Federal Home Loan Bank Awards $435K for Paragould Housing


Federal Home Loan Bank Awards $435K for Paragould Housing
The Federal Home Loan Bank of Dallas presents a $435,000 grant to the Paragould Housing Authority for a project that will provide housing for the elderly. (First National Bank)

The Federal Home Loan Bank of Dallas has awarded the Paragould Housing Authority a $435,000 grant for a project that will provide housing for the elderly.

The 48-unit development is one of 26 projects to receive money in the latest round of Affordable Housing Program subsidies from the bank. A total of $17.2 million in grants was awarded.

“The most important thing is having a housing authority (or community) organization that cares about their community,” Bruce Hatton, vice president of the Federal Home Loan Bank of Dallas, said in a news release. “When you think about the elderly population, things are changing. They need a safe, affordable, and decent housing for a place to live.”

First National Bank of Paragould is a partner of both the Federal Home Loan Bank and Paragould Housing Authority and helped facilitate the grant.

“It’s important for First National Bank to partner with organizations like the Paragould Housing Authority to help them serve and better our community and our at-risk and underserved populations,” Bobby Kasserman, First National Bank's chief banking officer, said in the release.

Federal Home Loan Banks are 11 regionally-based, wholesale lenders to financial institutions of all sizes, including community banks, credit unions, commercial and savings banks, insurance companies and community development financial institutions. The banks are cooperatively owned by member financial institutions.

A previous version of this story incorrectly stated that First National Bank is based in Fort Smith.