Business
Bank OZK and FHLB Dallas Award $53K in Grants to Two Arkansas Nonprofits
In Affordable Housing and University District Development Corporation Receive Funding LITTLE ROCK, Ark.--(BUSINESS WIRE)-- Bank OZK and the Federal Home Loan
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[{"type":"text","content":"\nIn Affordable Housing and University District Development Corporation Receive Funding\n\n LITTLE ROCK, Ark.--(BUSINESS WIRE)--\nBank OZK and the Federal Home Loan Bank of Dallas (FHLB Dallas) provided more than $53,000 in Partnership Grant Program (PGP) grants to In Affordable Housing and University District Development Corporation (UDDC).\n\n\nIn Affordable Housing, which received $30,000, creates and preserves affordable housing opportunities in targeted neighborhoods for families with limited incomes. The organization also provides training, financial education and advocacy for limited-income families.\n\n\nUDDC, which received $23,185, administers a revitalization program for the residential and commercial neighborhoods adjacent to the University of Arkansas at Little Rock.\n\n\nRoma Isom, In Affordable Housing’s executive director, said the funds will help offset the cost of capacity building and contractual services for single-family residential construction targeting very low- to moderate-income individuals.\n\n\nThis is the first year the organization has received a PGP grant. Mr. Isom said the grant will help provide many families the opportunity to own a home.\n\n\n“The biggest hurdles for first-time homebuyers are that they don’t have the down payment and closing costs,” Mr. Isom said. “A lot of times they have credit issues, but these funds that we are receiving from Bank OZK and FHLB Dallas will allow us to put people in houses that probably wouldn’t have had the opportunity if it weren’t for this program.”\n\n\nUDDC will use the money to acquire lots, and cover the costs of various contractual fees associated with building new houses.\n\n\n“What we’re trying to do is work to fill that gap as it relates to safe, decent and affordable housing available throughout the University District,” UDDC Executive Director Barrett Allen said.\n\n\nThis is the fourth time UDDC has received a PGP grant. Mr. Allen said the organization had reached its PGP grant limit years ago, and he was thrilled when the grant’s lifetime limit was raised so they could continue to benefit from the program.\n\n\n“The Partnership Grant Program is also important when it comes to continuing to allow organizations to provide the services they promise to the community,” Mr. Allen said. “FHLB Dallas and its member banks have continued to support our f...