Federal Home Loan Bank of Dallas Makes Available $10.5M in Affordable Housing Program Grants

/ Source: GlobeNewswire

DALLAS, March 29, 2011 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (Bank) is pleased to announce that $10.5 million in Affordable Housing Program (AHP) grants are available in 2011.

The Bank's AHP is a competitive grant program that operates through the Bank's member financial institutions. It is designed to assist member institutions in developing affordable owner-occupied and rental housing for very low- to moderate-income families and individuals in the communities served by the Bank's members. The AHP grants help the Bank's members meet the affordable housing needs in their communities.

Since 1990, the Bank has awarded more than $204 million in AHP grants, through its members, to assist more than 35,000 families in obtaining an affordable place to live.

"As the communities served by our members continue to suffer from the economic downturn, the Bank is pleased to be able to again offer AHP grants to assist with the development of affordable housing in these areas," said Bank President and CEO Terry Smith. "The AHP grants have been a critical element in assisting more than 35,000 families with their affordable housing needs since the program was established in 1990. We are proud to partner with our member institutions in helping to provide crucial funding to meet the housing needs in their communities."

AHP grant applications for the 2011 funding cycle will be accepted through the close of business on April 15, 2011. Applicants may apply for up to $500,000 in AHP funds per project. Applications are available though the Bank's AHP Online Application in the AHP section of the Bank's website at fhlb.com/community/ahp/.

All eligible member institutions within the Bank's five-state district may access these funds for their own programs or for programs initiated in conjunction with nonprofit organizations, state or local governments, or for-profit developers, subject to the terms and conditions of the AHP. A list of the Bank's members is available on its web site at fhlb.com/member/.

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 $39.7 billion as of December 31, 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 website at fhlb.com.

The Federal Home Loan Bank of Dallas logo is available at

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