-22T17:46:54

HOUSTON, Feb. 22, 2011 (GLOBE NEWSWIRE) -- Rebuilding Together - Houston (RT-H) will host its semi-annual Partners in Progress luncheon on Tuesday, February 22, to honor the corporations and/or faith-based organizations that provide substantial and continuous support through financial contributions and sponsored crews to RT-H's Volunteer Repair Program. Tuesday's luncheon will recognize the $490,000 Affordable Housing Program (AHP) grant that was awarded to RT-H by Amegy Bank of Texas (Amegy Bank) and the Federal Home Loan Bank of Dallas (FHLB Dallas), which assisted with emergency repairs for qualified, low-income Houston homeowners.

The grant was awarded in 2008, and by December 2010, RT-H used the last of the funding to provide grants to 71 homeowners, at an average grant of $7,000 per home. The funds assisted with critical repairs to roofs, plumbing, foundations, electrical systems, sheetrock, and HVAC systems. Of the 71 homes, 37 roofs were replaced and 69 homes received critical interior repairs. Because the grant funds enabled RT-H to hire contractors to make these emergency repairs, it provided a safer environment for volunteers to make exterior repairs, such as painting and ramp construction. 

RT-H will present Amegy Bank and FHLB Dallas with the Sustaining Support Award in recognition of the collaboration that provided RT-H with the AHP grant. Brian Stoker, senior vice president CRA/community lending officer, will accept the award on behalf of Amegy Bank.

"There is a long and well-established relationship between Amegy Bank, FHLB Dallas, and RT-H," said Mr. Stoker. "RT-H has impeccable credibility in the Houston community, and the proof is in the homes that are being repaired and the neighborhoods that are being revitalized. Amegy Bank is honored to play a small part, but RT-H does all of the heavy lifting in helping these homeowners remain in their homes." 

Greg Hettrick, director and vice president of community investment, will accept the award on behalf of FHLB Dallas.

"FHLB Dallas is pleased to help support Amegy Bank's relationship with RT-H through the AHP grant," said Mr. Hettrick. "RT-H does a great job in helping many families and individuals that endure real challenges in maintaining a safe and livable home environment. With Amegy Bank's help, RT-H is able to use the AHP funds to properly combine professional contractors with its great volunteer base. This is a true testament of the quality of the RT-H organization."

JPMorgan Chase will also receive a Sustaining Support Award in recognition of its financial contribution and sponsored volunteer crews that completed repairs to 16 homes in the Independence Heights neighborhood.

Randy Henry, co-chairman of the board of directors at RT-H, expressed tremendous gratitude for each of the organizations' support.

"Financial support and volunteer crews are so important to us, and really enable us to keep doing what we are doing," said Mr. Henry. "Without funding from resources like the AHP grant, RT-H would be unable to make critical repairs such as electrical work and roof maintenance to these homes. These funds prepare the home so that we can send in our volunteer crews to finish it. Our goal is to invest in the future of low-income areas so that the homes are safe and livable for the families that live there."

In addition to presenting Sustaining Support Awards, Tuesday's luncheon will kick off the April Volunteer Home Repair Program. Katherine Herron, the last homeowner to receive a portion of the AHP funding, will be in attendance. Her home received a new roof, foundation and sheetrock repairs, a new breaker panel, and new weather head. Her home will be one of 100 homes that volunteer crews will finish during the two designated weekends in April.  A second round of homes will be repaired in October. 

Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants issued by its member financial institutions, such as Amegy Bank, to assist in the development of affordable owner-occupied and rental housing for very low- to moderate-income households.  

In 2010, FHLB Dallas awarded $18.5 million in AHP grants through its member institutions to 79 housing projects, which will help create or renovate 2,632 housing units across FHLB Dallas's five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas.  Of the $18.5 million awarded, $6.2 million was allocated to projects in Mississippi which will create or renovate 851 housing units within the state. Since 1990, AHP has assisted more than 38,000 families with their affordable housing needs.

About the Federal Home Loan Bank of Dallas

The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank System created by Congress in 1932.  FHLB Dallas, with total assets of $51.6 billion as of September 30, 2010, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to more than 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas.  For more information, visit the FHLB Dallas web site at fhlb.com.

The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013

CONTACT:  Corporate Communications
          Federal Home Loan Bank of Dallas
          www.fhlb.com
          (214) 441-8445

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