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$500K AHP Grant Will Assist in Converting Sundowner Motel to Low-Income Apartments

/ Source: GlobeNewswire

ALBUQUERQUE, N.M., Sept. 27, 2010 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas is pleased to announce it has awarded a $500,000 Affordable Housing Program (AHP) grant to NewLife Homes toward the construction of an apartment complex for the homeless and individuals suffering from mental illness. The grant was issued through Bank of Albuquerque, an FHLB Dallas member institution.

The AHP grant will assist with converting the Sundowner Motel, a 1950s motel in Albuquerque, New Mexico, into 71 studio, one-bedroom, and two-bedroom apartments that will serve a mix of very low-income residents, as well as provide some market rate apartments, and also target female veterans and their families, said John Bloomfield, executive director of NewLife Homes.

Bank of Albuquerque worked with the developer, NewLife Homes, in facilitating the AHP grant.

"We are pleased to be associated with this important program," said Bank of Albuquerque Chairman and CEO Jennifer Thomas. "We know that helping to finance housing options for low-income Albuquerque residents will continue to make Albuquerque a stronger, more economically stable place to live and do business."

NewLife Homes is comprised of seven New Mexico nonprofit corporations, as well as three limited liability corporations that own, manage, and develop permanent supportive housing for people with mental illness, physical disabilities, the elderly, and the homeless.

"We want to demonstrate that mixed-use, mixed-income development is a viable and attractive way for communities to grow," Mr. Bloomfield said. "We want to dispel any myths people may have about mental illness and low-income housing. Our tenants have been excellent patrons of local business. We have Ph.D.'s and all kinds of professionals as residents. Mental illness can afflict anyone at any time. We try to serve the most vulnerable in the community."

The Sundowner Motel, located on Central Avenue NE between Cagua and Laguayra drives, currently has 110 rooms and contains a restaurant and nightclub. It was built in the 1950s, but gained notoriety in the 1970s as the site where Bill Gates and Paul Allen developed their first version of BASIC computer language for the Altair computer. The motel flourished for years because of its location along Historic Route 66.

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 NMHCDC is part of $18.5 million in AHP grants that FHLB Dallas has awarded in 2010 through certain of its more than 900 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 this year – nearly $12 million – was awarded to rental housing projects.

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

The Federal Home Loan Bank of Dallas logo is available at

About Bank of Albuquerque

Bank of Albuquerque, N.A., is a subsidiary of BOK Financial Corporation, a financial services company that provides commercial and consumer banking, investment and trust services, mortgage origination and servicing, and an electronic funds transfer network. Other holdings include Bank of Oklahoma, N.A., Bank of Arizona, N.A., Bank of Arkansas, N.A., Bank of Texas, N.A., Colorado State Bank and Trust, N.A., Bank of Kansas City, N.A., broker-dealer BOSC, Inc., Southwest Trust Co. and the TransFund electronic funds network. Shares of BOK Financial are traded on the NASDAQ under the symbol BOKF. For more information, visit .

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