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In 2009, FHLB Dallas set aside $1 million of its annual Affordable Housing Program (AHP) funds for SNAP, a new special needs rehabilitation program that provides grants to assist income-qualified, special needs homeowners with home repairs and modifications. SNAP funds were exhausted in September, prompting FHLB Dallas to approve a one-time, $500,000 special allocation outside of its AHP.
"The grant helped me a lot because the roof was leaking and I never could get any help," said Ms. Woods, a 71-year-old, disabled widow. "Every other program I came across required me to put money with it, but I didn't have any to put with it. Now it rains and I don't have to worry about it leaking. There's one blessing. It looks good inside and it looks good on the outside."
Woodson Walker, a staff member at IN Affordable Housing, Inc., learned of Ms. Woods's needs through her son and the city of Little Rock. IN Affordable Housing is a Little Rock-based comprehensive housing agency that provides education, training, counseling, and advocacy throughout the Little Rock metropolitan area. The agency also provides new construction and rehabilitation services, and works closely with the city of Little Rock because of its rehab services.
Ms. Woods had been working with the city for several months, but had been unable to find a program that worked for her, Mr. Walker said.
"Our procedure with the Federal Home Loan Bank of Dallas was pretty easy to implement. It required very little from the recipient," Mr. Walker said. "She has a very sound house, but it had a leaking roof that was going to ultimately cause the house to deteriorate. Fixing her roof probably saved her thousands of dollars ultimately."
IN Affordable Housing worked with Bank of the Ozarks to secure the SNAP grant.
"Our contact person was Martie North, who is extremely gracious, very supportive, and seems to have nothing but the best of intentions," Mr. Walker said. "Martie climbed into this as enthusiastically as we did, and was nothing but supportive. We are extremely pleased with our relationship with Bank of the Ozarks and think they should be given kudos for their willingness and enthusiasm."
Bank of the Ozarks has awarded nine FHLB Dallas SNAP grants this year.
"Bank of the Ozarks is excited about our partnership with this newly created FHLB Dallas program," said Ms. North, Vice President and Director of Community Development at Bank of the Ozarks. "There are so many homeowners, especially disabled and elderly, who need help with maintaining their homes. With a little help, they will be able to enjoy their homes for years to come. We are pleased to know we are able to help deserving people such as Ms. Woods obtain assistance in making needed repairs or modifications for their homes."
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 $72.1 billion as of June 30, 2009, 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 web site at fhlb.com.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013
About Bank of the Ozarks
Bank of the Ozarks, Inc. is a bank holding company with $3.0 billion in total assets as of June 30, 2009 and trades on the NASDAQ Global Select Market under the symbol "OZRK". The Company owns a state-chartered subsidiary bank that conducts banking operations through 72 offices including 65 banking offices in 34 communities throughout northern, western and central Arkansas, six Texas banking offices, and a loan production office in Charlotte, North Carolina. The Company may be contacted at (501) 978-2265 or P. O. Box 8811, Little Rock, Arkansas 72231-8811. The Company's website is: www.bankozarks.com.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Federal Home Loan Bank of Dallas
CONTACT: Federal Home Loan Bank of Dallas Corporate Communications (214) 441-8445 www.fhlb.com
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