Arvest Bank and FHLB Dallas Award $225,000 to Immerse Arkansas to build temporary housing for local at-risk teens, young adults

By Arkansas Black Vitality Staff – Aug. 8, 2024 –The Federal Home Loan Bank of Dallas (FHLB Dallas) recently awarded Immerse Arkansas a $225,000 grant to build a homeless shelter for young adults in Little Rock.

The Affordable Housing Program (AHP) grant was awarded through FHLB Dallas member Arvest Bank. The Station, operated by Immerse Arkansas, provides temporary housing for runaways, youth aging out of the foster care system, victims of human trafficking and homeless young adults, ages 18-24.

“Our goal is to help young adults in crisis become whole and resilient people,” said Immerse Arkansas Executive Director Eric Gilmore. “We are deeply grateful for the partnership of FHLB Dallas and Arvest on this project, which helped us to fund construction costs of the shelter.”

AHP funds are intended to assist FHLB Dallas members in financing the purchase, construction and/or 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 area median income.

“We are thrilled to celebrate with Immerse Arkansas and the entire state on the opening of this unique shelter that serves young adults,” said Arvest Bank Group CRA Director Virgil Miller, a Little Rock City Board Director. “This shelter meets a critical need in our state, and the FHLB Dallas AHP grant helped make it a reality.”

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 $126.2 billion as of June 30, 2024, 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.

Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas, said Arvest Bank has been a long-time supporter of FHLB Dallas community programs.

“We are proud of the good the AHP grant will do in Little Rock and value Arvest’s active use of our community investment grants,” Mr. Hettrick said.