LITTLE ROCK, Ark., April 18, 2011 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) and IBERIABANK are pleased to announce they have awarded a $180,000 Affordable Housing Program (AHP) grant to Community Resources Technicians, Inc.
Community Resources Technicians is a Little Rock-based nonprofit organization that provides homebuyer education programs, as well as pre- and post-purchase counseling services. The organization will use the grant funds to assist qualified, low-income homebuyers with down payment and closing costs on new or existing homes.
"An integral aspect of Community Resources Technicians' mission is helping families achieve their dreams of homeownership," said Deborah Cooper, executive director of Community resources Technicians. "Unfortunately, many families experience hurt and frustration over their inability to purchase homes because up-front costs continue to be a barrier that they face. The AHP grant funds that these families receive will allow them to purchase a home, which will help them achieve a sense of community and stability that they highly value."
Community Resources Technicians worked with IBERIABANK in Little Rock to obtain the grant.
"IBERIABANK and IBERIABANK Mortgage Company, through nonprofits such as Community Resources Technicians, have been providing down payment and closing cost assistance to first-time homebuyers in conjunction with Federal Home Loan Bank of Dallas funds for more than 12 years," said Mark Rydel, vice president of IBERIABANK Mortgage. "Through this program, hundreds of first-time homebuyers have realized their dream of homeownership."
Ms. Cooper said the cooperation of FHLB Dallas and IBERIABANK in providing the AHP grant funds has helped homebuyers to purchase and move into their homes more quickly.
"Our partnership with the Federal Home Loan Bank of Dallas and IBERIABANK aids Community Resources Technicians in furthering our mission of increasing homeownership throughout Arkansas communities," Ms. Cooper said. "The AHP grant funds directly affect the lives of the participating families, as well as the communities where they will reside."
In 2010, FHLB Dallas awarded a total of $18.5 million in AHP grants through member institutions such as IBERIABANK. 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 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.
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CONTACT: Corporate Communications Federal Home Loan Bank of Dallas www.fhlb.com (214) 441-8445