Business & Finance
Mon, June 22, 2009Sun, June 21, 2009Fri, June 19, 2009Thu, June 18, 2009Wed, June 17, 2009Tue, June 16, 2009Mon, June 15, 2009Sun, June 14, 2009Fri, June 12, 2009Thu, June 11, 2009Wed, June 10, 2009Tue, June 9, 2009Mon, June 8, 2009Sun, June 7, 2009Fri, June 5, 2009Thu, June 4, 2009Wed, June 3, 2009Tue, June 2, 2009Mon, June 1, 2009Sat, May 30, 2009Fri, May 29, 2009Oak Valley Community Bank: Oak Valley Community Bank Awarded $300,000 to Support Habitat for Humanity's Hope Village
Published in Business and Finance on Wednesday, June 10th 2009 at 16:46 GMT, Last Modified on 2009-06-10 16:47:20 by Market Wire
MODESTO, CA--(Marketwire - June 10, 2009) - The dream of homeownership moves closer to reality for ten additional low-income families of Stanislaus County, who have yet to be selected for the second and final phase ofthe Hope Village development in Modesto, California. The Federal Home Loan Bank (FHLB) of San Francisco awarded $300,000 in Affordable Housing Program (AHP) funds to Oak Valley Community Bank (
A total of $30.3 million was awarded in the first round of 2009 recipient announcements. The AHP grants were awarded to 42 projects in Arizona, California, Illinois, Nevada, Texas, and Washington. The grants will help construct 2,558 affordable housing units in those states.
Designed to be a flexible source of gap financing, the Bank's competitive AHP provides grants to assist in the purchase, construction, or rehabilitation of housing for lower-income households.
Anita Hellam, Executive Director of Habitat for Humanity, stated, "We are pleased with the partnership Oak Valley Community Bank has provided us. In addition to the AHP Grant, Oak Valley also partnered with Habitat on the Workforce Initiative Subsidy for Homeownership (WISH) programs through the FHLB. With the current economic climate, grants like this one are even more precious. We are grateful to Oak Valley Community Bank and the FHLB for all they do to support Habitat for Humanity and the entire community."
AHP funds will be used for construction of the second phase of Hope Village, a 20-unit family subdivision. The Hernandez family is one of the ten approved for Hope Village. They have been working hard to complete their required 500 hours of "sweat equity," in hopes of moving out of their current living conditions and into a home of their own. For them, Hope Village is truly a dream come true.
In addition to the gap funding provided by FHLB, there are also great energy efficient features at Hope Village. Each home will be equipped with solar units, thanks to MID and PG&E who have made it possible to construct these homes to be energy efficient. "When low-income households are able to dramatically reduce their utility bills through energy efficiency programs, like those MID and PG&E have granted, the homeowner's quality of life is improved through greater disposable income," said Hellam.
Habitat is currently accepting applications. Those seeking more information on home ownership, are urged to contact Nell Pitman at 209-575-4585, extension 117.
To find out how you can become involved visit our web-site at [ www.stanislaushabitat.org ].
About Oak Valley Community Bank:
Oak Valley Community Bank is a locally owned community bank, based in Oakdale, California. They currently operate through 12 conveniently located branches: Oakdale, Sonora, Turlock, Stockton, Patterson, Ripon, Escalon, two branches in Modesto, and three branches in their Eastern Sierra Division, which includes Bridgeport, Mammoth Lakes and Bishop.
