FOR IMMEDIATE RELEASE

Contact:
Larry Marshall
larry.marshall@fhlb.com
www.fhlb.com
(214) 441-8442

Federal Home Loan Bank of Dallas Awards $1.1 Million in Grants for Affordable Housing in New Mexico

Projects located in Albuquerque, Anthony, Santa Fe, Las Vegas and Lordsburg

DALLAS, TEXAS. July 16, 2003 – The Federal Home Loan Bank of Dallas (FHLBank of Dallas) today awarded $1.1 million in affordable housing grants through its member financial institutions in the state of New Mexico. 

Grants will go to seven projects that create 188 new housing units in the communities of Albuquerque, Anthony, Santa Fe, Las Vegas and Lordsburg, and neighboring states. Total development costs for the projects approach $14 million.

The following projects received grants:

• Affordable Housing Initiative (Anthony): $100,000 provided by Wells Fargo Bank, Albuquerque, for down payment assistance for 20 moderate-income first-time homebuyers who will also contribute 500 hours of sweat equity.
• HADECO County Revitalization (Lordsburg): $100,000 provided by Western Bank, Lordsburg, for closing cost and down payment assistance for 20 homebuyers.
• Region II Self-Help Housing (Las Vegas): $80,000 provided by First National Bank of Las Vegas, Las Vegas, for closing cost and down payment assistance for 10 homebuyers who will also contribute sweat equity.
• SER de New Mexico Homeownership (Albuquerque): $60,300 provided through First Federal Bank, Albuquerque, for closing cost and down payment assistance for 18 first-time homebuyers.
• Siringo Supported Living Program (Santa Fe): $63,000 provided through Wells Fargo Bank, Albuquerque, to reduce rehabilitation costs for a nine-unit apartment building targeted to very low-income individuals with special needs.
• YWCA Transitional Living Center (El Paso, Texas): $350,000 provided through Wells Fargo Bank, Albuquerque, for construction of a 40-unit multi-family rental unit for very low-income families.
• Apache Dawn Phase IV (Whiteriver, Ariz.): $350,000 provided through Bank of Albuquerque, Albuquerque, for construction of a 71-unit multi-family complex on the Fort Apache Indian Reservation.

FHLBank of Dallas provides grants twice a year through its Affordable Housing Program (AHP). Member institutions partner with community organizations to apply for AHP funds that can be used for the purchase, construction and/or rehabilitation of single family, transitional and multi-family rental projects. Since the program’s inception, the FHLBank of Dallas has contributed nearly $134 million toward the completion of more than 31,000 housing units. For more information about the AHP program, visit FHLB.com.

The FHLBank of Dallas, established by Congress in 1932, is a $55 billion privately owned wholesale institution that provides low-cost funding and other credit products through member institutions located in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. FHLBank of Dallas is a member of the Federal Home Loan Bank System and is one of 12 regional FHLBanks providing funding for housing, small business, rural, and agricultural loans to more than 8,000 member institutions across the country.

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