AHP Grant to Help 15 Low-Income Arkansas Residents Move into Quality Homes
LITTLE ROCK, Ark., Sept. 24, 2015 /PRNewswire/ -- The Federal Home Loan Bank of Dallas (FHLB Dallas) and member institution, Simmons First National Bank, have awarded a $105,000 Affordable Housing Program (AHP) grant to the Northwest Regional Housing Authority (NWRHA). The grant will provide down-payment assistance to 15 very low- and low-income homebuyers in Boone County, Arkansas, who are participating in the Mutual Self-Help Housing Program.
NWRHA Director Vickey Stratton said the AHP funding makes quite a difference for homebuyers by helping them purchase homes that are Energy Star®-rated.
"The AHP grants help our homebuyers who otherwise don't qualify for enough loan funds," Ms. Stratton said. "But with the AHP, we can get to a point where we can build something for them. It lets them get an energy-efficient home and move out of difficult living conditions."
FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions. AHP grants fund a variety of projects, including home rehabilitation and modifications for low-income, elderly, and special-needs residents; down payment and closing cost assistance for qualified first-time homebuyers; and the construction of low-income, multifamily rental communities and single-family homes.
The Mutual Self-Help Program "helps low-income participants achieve the dream of homeownership through sweat equity," according to NWRHA's website. Loan payments are based on income, not market rates, and neighbors help build each other's homes. No one moves into their homes until all in a group are completed.
Martie North, director of CRA and Community Development with Simmons First National Bank, said NWRHA is a unique organization that assists some of Arkansas' most vulnerable residents.
"NWRHA is a progressive housing authority that serves very low-income citizens with innovative programs," Ms. North said. "Housing authorities often focus on rental properties. But NWRHA takes it much further by acquiring and developing land for rental and ownership units. Simmons First National Bank is thrilled to be working with them."
FHLB Dallas, in partnership with its member financial institutions, has awarded more than $7.4 million in AHP grants this year to 32 projects, primarily within its five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas.
July 2015 marked the 25th anniversary of the AHP. Since the program's inception, FHLB Dallas has awarded more than $237 million in AHP and AHP-funded grants to help more than 44,000 families obtain safe, affordable, and quality housing.
"A cornerstone of FHLB Dallas' mission is to support affordable housing and community investment in communities served by our members," said Greg Hettrick, vice president and director of Community Investment at FHLB Dallas. "We are honored to be part of a solution, through Simmons First National Bank and NWRHA that helps people out of poverty and into affordable housing."
About Simmons First National Bank
Simmons First National Corp. is a financial holding company headquartered in Pine Bluff, Ark., with total assets of almost $7.6 billion. The company conducts financial operations in Arkansas, Kansas, Missouri, and Tennessee. The company's wholly owned subsidiary, Simmons First National Bank, offers comprehensive financial solutions delivered with a client-centric approach. The company's common stock trades on the NASDAQ Global Select Market under the symbol "SFNC."
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $42.6 billion as of June 30, 2015, is a member-owned cooperative that supports housing and community investment by providing competitively priced loans and other credit products to approximately 865 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit fhlb.com.
Contact:
Corporate Communications
Federal Home Loan Bank of Dallas
www.fhlb.com
(214) 441-8445
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SOURCE Federal Home Loan Bank of Dallas
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