The Federal Home Loan Bank of Dallas (FHLB Dallas) and Bank of the Ozarks awarded a $140,000 Affordable Housing Program (AHP) grant to the Southwest Arkansas Development Council (SWADC) to assist with home rehabilitation costs.
Using the grant, SWADC will provide repairs to the homes of very low-income elderly and disabled homeowners in Miller County, Arkansas. The improvements include replacing 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 William Taft Wilson, weatherization director for SWADC. “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 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.