HOUSTON, Feb. 25, 2014 (GLOBE NEWSWIRE) -- Representatives from the Federal Home Loan Bank of Dallas (FHLB Dallas) and Amegy Bank joined Temenos Community Development Corporation (Temenos CDC) at a groundbreaking this month for a new apartment complex in Houston for very low-income and homeless residents.
A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=23810
Temenos Place Apartments II will contain 80 efficiency units within a four-story building. It is located on the east side of Highway 59, near Houston's East Downtown area and a quarter of a mile from its sister property, the current Knowles-Temenos Place Apartments.
The apartments are a joint project of Temenos CDC, Temenos CDC's parent organization St. John's United Methodist Church, the U.S. Department of Housing and Urban Development (HUD), the City of Houston Housing and Community Development Department, and the Harris County Community Services Department.
Amegy Bank and FHLB Dallas awarded the project a $500,000 Affordable Housing Program (AHP) grant in 2013 to assist with construction. The event was attended by Neal Rackleff, director of Housing and Community Development for the City of Houston, a partner in the project.
"The mayor's office has made her current term's goal to end chronic homelessness by 2016, and this 80-unit housing complex is a step closer to making this a reality," said Amegy Bank Senior Vice President and Community Banking Manager Brian Stoker. "Amegy Bank is proud to partner with the FHLB Dallas and St. John's United Methodist Church on the Temenos Place Apartments II, and we look forward to seeing the positive impact it will have on the Houston community."
FHLB Dallas Senior Vice President, Chief Administrative Officer Bre Chapman said funding affordable housing projects in members' communities is one of FHLB Dallas' primary goals.
"Affordable, sustainable housing remains a critical need throughout our District," Ms. Chapman said. "Projects such as Temenos Place Apartments go a long way in helping to bridge the gap between the housing needs and housing opportunities. We value Amegy Bank and its commitment to partnering with FHLB Dallas to fund affordable housing projects in Texas."
Temenos Place Apartments II will contain office space and a conference room for group case management sessions. The development will also have two open park spaces and a patio for residents and their guests. The location of Temenos Place Apartments II is ideally suited for redevelopment into an all-inclusive property that allows low-income and homeless individuals to access the services and support needed for a successful transition into stable and sustainable living.
Dana Hogan, CEO of Campus Non-profits, which oversees Temenos CDC, said the AHP grant was a crucial piece in funding the apartments' construction.
"We are grateful for the support of all our funders, especially the Federal Home Loan Bank of Dallas and Amegy Bank," Mr. Hogan said. "The awarding of these funds filled the final gap in funding needed to move the project forward. It also shows FHLB Dallas and Amegy Bank's commitment to support permanent supportive housing in the Houston/Harris County area. We look forward to partnering with them for our next project."
In 2013, FHLB Dallas awarded $715,000 in AHP grants through Amegy Bank to support two affordable housing projects in Houston – Temenos Place Apartments II and Fulton Gardens II – that will result in 120 new housing units.
AHP grants are awarded through FHLB Dallas member financial institutions, such as Amegy Bank, to assist in the development of affordable, owner-occupied and rental housing for very low- to moderate-income households. This year, FHLB Dallas awarded $11.3 million in AHP funding to 36 projects across its five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. The funding will result in the creation or rehabilitation of 1,654 housing units across the District.
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 $30.2 billion as of December 31, 2013, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 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 photo is also available via AP PhotoExpress.
