SAN ANTONIO, April 16, 2014 (GLOBE NEWSWIRE) -- Congressman Joaquin Castro (TX-20) joined representatives from the Federal Home Loan Bank of Dallas (FHLB Dallas) and Broadway Bank in announcing $900,000 in Affordable Housing Program (AHP) grants that were awarded to housing projects in the congressman's district.
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Providence Place received a $400,000 AHP grant, which was used to renovate a campus facility that houses women recovering from substance abuse and their children up to age 8. The renovations, which increased the building capacity by more than 50 percent, were completed in August and the facility now accommodates a total of up to 40 women and their children.
Another $500,000 was awarded to the George Gervin Youth Center, Inc., for the construction of a 56-unit apartment complex for low-income, elderly residents in San Antonio. The project is currently under construction and is expected to be completed in October.
"Today's celebration is a reminder of what is possible when the public and private sector work together for the betterment of our community," said Congressman Castro. "I'm proud to be on hand to celebrate this public-private investment that is directly benefitting San Antonians. These grants will provide shelter and much needed services for women and children in time of need, as well as give our seniors the dignity of affording a quality place to call home."
Both grants were part of $11.3 million in AHP funding that was awarded by FHLB Dallas in 2013 to support the creation or rehabilitation of 1,654 housing units throughout Arkansas, Louisiana, Mississippi, New Mexico, and Texas. Both of the San Antonio grants were awarded through Broadway Bank.
Randy Rouse, executive vice president and chief investment officer at Broadway Bank, praised Providence Place and the George Gervin Youth Center, Inc.
"For many years, these two organizations have served as a reliable source of comfort and hope for the city's most vulnerable residents," Mr. Rouse said. "Broadway Bank is thrilled to play a part in their efforts to reach even more people in need of their services."
AHP grants are awarded through FHLB Dallas members, such as Broadway Bank, and may be used to purchase, construct, or rehabilitate owner-occupied, transitional, and rental projects for very low- to moderate-income households within FHLB Dallas' District.
"Since 1990, FHLB Dallas has awarded more than $228 million in AHP and AHP set-aside funds, through our members, to assist projects like the two we are celebrating today," said Greg Hettrick, vice president and director of community investment for FHLB Dallas. "We are proud to partner with Broadway Bank in awarding nearly $1 million in AHP funding to these two projects. And with the support of leaders like Congressman Castro, who have made affordable housing a district priority, FHLB Dallas will continue its commitment to providing housing opportunities for residents throughout Texas."
The Providence Place project, the Volunteers of America Texas' LIGHT program, allows women and their children to live together at the center and provides an onsite child care center where children go while their mothers are attending substance abuse rehabilitation. The goal is to ensure women receive treatment while maintaining their parental rights.
The AHP funding was crucial in the completion of the project, said Providence Place President and CEO Jennifer Sample.
"At Providence Place, we are blessed to collaborate with many partners who focus on women, children and young adults with disabilities. Volunteers of America Texas has been our longstanding partner since 2004, helping create a vibrant community where people who have lived on the fringes are welcomed," Ms. Sample said. "Without the Federal Home Loan Bank of Dallas' assistance, however, this would have taken longer to complete and we are grateful to be helping so many more women."
The grant helped fund extensive renovations of a building that dates to the late 1960s. Renovations included new electrical, plumbing, and air-conditioning systems. The project also added space to the child care center and improved the laundry facilities. The project received funding from the Mabee Foundation, the Charity Ball Association, Bexar County Housing Finance Corp., and individual donors.
The renovations are having a positive impact on the residents served.
"We have enjoyed a long and fruitful partnership with Providence Place for many years, and many vulnerable women have benefited," said Melody Timinsky, CEO of Volunteers of America, Texas. "What the Federal Home Loan Bank has helped us do is serve many more women going forward, and we are very excited."
The AHP grant to George Gervin Youth Center, Inc. will assist with construction costs for the senior rental project. While the project received the majority of its funding from the U.S. Department of Housing and Urban Development, the AHP grant provided crucial gap funding.
"Without it we couldn't have gotten started," said Barbara Gervin-Hawkins, president and CEO of George Gervin Youth Center, Inc. "We were allocated a HUD award in 2010 and that award really didn't cover today's costs due to the increase in labor and material costs. We went to several different sources to fill in the gap. Then we knocked on the door of our friends at Broadway Bank and they told us about the FHLB Dallas grant program."
Once completed, residents of the George Gervin Youth Center project will pay no more than 30 percent of their income in rent, and if they have no income, their rent will be fully subsidized. A host of supportive services will be provided, such as workforce development, medical screenings, food pantry, field trips, transportation, and social activities. The location is within walking distance of a bus stop, medical facilities, retail shopping, and restaurants.
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 advances and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas.
About Broadway Bank
Headquartered in San Antonio, Broadway Bank was founded in 1941. It has evolved from a small neighborhood bank into one of the largest independently owned banks in Texas. Today, Broadway Bank continues to function as a family-owned and operated financial institution. Broadway Bank offers a full range of sophisticated financial services, including personal banking, private banking, military banking, business banking and wealth management. With more than $2.9 billion in total assets, the highly rated Bank operates 38 locations in San Antonio, Austin and the surrounding areas. Visit the Broadway Bank website at broadwaybank.com for more information.
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CONTACT: Corporate Communications Federal Home Loan Bank of Dallas www.fhlb.com (214) 441-8445
Source:Federal Home Loan Bank of Dallas