$70K Affordable Housing Program Grant to Help Arkansas Homeowners in Need of Home Repairs

FORT SMITH, Ark., March 15, 2010 (GLOBE NEWSWIRE) -- For more than two years, Anna and Bill Patterson had been living in a home that they were warned could catch on fire at any minute.

The wiring in the home was outdated and faulty, and the couple was told it could cost more than $9,000 to rewire the entire home. The Pattersons are disabled and live on a fixed income, but Mr. Patterson, who uses a breathing machine, had to have a working outlet for his breathing apparatus.

"The scariest thing was when the breaker would go. I would go out in the snow or the rain and try to throw the breaker. No matter what the weather was like, I would go because I had to do it," Mrs. Patterson said. "To me, that was just absolutely the most dangerous thing I've ever done, but I had to do it."

An electrician told the Pattersons about a program that might be able to help them. The Crawford-Sebastian Community Development Council (Crawford-Sebastian CDC) offered a rehabilitation program that assists homeowners with substandard housing that is in need of immediate emergency health or safety repairs.

Since 2007, Crawford-Sebastian CDC has been awarded $167,000 in Affordable Housing Program (AHP) grants from the Federal Home Loan Bank of Dallas (FHLB Dallas). The grants, issued through Bank of the Ozarks, have helped to fund the home rehabilitation program.

This year, the organization received its third AHP grant, in the amount of $70,000, from Bank of the Ozarks and FHLB Dallas to assist other families, like the Pattersons, who were helped by a 2008 grant. The couple's repairs were completed on Christmas Eve in 2009.

"We got it right before Christmas, so it was really a gift," Mrs. Patterson said.

In this funding round, FHLB Dallas and Bank of the Ozarks awarded three AHP grants, totaling $487,500, to affordable housing projects in Arkansas.

"Bank of the Ozarks is proud to know that we played a role in helping this family," said Vice President and Director of Community Development Martie North. "We truly value our partnership with Crawford-Sebastian CDC and FHLB Dallas. Working together we are improving the quality of living for several families each year who really are in need of help to remain safely in their homes."

Karen Phillips, director of the Homeownership and Asset Development Center at Crawford-Sebastian CDC, said the most recent grant will assist at least 10 families in need of emergency repairs.

Ms. Phillips said there are homeowners in the area that have needed repairs for more than two years, when damage was caused by big ice storms in the area.

"We have a lot of clients that are in need of emergency type repairs," Ms. Phillips said. "This program and the SNAP (Special Needs Assistance Program) have been just a blessing to people in our area. It allows them to fix items in order to have a decent place to call home."  SNAP is another of FHLB Dallas's grant programs, which assists members in providing grants to income-qualified, special needs homeowners in need of assistance with rehabilitation or modifications to their homes.

"We sincerely do appreciate everyone who was involved in awarding us the grant, "Mrs. Patterson said. "It could have saved our lives. We've been putting up with a difficult situation for years, but we got to a point where something had to be done."

Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants issued through its member financial institutions.  In 2009, FHLB Dallas awarded $10.5 million in AHP grants to 48 affordable housing projects throughout its five-state District, including nearly $2.1 million in Arkansas, which will result in the creation or renovation of 270 affordable housing units within the state. In 2010 FHLB Dallas will offer up to $18.6 million in AHP grants.

About the Federal Home Loan Bank of Dallas

The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank System created by Congress in 1932.  FHLB Dallas, with total assets of $65.1 billion as of December 31, 2009, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to more than 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas.  For more information, visit the FHLB Dallas web site at fhlb.com.

The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013

About Bank of the Ozarks

Bank of the Ozarks, Inc. is a bank holding company with $2.77 billion in total assets as of December 31, 2009 and trades on the NASDAQ Global Select Market under the symbol "OZRK."  The Company owns a state-chartered subsidiary bank that conducts banking operations through 73 offices including 65 banking offices in 34 communities throughout northern, western and central Arkansas, seven Texas banking offices, and a loan production office in Charlotte, North Carolina.  The Company may be contacted at (501) 978-2265 or P. O. Box 8811, Little Rock, Arkansas 72231-8811.  The Company's website is: www.bankozarks.com.