Promenade Apartments Receives $375K to Renovate Rental Complex

First Security Bank and FHLB Dallas Provide Funding

MOUNTAIN HOME, Ark.--()--First Security Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) have awarded a $375,000 Affordable Housing Program (AHP) subsidy to Promenade Apartments to rehabilitate 46 rental units in the Mountain Home, Arkansas, area.

“These single-family units were built in 1985, and are in need of upgrades,” said Thomas Embach, the owner and developer of Promenade Apartments, an Arkansas limited partnership that provides affordable housing to low-income seniors. “We would like to thank First Security Bank and FHLB Dallas for funding the total cost of the rehabilitation project.”

Tim Coleman, president and CEO at First Security Bank of Mountain Home, said the renovations will benefit seniors over the age of 62 or disabled residents, most of whom are on fixed incomes.

“We see this as an important opportunity to provide our residents the safe, affordable and high-quality housing they deserve,” Mr. Coleman said.

AHP funds are intended to assist FHLB Dallas members in financing the purchase, construction and/or rehabilitation of owner-occupied, rental or transitional housing, as well as housing for homeless individuals. AHP funds must be used to benefit households with incomes at or below 80 percent of the median income for the area.

For 2020, FHLB Dallas awarded $19.3 million in subsidies to 38 affordable housing projects. The subsidies will help create 2,749 new or rehabilitated housing units. Included in that total, are $545,000 for 63 units of housing in the state of Arkansas. Since the AHP’s inception in 1990, FHLB Dallas has awarded more than $324 million in AHP and Homeownership Set-Aside Programs and has assisted more than 56,500 households.

“We are honored to join First Security Bank and the commendable work it is doing to provide quality housing to the residents of the Promenade community,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas.

For more information about the AHP, visit fhlb.com/ahp.

About First Security Bank

Based in Searcy, Arkansas, privately held First Security Bancorp has the most complete and diverse product offering of any Arkansas-based financial services holding company. Supported by the strength of $1.25 billion in total capital and $6.9 billion in assets, First Security can meet any financing need – right here in Arkansas. With more than 1,000 employees covering locations throughout the state, we offer solutions for the financial needs of individuals, businesses and the public sector, including a network of local community banks, respected investment banking and wealth management services, public finance, real estate development and revitalization, leasing and mortgage services.

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 $66.3 billion as of September 30, 2020, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit our website at fhlb.com.

Contacts

Corporate Communications
Federal Home Loan Bank of Dallas
fhlb.com
(214) 441-8445

Release Summary

First Security Bank and FHLB Dallas awarded a $375K subsidy to Promenade Apartments to rehabilitate a 46-unit rental complex.

Contacts

Corporate Communications
Federal Home Loan Bank of Dallas
fhlb.com
(214) 441-8445