WACO, Texas--(BUSINESS WIRE)--U.S. Representative Bill Flores (R-Texas) joined representatives from the Waco Habitat for Humanity (Waco Habitat), the Federal Home Loan Bank of Dallas (FHLB Dallas) and Extraco Banks today to put in sweat equity at a Habitat for Humanity home under construction in Waco, Texas, and celebrate $137,000 in Affordable Housing Program (AHP) grant funds from the banks.
The event kicked off with a tour of a three-bedroom home, which is under construction. Crystal Cruz, a mother of two boys, ages 9 and 1, is expected to purchase the home. After participating in the construction of Ms. Cruz’s home, Representative Flores then joined project representatives for a tour of a completed home and check presentation.
“Thanks to Extraco Banks, FHLB Dallas and Waco Habitat for making homeownership affordable and accessible to families such as Ms. Cruz. I am honored to be a part of today’s build,” Representative Flores said.
Brenda Shuttlesworth, executive director of Waco Habitat said that the event gave the organization an opportunity to thank Congressman Flores for his support of affordable housing.
“He’s been a champion of Habitat for many years, and his office is always very responsive when we ask to keep affordable housing at the forefront of the national advocacy agenda,” said Ms. Shuttlesworth.
Ms. Shuttlesworth said Waco Habitat’s goal is to make homeowners’ mortgage payments affordable and that the AHP helps keep the principal payment low for the homeowners. Waco Habitat, which offers mortgages with 0 percent interest, builds six to eight Habitat homes a year and has helped lower payments on 23 homes with the help of AHP funding.
Extraco Banks Senior Vice President Sam Brown said the partnership is providing the region with new homeowners who will put down roots, pay taxes and contribute in many ways to the communities in which they live.
“The AHP fits with a vision in which everyone has a decent and affordable place to call home, and that’s a vision we support,” said Mr. Brown. “Making affordable housing accessible to our community is of great importance to us.”
FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions such as Extraco Banks. AHP grants fund a variety of projects, including home rehabilitation and modifications for low-income, elderly, and special-needs residents; down payment and closing cost assistance for qualified first-time homebuyers; and the construction of low-income, multifamily rental communities, and single-family homes.
“Just as Habitat provides a hand-up to hard-working families to own their own homes, FHLB Dallas and member institutions like Extraco Banks provide access to affordable housing through grant programs such as the AHP,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas.
About Extraco Banks®
Extraco Banks® celebrated 115 years and three generations of family management on July 12, 2017. Founded as a cotton warehousing company, Extraco is the largest and most comprehensive independent financial institution headquartered in central Texas with $1.4 billion in assets, $150 million in capital and reserves, and over 145,000 customers. Extraco’s 15 financial centers are located in Bryan/College Station, Georgetown, Killeen, Harker Heights, Copperas Cove, Waco, Temple, Belton, Gatesville, Hamilton and McGregor. extracobanks.com
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $62.9 billion as of June 30, 2017, is a member-owned cooperative that supports housing and community investment by providing competitively priced loans and other credit products to approximately 850 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.
