HOUSTON, Dec. 6, 2013 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) and Amegy Bank were joined today by Congresswoman Sheila Jackson Lee in announcing a $500,000 Affordable Housing Program (AHP) grant to Temenos Community Development Corporation (Temenos CDC) to assist in the construction of an apartment complex in Houston for very low-income and homeless residents.
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"The lack of affordable rental housing is one of the greatest economic challenges of our time," Congresswoman Lee said. "Millions of renters are unable to find affordable rental housing. Affordable housing is about more than just rent; it is about ensuring that we maintain the ladder that makes America a land of opportunity."
Temenos Place Apartments II will contain 80 efficiency units within a four-story building. It is located on the east side of Highway 59, near Houston's East Downtown area and a quarter of a mile from its sister property, the current Knowles-Temenos Place Apartments.
The apartments are a joint project of Temenos CDC, the U.S. Department of Housing and Urban Development (HUD), the City of Houston Housing and Community Development Department, and the Harris County Community Services Department.
"The housing and supportive services that will be offered through the development of Temenos II is a vital component of Houston's comprehensive, community-driven plan to end chronic homelessness," said Houston Mayor Annise Parker. "Along with the city's investment of $4.5 million in federal resources and local bond funds, the financial support from the Federal Home Loan Bank of Dallas will enable Temenos II to enhance the health of our neighborhoods, save taxpayer dollars, and most importantly, improve the lives of Houston's homeless."
Temenos Place Apartments II will contain office space and a conference room for group case management sessions. The development will also have two open park spaces and a patio for residents and their guests. The location of Temenos Place Apartments II is ideally suited for redevelopment into an all-inclusive property that allows low-income and homeless individuals to access the services and support needed for a successful transition into stable and sustainable living.
Dana Hogan, CEO of Campus Non-profits, which oversees Temenos CDC, said the project has been in the works for some time.
"The need was there for this type of project – first nationally, with the president making affordable housing for the homeless one of the administration's initiatives," Mr. Hogan said. "We wanted to create more units for those who are transitioning out of homelessness and reaching self-sufficiency in their lives."
The AHP grant was a crucial piece in funding the apartments' construction.
"It was very critical just to have that additional support," Mr. Hogan said. "You never know what cost overruns you're going to have. To have that additional funding support reduces the debt we will incur on this project."
Mr. Hogan found out about the AHP grant through one of his contacts at a homeless coalition.
"There were a lot of resources that were providing information on the AHP grants, and a change this year to the AHP helped support permanent, supportive housing," Mr. Hogan said.
Mr. Hogan said partnering with Amegy Bank to acquire the AHP grant was a good marriage.
"Amegy has supported our campus as a whole, from the church to other initiatives. They've participated in our therapeutic art program for the homeless population; they come out and serve and have a good knowledge of who we're serving and what we're doing here," said Mr. Hogan.
This year, FHLB Dallas awarded $715,000 in AHP grants through Amegy Bank to support two affordable housing projects in Houston – Temenos Place Apartments II and Fulton Gardens II – that will result in 120 new housing units.
"The Temenos Place Apartments complex not only provides much needed housing for the homeless in the Houston area, but it also affords residents valuable skills training and job placement services," said Amegy Bank Senior Vice President and Community Development Manager John Hernandez. "Amegy Bank is proud to partner with the Federal Home Loan Bank of Dallas, the City of Houston Housing Department, Harris County Community Services Department, and the U.S. Department of Housing and Urban Development on this incredible facility. Developments like Temenos Place Apartments transform lives and make significant progress on reducing the number of homeless residents throughout the Houston community."
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.
"Temenos Place Apartments II will help meet a critical need in Houston to provide affordable housing to an underserved and vulnerable population," said Bre Chapman, FHLB Dallas senior vice president and director of corporate communications and external affairs. "Through our partnership with Amegy Bank, and the collaborative efforts of Temenos CDC, the City of Houston, the county, HUD, and others, Houston's homeless residents will have a new, affordable housing option."
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