DALLAS, June 18, 2012 (GLOBE NEWSWIRE) -- The third and final phase of a continuum of care senior living community in the Dallas Lake West area is expected to break ground in July 2012, thanks in part to a $500,000 Affordable Housing Program (AHP) grant awarded by Amegy Bank of Texas and the Federal Home Loan Bank of Dallas (FHLB Dallas). The new housing development will consist of 130 assisted living units designated for low-income seniors on the existing 39-acre Lake West campus. With this final addition, the Lake West senior living community will accommodate senior residents in all stages of the aging process.
This three-step initiative is led by the Dallas Housing Authority (DHA) and StoneGate Senior Living, a Lewisville, Texas-based, senior living and care management company. Lake West is one of the most comprehensive senior-care funding models in the state of Texas. The first two phases, which are complete and in full operation, consist of the Village at Lake West and the Lakewest Rehabilitation and Skilled Care. The Village at Lake West opened in November 2009 as an independent living community consisting of four towers and 360 units for senior citizens age 55 and older. The Village was constructed to meet the area's demand for high quality and affordable senior living, and reached 100 percent occupancy within its first year of operation.
Lakewest Rehabilitation and Skilled Care opened in April 2011, and is conveniently located adjacent to the Village at Lake West. It offers extensive post-acute health care services, including occupational, physical and speech therapy, and extensive clinical care. The center has the capacity to care for up to 118 patients, and is comprised of 20 private suites and 49 shared suites.
StoneGate President and Chief Executive Officer John F. Taylor said the objective of the Lake West campus is to provide an all-inclusive, continuum model for aging seniors so they can remain in the same familiar setting throughout the aging process.
"At StoneGate, we believe that every senior deserves a comfortable and safe community in their retirement years as well as access to high-quality health care services," said Mr. Taylor. "We're grateful to Amegy Bank and the Federal Home Loan Bank of Dallas for this generous grant, and we're excited about the opportunity to offer assisted living on the campus."
With the project breaking ground next month, the AHP grant will assist with related construction costs. 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. In 2011, FHLB Dallas awarded $11 million in AHP grants to 53 projects across its five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. The funding will result in the creation or rehabilitation of 1,653 housing units across the District. In 2012, the Bank offered $7.5 million in AHP grants and the recipients will be announced by late summer 2012.
"Amegy Bank is proud to be a partner in the development of the Lake West senior living community and support DHA and StoneGate in their efforts to provide high quality, affordable housing for senior citizens," said Senior Vice President and Community Banking Manager Brian Stoker. "We believe that it is our responsibility to support the communities we serve, and we appreciate the opportunity to help address the diverse affordable housing needs throughout the state of Texas."
The new Lake West Assisted Living apartments will provide permanent, long-term supportive services and care for residents in need of daily assistance for everyday tasks – such as walking, bathing, and taking medications. It will offer onsite meal plans through its dining program, along with laundry services, a recreation center, and daily activities. Residents can pay through housing vouchers provided by the city of Dallas, and will have access to Medicare and Medicaid.
StoneGate Senior Living operates 31 properties throughout Texas, Oklahoma, and Missouri. Lake West is StoneGate's only affordable housing property, but the company hopes to replicate this senior housing and care model in other markets.
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 $34.2 billion as of March 31, 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.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013