Bank of the Ozarks and FHLB Dallas Award Affordable Housing Grant to Assist Housing Authority with Critical Repairs
FAYETTEVILLE, AR – November 16, 2010 – (RealEstateRama) — A $55,000 Affordable Housing Program (AHP) grant from Bank of the Ozarks and the Federal Home Loan Bank of Dallas (FHLB Dallas) will assist the Fayetteville Housing Authority with much needed repairs to apartments for very low-income residents.
The Fayetteville Housing Authority is using the funds to finish installing energy efficient roofing and central air and heating units to 52 apartments within its Morgan Manor affordable housing complex. The housing authority will also use federal funds for some of the repairs, but needed another source of funding in order to qualify.
“The AHP grant helped us meet the match we needed to qualify for the government stimulus grant,” said Fredia Sawin, executive director of the Fayetteville Housing Authority. “The money we got from the federal government only provided 30 of those units with air conditioning. The $52,000 we were given by FHLB Dallas and Bank of the Ozarks will help us complete making all the units in that project energy efficient.”
This year FHLB Dallas awarded $18.5 million in AHP grants through its member institutions, including $1.5 million in the state of Arkansas to fund the creation or rehabilitation of 187 housing units. Six AHP grants, totaling nearly $585,000, were awarded through Bank of the Ozarks.
“Bank of the Ozarks appreciates the opportunity to participate in the FHLB Dallas AHP Grant program. We have seen firsthand how much it helps organizations working to produce and maintain affordable housing in Arkansas,” said Eric Gustafson, community development officer for Bank of the Ozarks. “We are especially pleased to be working with the Fayetteville Housing Authority to improve affordable housing in Northwest Arkansas.”
Federal Home Loan Bank of Dallas