ENNIS, Texas, Nov. 8, 2010 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) and Bank of Texas are pleased to announce they have awarded a $500,000 Affordable Housing Program (AHP) grant to Oak Timbers, a nonprofit public housing organization, to assist with the construction of Willow Oak, an assisted living facility for income-qualified senior citizens.
Once complete, Willow Oak will be a safe, affordable, and quality assisted living community designated for very-low to moderate-income seniors who can no longer live independently. Willow Oak will not offer all the full services of a nursing home, but this 60 bed, single-story facility will accommodate eligible residents, 55 years of age or older, with a meal-plan, housekeeping, linen service, transportation, social and recreational activities, as well as supportive services to assist with management of medications, bathing, dressing, and day-to-day activities.
Volunteers and staff will also provide nutritional counseling, preventive health services, and stress and weight management. The facility will include private bed units with a shared kitchenette and bathroom, as well as a community dining hall, commercial kitchen, a private dining room, laundry room, activity room, conference room, and maintenance room and storage. Willow Oak will also be conveniently located near shopping centers, public and private transit, and a medical center.
"Oak Timbers has built a number of affordable housing apartment communities throughout the Dallas/Fort Worth metroplex," said Albert Vaughan Mitchell, partner and developer for Oak Timbers' properties. "We have found that many of our residents are getting older and need assistance getting around, but they can't afford the costs of assisted living and do not need the full services of a nursing home. Willow Oak is our first assisted living facility to construct, and we hope it will help transition some of our existing residents, as well as attract new residents, into a new and affordable housing community that can accommodate their needs as they age."
The Texas Department of Aging and Disability Services (DADS) will provide financial assistance to eligible low-income residents at Willow Oak, and all residents will be responsible for a monthly rent payment, which is much lower than an average monthly rent payment of other comparable assisted living facilities within the state.
Mr. Mitchell said the FHLB Dallas AHP grant, along with assistance from the State of Texas, have played a key role in the funding requirements for not only Willow Oak, but other Oak Timbers properties. Oak Timbers partnered with Bank of Texas to secure the 2010 AHP grant for Willow Oak.
"Bank of Texas strongly believes in taking an active role in building a strong community," said Norm Bagwell, Bank of Texas Chairman and CEO. "We are very proud to partner with the Federal Home Loan Bank of Dallas and to be a part of helping our fellow citizens."
Mr. Mitchell said the overall goal of the facility is to allow residents to age gracefully in a housing community they enjoy and can afford.
"The mission of Oak Timbers is to provide quality and affordable living, care, and services that exceed the expectations of our residents," said Mr. Mitchell. "Willow Oak is committed to serving the needs of elderly residents in Ennis and surrounding areas. This development is a means to provide residents with an attractive and affordable alternative that is comfortable and fully accessible to their individual needs."
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 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.
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
CONTACT: Federal Home Loan Bank of Dallas Corporate Communications (214) 441-8445 www.fhlb.com