MENA, Ark., June 13, 2011 (GLOBE NEWSWIRE) -- More than 100 people gathered last week for a ribbon cutting to celebrate the completion of an assisted living facility for low-income seniors in Mena, Arkansas. The facility has been 10 years in the making.
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"The various pieces of the funding puzzle really came together to complete this tremendous senior living center here in Mena, Arkansas," said Mena Mayor George McKee, who spoke at the ribbon cutting for The Oaks. "This is the culmination of almost 10 years of a concerted effort of many individuals and entities to provide necessary living amenities for the income-challenged senior segment."
The Oaks will provide quality, affordable living accommodations for seniors. The idea for the Oaks began during an informal meeting of the Ouachita Seniors and Retirees, Inc., a nonprofit foundation established to focus on the needs and futures of seniors and retirees in the Polk County area. But, it took years for the group to pull together the funding necessary to build the facility.
Representatives from Ouachita Seniors and Retirees, Inc. were joined last Monday by Congressman Mike Ross, D-AR, Mayor McKee, and representatives of the Federal Home Loan Bank of Dallas (FHLB Dallas). FHLB Dallas and Bank of the Ozarks, a member institution, awarded The Oaks a $100,000 Affordable Housing Program (AHP) grant to assist with construction.
"It's hard to put into words a dream we've had for more than 10 years," said Dr. Richard Black, president of Ouachita Seniors and Retirees, Inc. "We've been working on this for so long that the culmination of this dream is beyond words."
The Oaks contains 30 units for senior citizens, and will provide residents with access to transportation, meals, activities, laundry, medical, and other services that will fill a vital need in the community for the senior population.
"The Oaks assisted living center will provide a supportive community that will not only help people live healthier and longer lives, but it will help them live more independent lives," said Congressman Ross. "This center will be a great addition to the Mena community, giving seniors more housing opportunities, while creating jobs right here in Polk County. I am honored and so proud to have been a part of this celebration and wish everyone involved great success."
Each year, FHLB Dallas returns 10 percent of its profits to the communities served by its member institutions in the form of AHP grants. AHP grants are used to purchase, construct, and/or rehabilitate single-family, transitional, and multifamily projects for very low- to moderate-income families. In 2010, FHLB Dallas awarded $18.5 million in AHP grants to 79 housing projects that will help create, renovate, or purchase 2,632 housing units, including $1.5 million to assist with 187 housing units in Arkansas. In 2011, FHLB Dallas has offered $10.5 million in AHP grants through its member institutions. Grant recipients will be announced this summer.
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 $33.2 billion as of March 31, 2011, 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 photos are also available via AP PhotoExpress.
CONTACT: Corporate Communications Federal Home Loan Bank of Dallas www.fhlb.com (214) 441-8445