HOT SPRINGS, Ark.--(EON: Enhanced Online News)--Garland County Habitat for Humanity (Garland County Habitat) has been awarded a $49,000 Affordable Housing Program (AHP) grant from Bank of the Ozarks and the Federal Home Loan Bank of Dallas (FHLB Dallas). The grant will be used to help cover construction costs of seven homes.
“Bank of the Ozarks’ dedication to affordable housing is visible across Arkansas”
This is Garland County Habitat’s fifth AHP grant since 2006, bringing the nonprofit’s total award amount to more than $621,000.
Construction has begun on four homes at Garden and Mound streets in Hot Springs, Arkansas, as well as one on Avery Street. Two more houses at Cones Road and Ruth Street are slated for completion in August 2017. Each home takes approximately six months to build using construction crews made up primarily of Garland County Habitat volunteers.
“This AHP grant enables us to build houses in Hot Springs for hard-working parents, who are asking just for a hand up instead of a handout, at a level of affordability made possible by FHLB Dallas’ funding,” said Evan Tuchinsky, development director at Garland County Habitat for Humanity. “Seven families will move into their own homes in safer neighborhoods, thanks in great measure to FHLB Dallas and Bank of the Ozarks.”
FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions, such as Bank of the Ozarks. AHP grants fund a variety of projects, including home rehabilitation and modifications for low-income, elderly, and special-needs residents; down payment and closing cost assistance for qualified first-time homebuyers; and the construction of low-income, multifamily rental communities and single-family homes.
“Hot Springs and Garland County have benefited from the work of Garland County Habitat since 1995,” said Eric Gustafson, vice president and director of Community Development at Bank of the Ozarks. “Bank of the Ozarks is delighted to support the outstanding efforts of Garland County Habitat and to continue serving our community through our partnerships with them and FHLB Dallas.”
In 2016, FHLB Dallas and its member financial institutions awarded $7.8 million in AHP grants to 37 projects that will result in 1,499 new or renovated housing units. The amount includes $273,000 for 39 new or renovated units in Arkansas.
“Bank of the Ozarks’ dedication to affordable housing is visible across Arkansas,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “They understand the need for community investment, and they act on that knowledge to bring critically needed housing to communities like Hot Springs.”
About Bank of the Ozarks
Bank of the Ozarks, Inc. is a bank holding company with $18.45 billion in total assets as of September 30, 2016, and trades on the NASDAQ Global Select Market under the symbol “OZRK.” OZRK owns a state-chartered subsidiary bank that conducts banking operations through 255 offices in Arkansas, Georgia, North Carolina, Texas, Florida, Alabama, South Carolina, New York and California. OZRK may be contacted at (501) 978-2265 or P. O. Box 8811, Little Rock, Arkansas 72231-8811. OZRK’s website is: www.bankozarks.com.
About Garland County Habitat for Humanity
Garland County Habitat for Humanity (GCHFH) is the Affiliate of Habitat for Humanity International serving the Central Arkansas county containing the city of Hot Springs. Established in 1995, GCHFH has constructed 125 single-family houses and renovated another 18 houses for first-time homebuyers with lower incomes. Through the non-profit organization's overseas mission, GCHFH has served 80 additional families.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $58.4 billion as of September 30, 2016, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 850 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit fhlb.com.