FOR IMMEDIATE RELEASE

Contact:

Corporate Communications
Federal Home Loan Bank of Dallas
www.fhlb.com
(214) 441-8442

Ortiz Announces Affordable Housing Grants

DALLAS, TEXAS, February 28, 2007– Congressman Solomon Ortiz (TX-27) announced the awarding of $340,000 in affordable housing grants by the Federal Home Loan Bank of Dallas provided through their member financial institutions.  Grants to the three projects will create affordable home ownership in Nueces and Cameron counties.

 "A person's home is their castle, and a home represents much of how we see ourselves," said Ortiz.  "Yet, it's often the case that working families simply don't have the means to purchase a home, so I'm pleased when the Federal Home Loan Bank of Dallas offers capital to make new lives for South Texans."

 Grant recipients include:

• Community Development Council of Brownsville will receive $120,000 toward assisting low-income families with down-payment or principal reduction for home purchases, made available through First Community Bank
• Community Development Council of Brownsville will receive $120,000 toward  Summer Hill Subdivision development, where 115 affordable single family homes will be constructed and qualified families will receive principal reduction assistance, made available through the International Bank of Commerce
• Corpus Christi Housing Authority will receive $100,000 toward a Section 8 homeownership project that will enable very low income families to become first time homeowners, made available through Frost National Bank

The Federal Home Loan Bank of Dallas invests 10 percent of its earnings each year in Affordable Housing Program (AHP) grants provided through member financial institutions. 

The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank System created by Congress in 1932. The Bank, with total assets of $58.2 billion as of September 30, 2006, 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 Bank’s website at www.fhlb.com.

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