$90K Grant from FHLB Dallas and Arvest Bank to Fund Affordable Duplexes

Business Wire

18 hours ago

FORT SMITH, Ark.--(BUSINESS WIRE)--Federal Home Loan Bank of Dallas (FHLB Dallas) provided a $90,000 Affordable Housing Program (AHP) grant through Arvest Bank to Community Rescue Mission to assist with the construction of six affordable duplexes, which were celebrated with a groundbreaking ceremony today.
'The AHP grant went a long way for us toward being able to complete the project and enter into it debt free' --Community Rescue Mission Director Jordan Bone
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Community Rescue Mission is a nonprofit, faith-based organization that provides shelter, meals and transitional living quarters to help people without housing in Fort Smith, Arkansas. The Miller Cottages will consist of three duplexes (six units) for families on land adjacent to Community Rescue Mission's current transitional housing development, which provides 66 rooms and a central dining hall.
'The AHP grant went a long way for us toward being able to complete the project and enter into it debt free,' said Community Rescue Mission Director Jordan Bone. 'We think it will also be a good jumping off point to provide more affordable housing in the future.'
Construction is scheduled to begin in August and will take about nine months to complete, he said. Families will pay rent based on their income and are expected to stay in the duplexes for about a year before transitioning into permanent housing.
'We think these duplexes will go a long way in helping families who experience homelessness to become self-sufficient,' Arvest Group CRA Director Virgil Miller said. 'The support that Miller Cottages received from FHLB Dallas was important in reaching this milestone.'
AHP funds are awarded through FHLB Dallas member institutions such as Arvest Bank and assist FHLB Dallas members in financing the purchase, construction and rehabilitation of owner-occupied, rental or transitional housing and housing for homeless individuals. The funds must be used to benefit households with incomes at or below 80 percent of the median income for the area.
'Arvest Bank has been a long-time supporter of our AHP grant and this is a great example of how the AHP is being used to increase access to affordable housing in Arkansas,' said Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas.
In 2024, FHLB Dallas awarded $1 million in AHP General Fund grants to Arkansas-based affordable housing projects, which was part of $78.9 million awarded in its five-state District. FHLB Dallas will announce 2025 grant awardees this fall. Learn more about the FHLB Dallas Affordable Housing Program.
About Arvest Bank
With more than $26 billion in assets, Arvest Bank is a community-based financial institution serving more than 110 communities in Arkansas, Kansas, Missouri and Oklahoma. Established in 1961, Arvest Bank is committed to meeting the needs of its more than 830,000 retail and business customer households by continually investing in the digital tools and services customers expect. Its extensive network of more than 200 banking locations provides loans, deposits, treasury management, credit cards, mortgage loans and mortgage servicing as a part of its growing list of digital services. Arvest is known for its commitment to the communities it serves and to attracting, hiring and retaining a diverse group of talented people. Arvest is an Equal Housing Lender and Member FDIC. To learn more please visit www.arvest.com.
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 $116.1 billion as of June 30, 2025, 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 fhlb.com.