CONVERSE, Texas, Jan. 28, 2013 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) and Broadway Bank are pleased to announce they have awarded a $500,000 Affordable Housing Program (AHP) grant to Boysville, Inc., a comprehensive residential community for children in crisis who can no longer remain in their home environment.
Boysville was founded in 1943 in San Antonio, Texas, and moved to its current campus in Converse, Texas, in 1983. The half-million dollar grant will help renovate the 30-year-old campus to reduce overhead and increase efficiency.
Boysville consists of nine cottages that each house eight to 10 children in a family-like environment under the supervision of "house parents," who live with and care for the children. Currently, only eight cottages are being utilized, as one was closed due to significant foundation issues, and the remaining cottages need extensive electrical, plumbing, and HVAC repairs.
"The renovations will address much-needed infrastructure repairs and upgrades to ensure that these cottages are safe, energy efficient, and will serve our organization for another 30 years or more," said Boysville CEO Dave McIlvoy. "Broadway Bank has been a long-time partner, and we look forward to working with FHLB Dallas and its AHP to make these much-needed renovations to our campus."
Once complete, there will be three cottages for boys and three for girls, two independent–living cottages for college-age residents, and the cottage that is currently closed will reopen as an emergency shelter for children at risk.
AHP grants are available through FHLB Dallas member institutions, such as Broadway Bank, to assist in the development of affordable, owner-occupied and rental housing for very low- to moderate-income households located across its five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas.
"Boysville, Inc. is a remarkable resource for children in our community needing to escape abusive and high-risk environments," said Randy Rouse, executive vice president at Broadway Bank. "I am proud to say that Broadway Bank has supported this organization for a number of years, both financially and through volunteer work. This AHP grant will make a significant impact on improving the facilities that these children need."
The renovation is scheduled to begin within the next few weeks. All permits have been obtained and the organization is taking the final steps to begin construction. Mr. McIlvoy said he plans for the first cottages to be operational by this summer, and estimates the entire project will be complete by the spring of 2014.
Each year, FHLB Dallas returns a portion of its profits to support the AHP. In 2012, FHLB Dallas awarded $8.3 million in AHP grants through its member institutions to 31 housing projects. The state of Texas received more than $2.3 million in AHP funds to assist in the creation and/or rehabilitation of 373 housing units throughout the state.
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 $35.2 billion as of September 30, 2012, is a member-owned cooperative that supports housing and community development by providing competitively priced advances 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.
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