University District Development Corporation was awarded a $24,000 grant to help make more affordable homes available to buyers in the neighborhoods around UALR.
The award was given through a partnership grant program run by Federal Home Bank of Dallas. That bank partnered with three community banks, First Security Bank, Simmons First National Bank, and Summit Bank, to provide the funds.
The grant will assist the UDDC with operational expenses such as architectural design fees and other soft costs that aren’t typically covered by other grants.
“The PGP is a much-needed financial capacity building grant for start-up organizations,” community development program officer Barrett Allen said. “The funds are critical during these economic times and will allow us to leverage the partnership grant with other funds to increase production for our affordable housing program.”
The UDDC plans to build three new homes and rehabilitate two existing structures in 2013.
A nonprofit organization, the University District Development Corporation strengthens neighborhoods and improves the quality of life by making housing and neighborhood improvements.
Representatives from all four banks were on campus Monday, Dec. 3, to make the announcement.
FHLB Dallas awarded $225,000 in grants through its program in 2012. The funds provide funding for the operational needs of community-based organizations involved in affordable housing and community development.