updated 3/3/2011 3:16:52 PM ET 2011-03-03T20:16:52

AUSTIN, Texas, March 3, 2011 (GLOBE NEWSWIRE) -- Representatives from the Federal Home Loan Bank of Dallas (FHLB Dallas) joined staff from Frost Bank and the Mary Lee Foundation Tuesday to celebrate the opening of  The Willows, the Mary Lee Foundation's newest affordable housing development.

Representatives from FHLB Dallas joined Frost Bank staff at a ribbon cutting for The Willows, an affordable housing development in Austin that serves special-needs individuals. The banks awarded the project a $500,000 Affordable Housing Program grant in 2008 to assist with construction.




A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8832

The ribbon cutting for The Willows was part of Mary Lee Foundation's 48th anniversary. The organization serves individuals with special needs through diverse programs, such as providing affordable housing, transitional living services, a food pantry, and long-term care services among others.

FHLB Dallas and member institution, Frost Bank, awarded the foundation a $500,000 Affordable Housing Program (AHP) grant in 2008 to assist with the construction of The Willows. The Willows consists of 64 units, including efficiencies and one and two bedroom units, with the majority of the units reserved for very low-income residents. One third of the units are reserved for individuals with mobility disabilities or hearing and vision impairment.

"Frost has had a long relationship with the Mary Lee Foundation and has sponsored multiple AHP applications through FHLB of Dallas. The services the foundation provides and the audience it serves is such an underserved sector of our community with great need," said Donna Normandin, senior vice president and senior CRA officer for Frost. "We are happy to assist them in their endeavors to provide housing for individuals with special needs."

The Willows is part of the 2000 master plan for the Mary Lee Campus to create and maintain affordable housing and services for people with disabilities. The Mary Lee Foundation purchased the property on which The Willows is built in 2001 with plans to renovate and upgrade the existing buildings. But after extensive discussions with the city of Austin, the organization decided to demolish the existing structures and build a new 64-unit multifamily building.

The Willows has tripled the number of affordable units that had been on the property, as well as added a meeting room, office, and laundry facility.

"I am deeply appreciative to the Federal Home Loan Bank of Dallas, Frost Bank, and all of the funders who helped make it possible for the Mary Lee Community to triple the number of people served at The Willows location," said Charlene Crump, executive director and founder of the Mary Lee Foundation. "This week's ribbon cutting at The Willows was the most fitting way for Mary Lee to celebrate its 48 years of service to Austin and Texas, as a whole."

In addition to the AHP funds, The Willows was funded by General Obligation Bonds approved by Austin voters in 2006. The project also received $2.5 million in funding from the Austin Housing Finance Corporation and $1.2 million from the Texas State Affordable Housing Corporation, one of FHLB Dallas's associate housing members.

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 $39.7 billion as of December 31, 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 website at fhlb.com.

The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013

The photo is also available via AP PhotoExpress.

CONTACT: Corporate Communications
         Federal Home Loan Bank of Dallas
         www.fhlb.com
         (214) 441-8445

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 5.04%
$30K home equity loan FICO 5.23%
$75K home equity loan FICO 4.66%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.28%
13.27%
Cash Back Cards 17.74%
17.72%
Rewards Cards 17.01%
16.98%
Source: Bankrate.com