Photo Release -- Construction Begins on Affordable Apartments to Serve Adults
HOUSTON, Oct. 25, 2012 (GLOBE NEWSWIRE) -- Construction has officially begun
on a 15-unit apartment complex that will serve very low-income adults with
developmental disabilities in an independent environment.
A photo accompanying this release is available at
Representatives from the Mental Health & Mental Retardation Authority of
Harris County (MHMRA), the Village Learning & Achievement Center, the City of
Houston, Amegy Bank of Texas (Amegy Bank), and the Federal Home Loan Bank of
Dallas (FHLB Dallas) participated in a groundbreaking ceremony on Tuesday for
the Village at Hickory Glen Apartment Homes.
The apartment homes, located in Kingwood, a former unincorporated area of
Houston, Texas, consist of three buildings and a community center. The project
has been in the making since 2008 when the Village Learning & Achievement
Center partnered with MHMRA to provide housing to individuals with
disabilities in their community.
The project received a $98,000 Affordable Housing Program (AHP) grant in 2011
from Amegy Bank and FHLB Dallas to help with construction costs. The project
also received a Section 811 grant from the U.S. Department of Housing and
Urban Development (HUD) and a HOME fund grant from the City of Houston.
"The funding that Amegy Bank and FHLB Dallas provided is one of the main
reasons why we can do this project," said Kimberly Brusatori, founder and CEO
of the Village Learning & Achievement Center. "HUD 811 grants don't provide
all of the funding required for projects. Additional community partners are
required to provide the gap financing necessary to build affordable housing
projects. Working with FHLB Dallas and Amegy Bank to receive the AHP grant has
been a wonderful process. I think it takes all of us working together to make
projects like this happen."
Ms. Brusatori learned of the AHP funds through another HUD Section 811 project
that was funded using an AHP grant. She met Brian Stoker, senior vice
president and community banking manager at Amegy Bank, at an event she
attended and learned more about the program.
"I met Brian (Stoker) and found out what the grant process entailed, and about
applying for funding through the Federal Home Loan Bank of Dallas," Ms.
Brusatori said. "We now have a relationship with Amegy Bank. They helped fund
the project initially, which was great because it helped us do some of the
architectural and engineering work ahead of schedule."
Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP
grants, which are available through FHLB Dallas member institutions such as
Amegy. AHP grants provide financing for the purchase, construction, or
rehabilitation of single-family, rental, transitional, and multifamily housing
projects for very low- to moderate-income individuals and families. In 2012,
FHLB Dallas awarded $7.6 million to support 27 affordable housing projects
throughout its five-state District of Arkansas, Louisiana, Mississippi, New
Mexico, and Texas, including more than $2.2 million to support 349 housing
units in Texas. A total of $745,000 was awarded through Amegy to support two
projects that will create or rehabilitate 163 housing units in the state.
"The Village Learning & Achievement Center does incredible work to help
individuals with disabilities and their families. The Village at Hickory Glen
Apartments will help address one of the most critical housing needs in our
community, and we are excited to see the construction phase of this project
begin," said Mr. Stoker. "Amegy Bank has had a longstanding partnership with
the Federal Home Loan Bank of Dallas, and we appreciate the opportunity to
help serve the communities where we do business through the Affordable Housing
Houston City Councilman Mike Sullivan has long supported the project.
"Village at Hickory Glen Apartment Homes will serve a vital role in the
community," Councilman Sullivan said. "Deciding to support this project was
one of the easiest decisions I have had the honor of making. I look forward to
their future success."
Ms. Brusatori expects the project to be completed within the year.
"We're looking forward to completing the project," she said. "It's going to
help a lot of families and individuals obtain housing that they can afford."
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
$34.7 billion as of June 30, 2012, 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
About Amegy Bank of Texas
Amegy Bank of Texas is a leading Texas bank with $12 billion in assets.
Founded in 1990, Amegy has a strong tradition of relationship banking, local
decision making and financial expertise. Amegy specializes in banking
businesses of all sizes, and has the resources to provide financing,
investment management, treasury management solutions, international banking,
as well as other specialized services. Equally important, the bank offers
individuals and families a wide range of depository, lending, mortgage, wealth
management, trust and brokerage services. With more than 80 locations across
Houston, Dallas and San Antonio, Amegy is dedicated to serving Texas
communities, families and businesses. Each year, Amegy Bank donates more than
$1 million to area nonprofit organizations and schools, as part of its mission
to support the communities in which it does business. Amegy is a part of the
Zions Bancorporation collection of great banks. To learn more about Amegy,
The photo is also available via AP PhotoExpress.
CONTACT: Corporate Communications
Federal Home Loan Bank of Dallas
Federal Home Loan Bank of Dallas Logo
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