HOUSTON, TEXAS – September 14, 2015 – (RealEstateRama) — The Federal Home Loan Bank of Dallas (FHLB Dallas) and member institution, Amegy Bank, have awarded a $500,000 Affordable Housing Program (AHP) grant to The Men’s Center Inc.
The grant will help the Houston-based nonprofit build a $12.2 million, 56-unit housing complex for men and women ages 18 and older who are recovering from substance abuse and other crisis situations.
Sheila Turner, development director for the center, said the nonprofit couldn’t be more grateful for the AHP grant.
“What this means is that we will be able to complete the construction,” she said. “We needed the funding to match a $9.9 million county grant.” The City of Houston is also expected to assist with funding.
The project is in the permitting stage and is expected to begin construction soon at 3809 Main Street in an area of Houston known as Midtown. The housing complex will replace The Men’s Center’s two main buildings that face Main Street, which will be torn down.
The Men’s Center helps men and women, who are predominantly homeless, to recover from alcohol or drug abuse. Besides detoxification, the center also offers a stable and sober living environment with services such as workforce training and job placement, counseling, health care, and other social services. The center opened a transitional housing program for women this summer.
“So many people are affected by drug and alcohol addiction,” Ms. Turner said. “The ones who don’t have the money to go into an expensive rehab facility often end up homeless. We give them a wonderful place to stay, two hot meals a day, and the support services they need to succeed.”
Clients are accepted into the program in a variety of ways, including self-referrals, social service agencies, and family referrals. More than 550 people are referred to the program every year. They stay anywhere from a few days to several years.
Brian Stoker, senior vice president of Community Lending at Amegy Bank in Houston, said The Men’s Center has a long history of helping the city’s homeless population.
“Sadly, many men on the street who are struggling with alcohol and other drug addictions are veterans who risked their lives for our country,” Mr. Stoker said. “Some have lost jobs and alienated their families. The Men’s Center gives them the tools to break free of their addictions. We are pleased to support the center’s expansion.”
FHLB Dallas, in partnership with its member financial institutions, has awarded more than $7.4 million in AHP grants this year to 32 projects, primarily within its five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas.
FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions. AHP grants fund a variety of projects, including home rehabilitation and modifications for low-income, elderly, and special-needs residents; down payment and closing cost assistance for qualified first-time homebuyers; and the construction of low-income, multifamily rental communities and single-family homes.
July 2015 marked the 25th anniversary of the AHP. Since the program’s inception, FHLB Dallas has awarded more than $237 million in AHP and AHP-funded grants to help more than 44,000 families obtain safe, affordable, and quality housing.
About Amegy Bank
Amegy Bank is a leading Texas bank with nearly $14 billion in assets and about 2,000 employees. With more than 80 locations across Houston, Dallas, and San Antonio, Amegy is dedicated to serving Texas communities, families and businesses. 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. Amegy is a part of the Zions Bancorporation (NASDAQ: ZION) collection of great banks. To learn more about Amegy, visit amegybank.com.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $42.6 billion as of June 30, 2015, is a member-owned cooperative that supports housing and community investment by providing competitively priced loans and other credit products to approximately 865 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit fhlb.com.
Federal Home Loan Bank of Dallas