FERRIDAY, La., March 25, 2010 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) awarded the Macon Ridge Community Development Corporation (Macon Ridge CDC) a $300,000 Affordable Housing Program (AHP) grant. The grant will provide down payment and closing cost assistance to 30 qualified, first-time homebuyers in the following Louisiana parishes: Concordia, Catahoula, Tensas, East Carroll, Franklin, and Avoyelles.
Macon Ridge CDC, a nonprofit organization established in 1997, provides rural Louisiana residents with safe, clean, and affordable housing. Macon Ridge CDC is a builder and contractor, and works with various partners to serve the affordable housing needs of very low- to moderate-income residents throughout central and northeast Louisiana.
"Macon Ridge CDC initially began as a small organization, but has quickly grown into one of the largest rural affordable housing providers in the state," said Buddy Spillers, chief executive officer at Macon Ridge CDC. "Especially since Hurricane Katrina, we have had the opportunity to serve people who have relocated from the coast to central and northeast Louisiana. The AHP grants are targeted towards the people we serve, and unite us with local and community banks. It's been a wonderful marriage for us."
Each qualified homebuyer will receive $10,000, of which $500 will go toward homebuyer training and the remaining $9,500 will assist with down payment and closing costs. The prospective homes will be new construction or substantially rehabilitated single-family home. Macon Ridge CDC currently has a waiting list of applicants and is in the process of selecting qualified recipients.
Macon Ridge CDC has received approximately $500,000 through four AHP grants from FHLB Dallas since 2002. Mr. Spillers said Delta Bank has been a valued resource of Macon Ridge CDC and has assisted with a number of its grant applications.
Mr. Spillers said he hopes to have the 30 homes completed and families moved in within the next 12 to 18 months. Rain and recent weather conditions have delayed the building process. In 2009, Macon Ridge CDC completed 28 homes.
Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants issued through its member financial institutions. In 2009, FHLB Dallas awarded $10.5 million in AHP grants to 48 affordable housing projects in its five-state District, including more than $2.9 million in Louisiana, which will result in the creation or renovation of 378 affordable housing units in the state. In 2010, FHLB Dallas will offer up to $18.6 million in AHP grants.
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 $65.1 billion as of December 31, 2009, is a member-owned cooperative that supports housing and community development by providing competitively priced advances 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.
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