DICKINSON, Texas, Oct. 13, 2010 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) and Amegy Bank are pleased to announce they have awarded a $70,000 Affordable Housing Program (AHP) grant to the Bay Area Habitat for Humanity (BAHFH) to assist 10 low-income, first-time homebuyers with down payment and closing costs on newly constructed Habitat homes in Galveston County.
This is the first AHP grant awarded to BAHFH, which will provide qualified homebuyers with up to $7,000 each in assistance. The grant funds will significantly reduce each homebuyer's monthly mortgage payment, and help them keep their homeownership costs affordable.
"We are very excited to receive the AHP funding so that we can better assist the families moving into the new Habitat homes," said Peggy Baldwin, executive director of BAHFH. "It is such a wonderful opportunity to help these families who would otherwise not be homeowners because they can't qualify for a traditional loan. The collaboration among BAHFH, Amegy Bank, and FHLB Dallas will help these families reduce their monthly payment and move into their own home."
Amegy Bank approached BAHFH because they believed the AHP program would be a perfect match for the organization.
"BAHFH is such a responsive and well-known organization for the areas south of Houston," said Brian Stoker, senior vice president at Amegy Bank. "They have been a customer of Amegy Bank for many years, and we felt the AHP program provided a great opportunity for us to help them further their mission, and reach out to some of the first-time homebuyers in their program."
Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants issued through 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, $5.5 million was allocated to projects in Texas which will create or renovate 912 housing units within the state.
This year marks the 20th anniversary of AHP, and the $18.5 million represents the largest amount FHLB Dallas has awarded in any single year of the program. 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 $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.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013
CONTACT: Federal Home Loan Bank of Dallas Corporate Communications (214) 441-8445 www.fhlb.com