FHLB Dallas and Arvest Bank Fund $90K for Affordable Duplex Housing in Fort Smith

Fort Smith, Arkansas—In a significant move to enhance affordable housing, the Federal Home Loan Bank of Dallas (FHLB Dallas), through a $90,000 grant from its Affordable Housing Program (AHP) facilitated by Arvest Bank, has funded the construction of six new duplex units. These homes, known as Miller Cottages, are designed to provide transitional housing for families in need and were celebrated during a groundbreaking ceremony today. Community Rescue Mission, a faith-based nonprofit organization dedicated to helping the homeless with shelter, meals, and transitional housing, will oversee the project. The duplexes will be situated on land adjacent to their existing facilities, which include 66 rooms and a communal dining hall. Director Jordan Bone emphasized the importance of the grant, stating, "The AHP grant was instrumental in completing the project debt-free. We also see this as a foundation for expanding affordable housing options in the future." Construction is set to commence in August, with an expected duration of approximately nine months. Families residing in the duplexes will pay rent based on their income, typically staying for around a year before moving into permanen...