LAS CRUCES, N.M., Sept. 20, 2010 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas is pleased to announce it has awarded a $45,000 Affordable Housing Program (AHP) grant to the Mesilla Valley Habitat for Humanity, which will be used toward the construction of homes for nine low-income families in Don Ana County, New Mexico. The grant was issued through Pioneer Bank, an FHLB Dallas member institution in Las Cruces, New Mexico.
The AHP grant will assist Mesilla Valley Habitat in reducing the cost of construction passed on to its homebuyers so that they will have a lower mortgage payment. The Mesilla Valley Habitat requires families to contribute 500 hours of "sweat equity" prior to closing on their homes by participating in the construction of their homes and other Habitat homes. Mesilla Valley Habitat will begin building the new homes in October, and projects that construction of all of the homes will be completed by May 2011.
"Federal Home Loan Bank of Dallas's Affordable Housing Program is the type of program that makes our work possible," said Marie Schwartz, development officer for Mesilla Valley Habitat. "They will have a hand in producing nine of our homes this year, donating $5000 per home for a total of $45,000. This help is greatly needed as we have a waiting list of 300 people. This funding will have a substantial impact in our community. We thank them for helping us provide affordable housing to hard working families."
The AHP funds were issued through Pioneer Bank, one of FHLB Dallas's more than 900 member financial institutions.
"It has been such a pleasure working with Dawson Dinsmore, vice president of Pioneer Bank," said Ed Johnson, Mesilla Valley Habitat's executive director. "We are so grateful for caring institutions like Pioneer Bank that believe in affordable housing for hardworking families. They support the community in which they do business and this is commendable."
Two AHP grants were awarded through Pioneer Bank in the 2010 funding cycle – the Mesilla Valley Habitat grant and a $146,000 AHP grant to Tierra del Sol Housing Corporation toward the construction of homes for very low- to moderate-income families.
"Pioneer Bank has always been a supporter of affordable housing and was honored to support Mesilla Valley Habitat for Humanity's grant application for FHLB Dallas's AHP funds," said Mr. Dinsmore.
AHP funds are used to purchase, construct, and/or rehabilitate single-family, transitional, and multifamily projects for very low- to moderate-income families. Each year, FHLB Dallas returns 10 percent of its profits to the communities served by member institutions in the form of AHP grants issued through certain of its member financial institutions The AHP grant to Habitat is part of $18.5 million in AHP grants that FHLB Dallas has awarded in 2010 through member institutions like Pioneer Bank to help create, renovate, or purchase 2,632 housing units, including $2.87 million in New Mexico, for 382 housing units.
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 $57.1 billion as of June 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.
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CONTACT: Federal Home Loan Bank of Dallas Corporate Communications (214) 441-8445 www.fhlb.com