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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 allowed Ms. Allen to replace a roof that had been leaking for a couple of years. "It helped her tremendously because she didn't have the money to do it," said Ms. Allen's daughter, Bobbie Botley. "It provided her with the security of a dry house. She really appreciates it. She was really pleased by it because she really needed it."
Woodson Walker, a staff member with IN Affordable Housing, Inc., said he learned of Ms. Allen's need for a new roof through a minister at a local church. 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.
Mr. Walker said SNAP provided Ms. Allen with the assistance that she had been promised by many organizations over the past couple of years, but never received.
"I think that this is an extraordinarily good program," Mr. Walker said. "I think it is appropriately targeted. I think the regulations are simple but effective. There is an extraordinary need for this type of program in this state. SNAP is one of the best programs that I think the Federal Home Loan Bank of Dallas has ever presented. I hope it will be funded again 10 times over."
IN Affordable Housing worked with Bank of the Ozarks to secure the funds for Ms. Allen. Bank of the Ozarks has awarded nine SNAP grants so far in 2009.
"Bank of the Ozarks values its partnership with the Federal Home Loan Bank of Dallas and IN Affordable Housing," said Martie North, Vice President and Director of Community Development at Bank of the Ozarks. "SNAP is a wonderful program and it has the capacity to help many deserving families. We are thrilled we have been able to assist Ms. Allen with the repair of her roof."
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 web site 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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