Photo Release -- Frost Bank and FHLB Dallas Present $500K AHP Grant to Lifenet Texas

Prince of Wales
Federal Home Loan Bank of Dallas Logo

DALLAS, Sept. 10, 2013 (GLOBE NEWSWIRE) -- Within the next few months Lifenet Texas will replace the heating, ventilation, and air conditioning (HVAC) unit at its Prince of Wales homeless housing community in Dallas, Texas. The existing unit is more than 20 years old, and a new unit will tremendously improve airflow in the century-old building.

Representatives from FHLB Dallas, Frost Bank and Senator Royce West's office attended a check presentation for Lifenet Texas today. Frost Bank and FHLB Dallas awarded a $500K Affordable Housing Program grant to one of Lifenet Texas' homeless centers.

A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=20895

The replacement of the HVAC unit was made possible by a $500,000 Affordable Housing Program (AHP) grant from Frost Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas), as part of $11.3 million in AHP grants awarded across FHLB Dallas' five-state District this year. The grant will enable the organization to update and replace the entire HVAC system in the Prince of Wales building, including new ductwork, grills, and insulation in the HVAC condenser line.

Representatives from Frost Bank and FHLB Dallas presented Lifenet Texas with the grant during a check presentation and media event today at the Prince of Wales facility.

"Lifenet is making tremendous strides in serving the homeless population of Dallas County," said Donna Normandin, senior vice president at Frost Bank. "It is important for Frost, as a community lender, to also be a proactive participant and supporter in the communities we serve. This grant will enhance the lives of the individuals living in the Prince of Wales building, as well as future residents that will seek Lifenet's services. We were happy to facilitate this grant and give a hand-up to those individuals that need it most."

The Prince of Wales building was purchased by Lifenet Texas in 2011, but has been a haven for homeless individuals for many decades. The building dates back to the early 1900s and is located near downtown Dallas at 4515 Live Oak Street. It once served as honeymoon suites for wealthy and high profile guests, including the legendary Bonnie and Clyde. Today, the building is divided into 63 single-occupancy units, each with one bedroom, a bathroom, and kitchenette. Prince of Wales is one of eight housing communities owned by Lifenet Texas, home to approximately 500 homeless individuals.

Lifenet Texas has been serving the Dallas County homeless population for 36 years. The nonprofit organization is a one-stop shop to help homeless individuals get back on their feet and lead productive lives. It offers in-house supportive services such as meal programs, clothing, housing, mental and behavioral healthcare, addiction rehabilitation, childcare, educational programs and job training. Lifenet Texas prides itself in providing all the resources necessary to help incoming individuals rebuild their lives, and is currently one of the largest housing providers for homeless individuals in North Texas.

"Lifenet Texas thanks FHLB Dallas and Frost Bank for their generous support of our mission to rebuild lives," said Lifenet Texas President and CEO Liam Mulvaney. "Moving people off of the streets and into safe and secure housing is a critical step in our effort to reduce homelessness in North Texas. This partnership offers the type of support necessary to ensure that many more people can turn to Lifenet's Prince of Wales to find a stable and supportive community."

AHP grants are awarded through FHLB Dallas member financial institutions, such as Frost Bank, to assist in the development of affordable, owner-occupied and rental housing for very low- to moderate-income households. This year's funding will result in the creation or rehabilitation of 1,654 housing units across FHLB Dallas' District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas.

The installation of the new HVAC unit is scheduled to be complete by 2014. For more information about Lifenet and its mission, please visit its website at lifenettexas.org.

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.

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