HOUSTON, Nov. 25, 2013 (GLOBE NEWSWIRE) -- Congressman Gene Green joined Amegy Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) in announcing a $215,000 Affordable Housing Program (AHP) grant to Avenue Community Development Corporation (Avenue CDC). Avenue CDC will use the grant toward the construction of Fulton Gardens II, a 40-unit affordable housing community for seniors in Houston's Near Northside neighborhood.
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Congressman Green addressed the need for more affordable housing in his district during a check presentation in Houston today for Avenue CDC.
"I am pleased to join the Federal Home Loan Bank of Dallas and Amegy Bank to present this much-needed grant to the Avenue Community Development Corporation," the Congressman said. "These funds will help Avenue CDC further its mission and respond to Houston's growing need for affordable housing for our seniors."
The new housing community is being constructed in response to Houston's growing need for affordable housing for seniors, and will be located across the street from Avenue CDC's existing 49-unit affordable senior living community, Fulton Gardens I. Other project funding includes a Section 202 grant from the U.S. Department of Housing and Urban Development.
Avenue CDC is a nonprofit community organization committed to developing affordable housing while increasing economic opportunity and preserving Houston's cultural and historic diversity. It offers rental and homeownership programs, as well as rehabilitates historic structures into vibrant affordable housing communities and promotes environmental initiatives by using green building techniques and energy efficient materials. The AHP grant for Fulton Gardens II will help Avenue CDC expand on its existing Fulton Gardens I model, which opened in September 2011 and has since been fully occupied.
State Senator Sylvia Garcia said the grant would be well-utilized by Avenue CDC.
"Avenue CDC has been a strong community organization for the past five years," Senator Garcia said. "I know that this grant is not only in the right hands, but will also do much to improve our senior community." State Representative Jessica Farrar lauded Congressman Green, Amegy Bank, and FHLB Dallas for their support of the project.
"I take this opportunity to thank Amegy Bank and the Federal Home Loan Bank of Dallas for the generous $215,000 Affordable Housing Program grant awarded to Avenue CDC," said Representative Farrar, in a statement. "I also thank Congressman Gene Green for his continued leadership and service to the Near Northside community. The grant will allow Avenue CDC to provide more affordable housing options for seniors in the Near Northside. As a long-time member of the board of directors of Avenue CDC, I see first-hand the positive impact of its services and programs in the community. Thanks to the grant, those valuable services will be expanded."
Avenue CDC Executive Director Mary Lawler said seniors living in Houston's Northside and across the country are facing rising housing costs and limited availability of quality, affordable housing.
"The wait for a senior apartment in Houston's Northside is currently more than a year, so Fulton Gardens II will help to meet the critical need for quality affordable housing in our community," said Avenue CDC Executive Director Mary Lawler. "We are grateful for the support of the Affordable Housing Program, which is an invaluable resource for these developments."
Fulton Gardens II amenities will include a computer center, laundry facilities, community garden, patio, and a multipurpose room for resident events and services. Residents must qualify as low-income seniors, 62 years of age or older, with a median income less than 50 percent of the area's annual median income (AMI).
AHP grants are awarded through FHLB Dallas member financial institutions, such as Amegy Bank, to assist in the development of affordable, owner-occupied and rental housing for very low- to moderate-income households. This year, FHLB Dallas awarded $11.3 million in AHP funding to 36 projects across its five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. The funding will result in the creation or rehabilitation of 1,654 housing units across the District.
"Projects, such as Fulton Gardens II are why our Affordable Housing Program exists," said Bre Chapman, senior vice president and director of corporate communications and external affairs at FHLB Dallas. "We appreciate the support of Congressman Green, Senator Garcia, and Representative Farrar as FHLB Dallas continues to assist members, like Amegy Bank, in funding projects that will bring more affordable housing developments to the Houston community."
Brian Stoker, Amegy Bank's senior vice president & community banking manager, said the success of Fulton Gardens I has expedited the vision for similar properties.
"Fulton Gardens is a fantastic facility that has helped to pave the way for new affordable housing projects throughout Houston. We are excited about the construction of Fulton Gardens II, which will fulfill some of the critical housing needs along the City of Houston Urban Transit Corridor and fit in well with the Northside revitalization plan," said Mr. Stoker. "Amegy Bank has enjoyed a relationship with Avenue CDC for several years, and we are proud to support them in their efforts to help low-come residents throughout Houston with single-family home ownership and affordable rental housing.
Avenue CDC hopes to open Fulton Gardens II by December 2014.
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 $31.3 billion as of September 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.
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