updated 11/3/2010 4:46:17 PM ET 2010-11-03T20:46:17

Orange Savings Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) are pleased to announce the opening of Putnam Place, which was awarded a $116,404 Affordable Housing Program (AHP) grant from the banks in 2007. The AHP grant assisted Orange, Texas, nonprofit Roselawn Manor, Inc. with the construction of the facility. Representatives from Orange Savings Bank and FHLB Dallas gathered for a ribbon cutting at Putnam Place on Tuesday, November 2.

Photos accompanying this release are available at

http://www.globenewswire.com/newsroom/prs/?pkgid=8268

http://www.globenewswire.com/newsroom/prs/?pkgid=8269

"We are proud of our affiliation with the Federal Home Loan Bank of Dallas and the opportunities it allows us to support bringing facilities like Putnam Place to the city of Orange," said Orange Savings Bank CEO Stephen Lee. "Over the last five years, through Federal Home Loan Bank of Dallas programs, our bank has sponsored more than $500,000 in grants to support both residents and businesses in Orange and Newton counties."

The AHP grant to Roselawn Manor, Inc. is part of $18.5 million in AHP grants that FHLB Dallas awarded, through its member institutions, to help create, renovate, or purchase 2,632 housing units, including $5.5 million that was awarded to projects in Texas that will assist 912 housing units. 

"In today's economy, the need for affordable rental housing has become even more crucial," said FHLB Dallas President and CEO Terry Smith. "Through member institutions like Orange Savings Bank, we are able to continuously support such projects. We are pleased the AHP grant was able to assist with construction costs."

Putnam Place will open its doors this month to people who have suffered from severe depression, bi-polar disorder, or any other mental illnesses, but are able to live independently. 

"We are very excited about this project. It is the culmination of years of hard work and determination," said Juliet Smith, president of the Roselawn Manor Board of Directors. "We are particularly proud that it is the first and only of its kind in Southeast Texas.  Putnam Place will serve a forgotten population; people who suffer from chronic mental illness, but can function on a day-to-day basis.  These individuals are often overlooked and underserved, but now will have decent, affordable housing. We hope that Putnam Place will be the first of many more of these projects in our area."

Putnam Place's cottage style, one-story duplexes will consist of  19 one-bedroom units and one two-bedroom unit for the resident manager, as well as a 1,500-square-foot multipurpose building, which will contain an office, computer training room, tenant laundry room, reception area, multipurpose room with serving facilities, two  restrooms, and an outside porch.

The complex will be managed by a professional management firm with experience managing similar facilities. Applicants for the facility will be closely screened, and applicants must be able to live independently and meet the income guidelines. Putnam Place is currently taking applications. For more information call 337.660.3358 or 409.883.5990.

AHP funds are used to purchase, construct, and/or rehabilitate single-family, transitional, and multifamily projects for very low- to moderate-income families. Each year, FHLB Dallas returns 10 percent of its profits to the communities served by its member institutions in the form of AHP grants issued through member institutions, such as Orange Savings Bank.

About Orange Savings Bank

Since 1954, Orange Savings Bank has been serving the citizens and businesses of Southeast Texas, with competitive rates and a broad spectrum of banking services.

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 $51.6 billion as of September 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

The photos are also available via AP PhotoExpress.

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