HARRISON, Ark., Feb. 28, 2014 (GLOBE NEWSWIRE) -- An Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Dallas (FHLB Dallas) and Community First Bank will help fund the construction of apartments devoted to the needs of disabled residents in Harrison, Arkansas.
Boone County Special Services, a local nonprofit that provides support services to people with developmental disabilities, received a $48,628 AHP grant to assist with construction of Mt. View Estates, which will consist of nine residential rental units and one manager's unit contained in three buildings to be built on 8.1 acres of land along Maplewood Road. Boone County donated the land for the project. The project also received a $1.04 million grant through the U.S. Department of Housing and Urban Development's (HUD) Section 811 Supportive Housing for Persons with Disabilities program. HUD will also provide funding to supplement residents' rents.
Mt. View Estates will include a community building for socialization, an office and laundry facilities. The facility, located on the north side of Harrison, will be located on the city's trolley stop and will include use of a van. Residents will also have access to a variety of support services onsite such as training and educational offerings.
Connie Morton, a housing consultant advising Boone County Special Services on the project, said occupancy will be limited to low-income adults, 18 years old or older, with mental or physical disabilities. Each person will live in a 540-square-foot one-bedroom unit.
Construction is scheduled to begin in March with a completion date later this year. The Northwest Arkansas Regional Housing Authority will manage the development.
"We're proud to partner with HUD, FHLB Dallas and Community First Bank to assist Boone County Special Services in bringing this unique housing opportunity to our seven-county service area," said Ken McDowell, executive director of the Northwest Arkansas Regional Housing Authority. "Living independently makes everyone a partner with their community."
The AHP grant allowed Boone County Special Services to move forward with the project, according to Ms. Morton.
"It saved them from having to come up with the money from their own pocket," she said. "They are a small nonprofit with a limited budget. The AHP grant helped the project become reality. There is a tremendous need for this in our community. The residents who will be helped are living on very limited incomes."
Community First Bank President Lewis Tate said the project provides housing to some of Harrison's most vulnerable residents.
"We are 100 percent locally owned and believe strongly in giving back to our community," Mr. Tate said. "What better way to give back than by helping provide high quality, safe and affordable housing to our disabled citizens."
AHP grants are awarded through FHLB Dallas member financial institutions, such as Community First Bank, to assist in the development of affordable owner-occupied and rental housing for very low- to moderate-income households. In 2013, 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.
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 $30.2 billion as of December 31, 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.
CONTACT: Corporate Communications Federal Home Loan Bank of Dallas www.fhlb.com (214) 441-8445
Source:Federal Home Loan Bank of Dallas