Contact Information: Habitat for Humanity, Stanislaus Contact: Anita Hellam Executive Director Phone: 209-575-4585 ext. 105 Cell: 209-613-0603 Oak Valley Community Bank Contact: Gary Stephens Senior Vice President Phone: 209-758-8045
Oak Valley Community Bank Awarded $300,000 to Support Habitat for Humanity's Hope Village
| Source: Oak Valley Community Bank
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 (NASDAQ : OVLY ), who has partnered with Habitat
for Humanity, Stanislaus.
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.