Arvest Bank Continues Long History of Support of University District Development Corporation’s Affordable Housing Efforts
Arvest Bank has upheld its long-standing tradition of supporting the University District Development Corporation’s affordable housing initiatives at the University of Arkansas at Little Rock by donating $15,000 in CARE funds, awarded through the Federal Home Loan Bank of Dallas (FHLB Dallas).
FHLB Dallas recognized Arvest Bank as a Community Area Revitalization Efforts (CARE) Award recipient earlier this year for its use of FHLB Dallas community investment programs. The recognition included $15,000 to be donated to Arvest Bank’s nonprofit of choice.
“They could have selected any nonprofit in Arkansas, Missouri, Oklahoma, and Kansas, and they chose us,” said Barrett Allen, executive director of University District. “We are honored to receive this award from Arvest Bank and FHLB Dallas and consider it positive recognition for the work we’re doing in University District neighborhoods to increase the supply of affordable housing,”
University District immediately put the funds to good use by completing the renovation of a 1,200 square foot, three bedroom, two bath house located in the Midtown Neighborhood at 4612 W. 24th St. in Little Rock.
The house has already been rented to a family of four, two sisters and their two children who will fill the newly renovated space with love and laughter.
“We have a family that is moving into this home the first week of July,” Allen said. “We anticipate a family, kids running around, and being able to move into a house that is safe, decent, affordable, insulated, cool, with no issues that anyone should encounter while living in a habitable home.”
Arvest was honored for its use of several FHLB Dallas programs, including the Special Needs Assistance Program, which provides grants for the repair and rehabilitation for homeowners with special needs, and the Affordable Housing Program, which provides funds for single-family and multifamily housing.
“Arvest Bank doesn’t just tap into one or two FHLB Dallas community programs,” said Greg Hettrick, senior vice president and director of community investment at FHLB Dallas. “It uses most of our community programs and as a result has an outsized positive impact on many lives. We are thrilled to be back again to see Barrett Allen and his team from University District to see the great work they are doing in this community. This house is wonderful, and it’s great that you have a new affordable rental house, and we are glad to be able to contribute to your efforts.”
Ron Witherspoon, president of Arvest Bank – Central Arkansas, said that Arvest employees are dedicated to providing solutions that will help others make Little Rock their home.
“That’s why we are proud to be a part of this presentation today to help support the University District Development Corporation as it works to address the affordable housing crisis that is impacting communities across this country,” Witherspoon said. “When nonprofits like University District Development Corporation seek an economic partner, we want them to think of Arvest because we are here to serve and support organizations like the UDDC and their mission and make a lasting, positive impact on the community. I know our future will be brighter by the work the UDDC does, and I can’t wait to see the end result.”
When FHLB Dallas awarded Arvest Bank with the CARE Award and asked which nonprofit they would like to receive the $15,000 donation, Arvest Group CRA Director Virgil Miller said they couldn’t think of anyone better than the University District Development Corporation.
“It was a very easy call for us to make our contribution to this organization that is doing so many wonderful things,” Miller said. “What you see here is an affordable house. You see sticks, stones, brick, and mortar. Let me tell you what else we actually see. We see a family here. We see parents. We see children. We see people having their Thanksgiving dinners. This is much more than just a house. This represents hope. It represents hope for the people who need affordable housing. It represents hope for this neighborhood that needs affordable housing. It represents hope for our city that we have this opportunity.”
Allen recalled Arvest Bank’s invaluable contributions to the UDDC’s affordable housing efforts over the years.
“They were the first bank to support us when we were starting out,” Allen said. “We were an up and coming, fresh out of the gate, affordable housing nonprofit that started in 2007, 2008, 2009, during a time when there was an economic crisis going on all around the world, and it really impacted affordable housing. A lot of those organizations that started then don’t exist today. What we’ve been able to do with constant support from Arvest is be able to produce affordable rental housing units such as this one. Arvest has always been at the table willing and ready to support that effort.”
