Bank OZK, Dallas Bank Provide $53K in Affordable Housing Grants

Bank OZK and the Federal Home Loan Bank of Dallas provided more than $53,000 in Partnership Grant Program grants to two Arkansas nonprofits involved in providing affordable housing to low-income families.

One of them, In Affordable Housing, received $30,000. It 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.

The other, University District Development Corp., received $23,185. It administers a revitalization program for the residential and commercial neighborhoods adjacent to the University of Arkansas at Little Rock.

Roma 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. This is the first year the organization has received a PGP grant, and she said it will help provide many families with the opportunity to own a home.

“The biggest hurdles for first-time homebuyers are that they don’t have the down payment and closing costs,” Isom said in a news release. “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.”

UDDC will use the money to acquire lots, and cover the costs of various contractual fees associated with building new houses.

“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,” Executive Director Barrett Allen said in the release.

This is the fourth time UDDC has received a PGP grant. The organization had reached its PGP grant limit years ago, but the grant’s lifetime limit was raised. Funding for it was also increased this year, by $2 million, and its use was expanded to include COVID-19 relief.

“Bank OZK is honored and appreciates working with organizations like In Affordable Housing and UDDC to address the need for affordable housing in Little Rock,” Community Development Manager Lasha Marshall said. “The Partnership Grant Program allows us to increase the opportunity for low income families to be able to purchase homes, revitalize neighborhoods and strengthen communities.”