HOUSTON, Oct. 22, 2013 (GLOBE NEWSWIRE) -- A ribbon cutting last week marked the completion of a new 32,000-square-foot residential facility in Houston, Texas, that will provide housing for very low-income and homeless men recovering from substance abuse.
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The new transitional housing facility provides 64 double-occupancy rooms, resulting in a total of 128 more beds for the campus of The Men's Center, a nonprofit organization founded in 1958 that has served tens of thousands of men in need of assistance recovering from substance abuse.
The project has long been on the "to do" list for The Men's Center but as with any nonprofit, development funding has always driven the ability to start construction projects.
The new housing facility will help The Men's Center gradually replace its aging residential facilities, which are falling into disrepair and soon will not be safe to house residents. The Men's Center has been in its current location for more than 30 years. Replacing the building had always been a desire, but funding the construction of the new facility was the greatest concern.
In 2012, Amegy Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) awarded a $500,000 Affordable Housing Program (AHP) grant to the project to assist with construction costs.
"Amegy Bank and their officers, in particular Brian Stoker, were instrumental in our being awarded the AHP grant of half a million dollars. Those funds were critical in helping us reach our goal for this $8 million project," said The Men's Center CEO and Executive Director Fred Dailey. "Working with Steve Matkovich at FHLB Dallas was awesome. He made the application process easy and seamless."
The Men's Center has seven other commercial buildings or houses within a two-block area in Houston's Midtown, through which it operates its programs. This project involved demolishing an existing facility that housed 20 men and then erecting the new, larger facility.
In addition to the AHP grant, the $8 million project also secured $3 million in funding from the City of Houston's Housing and Community Development Department, about $1.7 million in funding from Harris County, as well as funding from private sources and donations.
Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants that are distributed through its member institutions, such as Amegy Bank. AHP grants assist in the development of affordable, owner-occupied and rental housing for very low- to moderate-income households located primarily within FHLB Dallas's five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. In 2013, FHLB Dallas awarded $11.3 million in AHP grants – including more than $3.2 million in Texas – to help create 1,654 new or rehabilitated housing units District-wide.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $32.7 billion as of June 30, 2013, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit the FHLB Dallas website at fhlb.com.
About Amegy Bank of Texas
Amegy Bank is a leading Texas bank with more than $12 billion in assets. Founded in 1990, Amegy has a strong tradition of relationship banking, local decision making and financial expertise. Amegy specializes in banking businesses of all sizes, and has the resources to provide financing, investment management, treasury management solutions, international banking, as well as other specialized services. Equally important, the Bank offers individuals and families a wide range of depository, lending, mortgage, wealth management, trust, and brokerage services. With more than 80 locations across Houston, Dallas and San Antonio, Amegy is dedicated to serving Texas communities, families and businesses. To learn more about Amegy, visit www.amegybank.com.
The photo is also available via AP PhotoExpress.
CONTACT: Corporate Communications Federal Home Loan Bank of Dallas www.fhlb.com (214) 441-8445
Source:Federal Home Loan Bank of Dallas