updated 3/10/2011 5:16:29 PM ET 2011-03-10T22:16:29

ALBUQUERQUE, N.M., March 10, 2011 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) and Los Alamos National Bank are pleased to announce they have awarded the Supportive Housing Coalition of New Mexico (SHC-NM) a $315,000 Affordable Housing Program (AHP) grant to assist with the construction of the second phase of Silver Gardens in Albuquerque, New Mexico.

Silver Gardens II will contain 55 units, 14 of which will be set aside as permanent supportive housing for residents with special needs. The project will house an integrated tenant mix, including households ranging from very low-income to market rate. The units will be a mix of studios, and one and two-bedroom units. The project will complete a single, U-shaped, four-story structure with a private interior courtyard incorporating Native American art, play structures and a community garden. Once completed, the project will take up a city block bordered by First and Second streets and Silver Avenue. Phase I, consisting of 66 rental homes, was completed in Spring 2010 and is fully occupied.

"This project is serving as a catalyst for downtown revitalization and models the very best in infill and transit oriented development," said Mark Allison, executive director of SHC-NM. "Like Phase I, we expect this award winning design to be complemented with a LEED Platinum designation. We are proud to once again partner with the Federal Home Loan Bank of Dallas and Los Alamos National Bank to create something that will be an asset to the entire community."  

Silver Gardens is being developed by and is owned and operated in partnership with Romero Rose, LLC, the Albuquerque affiliate of the Jonathan Rose Companies.

The project will leverage an array of city, state, federal, and conventional financing. Sources of funds include a conventional first mortgage, housing tax credit proceeds, and a city of Albuquerque Workforce Housing Grant. The adjacent parking garage was funded by $3.4 million from the city of Albuquerque.

"We appreciate the opportunity to work with SHC-NM and FHLB Dallas on this project, which  will contribute to economic development and downtown Albuquerque redevelopment, in addition to providing affordable housing in downtown Albuquerque," said Jill Cook, senior vice president of Los Alamos National Bank.  "Based on the overwhelming success of Silver Gardens I, the completion of Silver Gardens II will be a win for businesses, homeowners, and the community."

Each year, FHLB Dallas returns 10 percent of its profits to the communities served by member institutions in the form of AHP grants issued through its member financial institutions. The grants are used to purchase, construct, or rehabilitate single-family, transitional, and multifamily projects for very low- to moderate-income families. The AHP grant to SHC-NM is part of $18.5 million in AHP grants that FHLB Dallas awarded in 2010 through its member institutions to help create, renovate, or purchase 2,632 housing units, including $2.87 million in New Mexico, for 382 housing units. A majority of the AHP funding last year – nearly $12 million – was awarded to rental housing projects.

About Los Alamos Bank

Los Alamos National Bank (LANB) was established in June 1963 by a group of local investors who saw the need for a convenient, full-service community bank. Now one of the largest and strongest banks in the state, LANB continues to be locally owned and operated by Trinity Capital Corporation, a one-bank holding company. LANB is proud to be a part of sustainable development in northern New Mexico. They are invested in the economic, social and environmental sustainability of the communities they serve. For more information please visit lanb.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 $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 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: Corporate Communications
         Federal Home Loan Bank of Dallas
         www.fhlb.com
         (214) 441-8445

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