DALLAS, Oct. 25, 2010 (GLOBE NEWSWIRE) -- Operation Relief Community Development Corporation (Operation Relief CDC) was awarded a $100,000 Affordable Housing Program (AHP) grant by Bank of Texas and the Federal Home Loan Bank of Dallas (FHLB Dallas). The grant will assist with the construction of Park Place Apartments, a 10-unit permanent, supportive housing facility for homeless, disabled veterans in a distressed south Dallas neighborhood.
Park Place Apartments will provide affordable and safe housing for male and female homeless veterans. Operation Relief CDC will assist with referrals for medical treatment, substance abuse rehabilitation, case management, counseling, and supportive services such as food, clothing, and job readiness training.
Rosalinda Trevino-Ortega, executive director of Operation Relief CDC, said the funds will help bridge the funding gap and assist with construction costs for this project.
"The AHP grant is such a blessing, and it will help us facilitate funding from other sources," said Ms. Trevino-Ortega. "Because we were awarded the AHP grant, it opened the door for us to receive funding from the city of Dallas. Bank of Texas has been a great partner, and the entire AHP application process was easy and efficient. Park Place Apartments will help us to continue to meet the needs of the community by providing a safe, quality, and affordable home for homeless veterans in our neighborhood."
In addition to the AHP grant and funding from the city of Dallas, the Meadows Foundation provided funding for land acquisition, and pre-development costs, and The Real Estate Council helped offset architectural and engineering costs.
Carl Shields, vice president at Bank of Texas, worked with Operation Relief CDC to secure the AHP grant.
"For years, Operation Relief CDC has been an important driver in developing affordable housing and providing much needed social services in the Edgewood Addition of south Dallas," said Shields. "When the organization approached Bank of Texas for assistance with the construction of Park Place Apartments, we also recognized the need for this facility. It is both a pleasure and an honor to be a part of their effort."
A similar housing facility owned and operated by Operation Relief CDC, located just blocks away from the Park Place Apartments property, remains full. Construction of Park Place Apartments is expected to begin in early 2011, and Ms. Trevino-Ortega hopes the new facility will expand the number of people and services Operation Relief CDC can accommodate.
Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants issued through its member financial institutions, such as Bank of Texas, to assist in the development of affordable owner-occupied and rental housing for very low- to moderate-income households. In 2010, FHLB Dallas awarded $18.5 million in AHP grants through its member institutions to 79 housing projects, which will help create or renovate 2,632 housing units across FHLB Dallas's five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. Of the $18.5 million awarded, $5.5 million was allocated to projects in Texas which will create or renovate 912 housing units within the state.
This year marks the 20th anniversary of AHP, and the $18.5 million represents the largest amount FHLB Dallas has awarded in any single year of the program. Since 1990, AHP has assisted more than 38,000 families with their affordable housing needs.
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 $57.1 billion as of June 30, 2010, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to more than 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit the FHLB Dallas web site at fhlb.com.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013
About the Bank of Texas
Bank of Texas, N.A. has assets exceeding $5.7 billion, and is a subsidiary of BOK Financial Corporation (Nasdaq:BOKF), a $23 billion holding company based in Tulsa, Oklahoma. Bank of Texas offers a broad range of services including middle market and commercial banking, energy and real estate lending, international banking, treasury management, trust and investment services, and private banking. Bank of Texas also offers a complete array of consumer products and mortgage banking services, including money market accounts, IRAs and Certificates of Deposit. Bank of Texas has 33 locations throughout the Dallas/Fort Worth Metroplex and 15 locations serving the Houston market. www.bankoftexas.com.
CONTACT: Federal Home Loan Bank of Dallas Corporate Communications (214) 441-8445 www.fhlb.com