HOUSTON, Sept. 4, 2013 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) and Amegy Bank are pleased to announce they have awarded a $215,000 Affordable Housing Program (AHP) grant to Avenue Community Development Corporation (Avenue CDC) to construct Fulton Gardens II, a 40-unit affordable housing community for seniors in Houston's near north side neighborhood.
The new community will be 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.
"Seniors in Houston's Northside, and across the country, are facing rising housing costs and there is limited availability of quality, affordable housing. With Fulton Gardens II, we will provide a transit-oriented development with modern amenities and excellent access to public transportation that will help seniors maintain their independence and keep them engaged in their community," said Avenue CDC Executive Director Mary Lawler.
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.
"Fulton Gardens II is an excellent opportunity for Amegy Bank to partner with Avenue CDC and increase sustainable affordable housing for Houston's senior population," said Brian Stoker, Amegy Bank's senior vice president & community banking manager. "The success of Fulton Gardens I has expedited the vision for similar properties, and we have no doubt that this new project will be just as successful."
Groundbreaking for Fulton Gardens II is scheduled to take place before the end of the year and 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 $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.
CONTACT: Corporate Communications Federal Home Loan Bank of Dallas www.fhlb.com (214) 441-8445
Source:Federal Home Loan Bank of Dallas