Grants Help Lake Charles Louisiana Families with First Home Purchases
LAKE CHARLES, La., Sept. 19, 2014 /PRNewswire-USNewswire/ -- The Federal Home Loan Bank of Dallas (FHLB Dallas) and First Federal Bank of Louisiana are pleased to announce they have awarded two Affordable Housing Program (AHP) grants to Habitat for Humanity Calcasieu Area (HFHCA).
The AHP grants of $16,000 and $32,000 to HFHCA will provide down payments and/or closing costs for six Lake Charles, Louisiana, Habitat for Humanity homebuyers. The homes will be built in a historic area of Lake Charles targeted for redevelopment, and the homebuyers will include two special needs individuals, one veteran, and one senior.
HFHCA Executive Director Len Knapp said that the AHP grants make homeownership possible for people who want the security of homeownership but don't have the financial resources to purchase a home.
"Most low- or very-low income families don't make enough money to accumulate any savings," said Mr. Knapp. "The AHP grants provide each homebuyer with an $8,000 grant to assist with the closing costs and a down payment. A portion of the grant is applied toward the down payment, which reduces the mortgage payment to an amount these very low-income families can afford."
AHP grants are awarded through FHLB Dallas member financial institutions, such as First Federal Bank of Louisiana, to assist in the development of affordable owner-occupied and rental housing for very low- to moderate-income households.
"Because housing is such a basic need in our community, we are thankful for FHLB Dallas and organizations like Habitat for Humanity, and we are glad to support them in providing six, low-income families with affordable housing," said Melissa Miller, community reinvestment act coordinator at First Federal Bank of Louisiana. "The AHP grant projects will allow residents to achieve their dreams of homeownership and will also contribute to the revitalization of one of the community's historic neighborhoods."
This year, FHLB Dallas awarded $9.8 million in AHP funding to 33 projects primarily within its five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. The grants will result in the creation or rehabilitation of 1,586 housing units.
Since the program's inception in 1990, FHLB Dallas has awarded more than $228 million in AHP grants to help approximately 42,000 families obtain safe, affordable, and quality housing.
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 $33.6 billion as of June 30, 2014, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit the FHLB Dallas website at 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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