LITTLE ROCK, Ark., April 3, 2012 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) and First Security Bank are pleased to announce that a Community Investment Program (CIP) advance helped finance a new affordable housing apartment community in Cabot, Arkansas.
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Woodland Station Apartments is located just 20 minutes north of Little Rock and consists of 72 units -- 12 one-bedroom, 28 two-bedroom, and 32 three-bedroom units. It was designed to meet the rising need for safe, affordable, and quality housing in the Little Rock area. The new multifamily campus offers a family-oriented atmosphere with plenty of communal space including an all-purpose building, fitness center, swimming pool, outdoor recreation space, and gazebo.
Woodland Station is managed by Professional Property Management, Inc. (PPM). Nona Robinson, general counsel for PPM, said the property has been well received by the community and has had consistently full or near-full occupancy since opening.
"This project was made possible through funding by First Security Bank, FHLB Dallas, and the Arkansas Development Finance Authority," said Ms. Robinson. "It provides residents a comfortable, attractive home, and a deep sense of community."
First Security Bank financed the third phase of Woodland Station in 2011 with a CIP advance. CIP provides favorably priced advances to assist FHLB Dallas members, such as First Security Bank, in funding affordable housing projects in the communities they serve. CIP funds are available throughout the year to support lending for housing-related projects targeted toward households earning up to 115 percent of the area median income. First Security Bank has facilitated affordable housing projects through four CIP advances from FHLB Dallas since 2005.
"CIP has really allowed us to step up and provide competitive financing for projects like Woodland Station," said Kathy Parker, vice president at First Security Bank. "Affordable housing is a concern for Arkansas residents, and Woodland Station is a beautiful campus that will help address that need."
Energy efficiency was a top priority when constructing Woodland Station. Extra steps were taken to ensure the complex would have a minimal effect on the environment, as well as save its residents on utility expenses. Each unit offers ENERGY STAR appliances, including a dishwasher, microwave, washer, and dryer. All windows are energy sealed, extra insulation was installed in the walls and attic, the water heaters are electric with energy-saving timers, and the air conditioners are energy efficient with programmable digital thermostats.
Woodland Station's success will pave the way for future development of affordable multifamily housing communities in the area.
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 $33.8 billion as of December 31, 2011, 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 website at fhlb.com.
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