SAN ANTONIO, Texas, Oct. 27, 2010 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) and Broadway National Bank are pleased to announce they have awarded a $152,000 Affordable Housing Program (AHP) grant to Methodist Mission Home (MMH) to assist with phase II of its $5.5 million capital campaign.
The goal of the capital campaign is to build the MMH endowment and renovate its existing 25-acre campus. The first phase consisted of the renovation of MMH's Southwest Center for Higher Independence (SCHI) Dormitory, which was completed in May 2010. SCHI Dormitory also received an AHP grant from FHLB Dallas, and the updated facility provides housing and supportive services for young adults living with disabilities that are enrolled in MMH's SCHI program. The program teaches individuals to cope with their disability and to live more independently.
Phase II of the capital campaign includes renovations and upgrades to the MMH Maternity Center, which provides transitional housing and supportive services to low-income, pregnant women. Residents receive medical care, counseling, education, and job skills training, as well as additional services for those considering adoption for their child. The facility is currently under construction and the renovations are expected to be complete by the end of 2010.
Phase II also includes renovations to the MMH Oasis House, a transitional housing facility for low-income, disabled individuals. Oasis House offers a safe and supportive living environment to individuals that have either completed MMH's SCHI program, but are not ready to live independently, or are not qualified for the SCHI program. Oasis House provides housing and supportive services in a group environment in order to assist those who cannot support themselves. The renovations are expected to begin in early 2011.
Beverly Dahlem, finance director at MMH, submitted the applications that qualified MMH for both AHP grants. She said she has become very familiar with FHLB Dallas and AHP, and is grateful that MMH qualified for funding in both 2009 and 2010.
"The AHP grants have helped us bridge the funding gap so that we could move forward and begin construction on the properties," said Ms. Dahlem. "Broadway National Bank has proven to be a great partner and resource to us. We are thrilled to have the first phase of the capital campaign behind us, and we have already begun working on the second phase. MMH offers valuable services to our community, and through the construction and rehabilitation of our campus, we hope to improve and expand our existing services to better serve those in San Antonio and the surrounding areas."
The MMH campus was originally built in 1968. Since then, MMH has served hundreds of individuals each year in Bexar County through professional guidance and compassion to support the needs of women facing unplanned pregnancies and adults living with disabilities.
"It is very rewarding for Broadway Bank to be part of a program that is of such value and need in our San Antonio community," said Jeannette Flores-Westbrook, senior vice president at Broadway Bank. "We are committed to community building and appreciate the opportunity to partner with the Federal Home Loan Bank of Dallas and Methodist Mission Home to make this campaign a reality, and to help improve the lives of low-income women and young disabled adults."
Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants issued through its member financial institutions, such as Broadway National Bank, to assist in the development of affordable owner-occupied and rental housing for very low- to moderate-income households. In 2010, FHLB Dallas awarded $18.5 million in AHP grants through its member institutions to 79 housing projects, which will help create or renovate 2,632 housing units across FHLB Dallas's five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. Of the $18.5 million awarded, $5.5 million was allocated to projects in Texas which will create or renovate 912 housing units within the state.
This year marks the 20th anniversary of AHP, and the $18.5 million represents the largest amount FHLB Dallas has awarded in any single year of the program. Since 1990, AHP has assisted more than 38,000 families with their affordable housing needs.
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 fhlb.com.
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