Searcy Housing Receives $750K to Rebuild 60 Units for Low-Income Families

Centennial Bank and FHLB Dallas Provide Affordable Housing Program Funds

Centennial Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) have awarded a $750,000 Affordable Housing Program (AHP) subsidy to Searcy Housing Authority (Searcy Housing) to demolish 28 outdated homes and rebuild 60 modernized affordable housing rental units in “The South Grove” project.

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FHLB Dallas joined Centennial Bank to award Searcy Housing Authority a $750K Affordable Housing Program subsidy to construct 60 rental units for low-income families in Searcy, Arkansas. (Photo: Business Wire)

Searcy Housing provides affordable housing for eligible families to promote self-sufficiency and economic independence to residents.

“The AHP funding is helping to modernize the houses and provide up-to-date development,” said David Gates, executive director of Searcy Housing. “Funding is instrumental, not just in providing homes, but in providing modern features to them.”

All the units in the development will be rent and income restricted to households earning no more than 60 percent of the area median income (AMI). The project will be finished at the end of 2022.

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

“We like to partner with organizations who reinvest in the community to ensure that affordable housing is still accessible,” said Audra Foster, director of Corporate Social Responsibility at Centennial Bank. “Searcy Housing’s mission to provide decent, safe and quality units for the low-income community is something that we are honored to provide funding for.”

In 2021, FHLB Dallas awarded $18.5 million in subsidies to 26 affordable housing projects. The subsidies will help create 2,113 new or rehabilitated housing units. Included in that total, are $1.5 million in subsidies for 102 units of housing in the state of Arkansas.

Between 1990 and 2021, FHLB Dallas has awarded $344.6 million in AHP and Homeownership Set-Aside Programs and has assisted nearly 60,000 households.

“We are elated to partner with Centennial Bank to spotlight its impact on the community,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “The AHP is a great tool for community banks to build strong customer relationships and invest the funds back into the community.”

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

About Centennial Bank

Centennial Bank is a customer focused bank that provides a broad range of commercial and retail banking and related financial services to businesses, investors, individuals and municipalities. Centennial Bank has locations in Arkansas, Florida, South Alabama, and New York. They pride themselves on excellent customer service, convenience to our account holders and taking care of the communities in which they operate.

Centennial Bank, Member FDIC, Equal Housing Lender. All loans subject to credit and property approval.

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 $60.2 billion as of September 30, 2021, 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.

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Searcy Housing Authority will build 60 low-income rental units in Searcy, Arkansas, thanks to a $750K subsidy from FHLB Dallas and Centennial Bank.