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Bank of the Ozarks and FHLB Dallas Award Grant to Assist Homeowners With Critical Repairs

/ Source: GlobeNewswire

LITTLE ROCK, Ark., April 5, 2011 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) and Bank of the Ozarks are pleased to announce they have awarded a $140,000 Affordable Housing Program (AHP) grant to the Southwest Arkansas Development Council (SWADC) to assist with home rehabilitation costs.

The AHP grant will be used to provide much needed repairs to the homes of very low-income elderly and/or disabled homeowners in Miller County, Arkansas. The funds are being used in conjunction with monies from the weatherization assistance programs offered by the U.S. Department of Energy and the state of Arkansas, according to William Taft Wilson, weatherization director for SWADC.

The grant funds will enable SWADC to make much needed repairs to 20 homes, including replacing roofs, floors, and windows, to bring the homes into compliance with the code standard, which will then qualify them for weatherization assistance program funds. Many of the homes in the region served by SWADC are turned down for the weatherization assistance program funds because they are in such poor condition and need repairs that are not covered by such programs.

"We'll use the AHP grant to leverage funds for the houses that don't qualify for weatherization," said Mr. Wilson. "Our clients either can't afford new homes, or they don't want them, so we try to improve the living conditions in their existing homes."

SWADC is a nonprofit organization that provides assistance to individuals in need, to help them escape poverty and attain a self-sufficient lifestyle. The organization serves seven Arkansas counties.

Mr. Wilson worked with Martie North, vice president and director of community development at Bank of the Ozarks, to apply for this AHP grant, as well as a previous AHP grant received by the organization.

"We are pleased to be able to work with SWADC and the Federal Home Loan Bank of Dallas to provide funds to rehabilitate the homes of those without the resources to do so on their own in the Texarkana area. We understand the repairs that are made using these funds help improve the quality of life for deserving Arkansans," said Ms. North.

In 2010, FHLB Dallas awarded a total of $18.5 million in AHP grants through member institutions such as Bank of the Ozarks. Each year, FHLB Dallas returns 10 percent of its profits to the communities served by its member institutions in the form of AHP grants. In 2011, FHLB Dallas is making available to its members $10.5 million in AHP grant funding.

About Bank of the Ozarks

Bank of the Ozarks is a respected banking organization noted for exceptional customer service and sound financial performance. For more than a century, Bank of the Ozarks has delivered the genuine personal service of a hometown bank and held true to the belief that our customer relationships are our strongest asset. Bank of the Ozarks conducts banking operations through 94 offices in Arkansas, Texas, Georgia, Florida, South Carolina, North Carolina, and Alabama. The Company may be contacted at (501) 978-2265 or P. O. Box 8811, Little Rock, Arkansas 72231-8811. The Company's website is: .

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

The Federal Home Loan Bank of Dallas logo is available at

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