DEL RIO, Texas, Sept. 16, 2011 (GLOBE NEWSWIRE) -- The Paces Foundation hosted a ground breaking today in honor of the Las Brisas Manor, an independent living community for low-income seniors in Del Rio, Texas. Del Rio Mayor Roberto "Bobby" Fernandez, Val Verde County Commissioner Ramiro V. Ramon, and Del Rio Councilwoman Tina Martinez joined representatives of Community National Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) in celebration of the new project.
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"The City of Del Rio is pleased to partner with The Paces Foundation, the Federal Home Loan Bank of Dallas, the Texas Department of Housing and Community Affairs, and Community National Bank, as well as others, to provide the all important basic need of housing for our seniors," said Mayor Fernandez. "During this tough economic time, it is more important than ever to create lasting partnerships for the betterment of our communities."
The Paces Foundation received more than $6.4 million in funding, including a $500,000 Affordable Housing Program (AHP) grant from Community National Bank and FHLB Dallas to construct Las Brisas Manor. The property site is adjacent to the existing Las Brisas Apartments, a family-oriented affordable housing community built by The Paces Foundation in 2005.
Las Brisas Manor will consist of 48 units priced for low-income residents, and will include 15 one-bedroom units and 33 two-bedroom units. All units will come fully equipped with Energy Star kitchen appliances, 9-foot ceilings, ceiling fans, washer and dryer connections, carpet and vinyl flooring, window coverings, and an outdoor patio or balcony.
Las Brisas Manor will also include a fully furnished community center, fitness center, laundry room, and outdoor pavilion with barbeque grills and outdoor seating. All residents will have access to free supportive services such as English as a Second Language, financial management, tenant counseling, and computer training.
"The Paces Foundation built the first Gold LEED certified seniors affordable living home in Georgia," said Mark du Mas, president of The Paces Foundation. "Las Brisas Manor will be the first project for senior citizens built to Green Built Texas standards. Such sustainable building practices not only reduce our impact on the environment but also significantly drop the utility bills for our residents, which can sometimes take a large portion of their income."
Construction for Las Brisas Manor is scheduled to begin immediately and The Paces Foundation hopes to open its doors by summer 2012.
The Paces Foundation worked with Community National Bank to obtain the $500,000 AHP grant. Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants, which are available through FHLB Dallas member institutions such as Community National Bank. AHP grants provide financing for the purchase, construction, or rehabilitation of single-family, rental, transitional, and multifamily housing projects for very low- to moderate-income individuals and families.
"We are proud to partner with the Paces Foundation and the Federal Home Loan Bank of Dallas in financing this outstanding project for the citizens of Del Rio," said Community National Bank President Thomas Wooten. "We are confident that Las Brisas Manor will prove to be of huge benefit to Del Rio, and will enhance the quality of life for a number of low-income seniors."
The Paces Foundation was one of 79 organizations to receive a portion of the $18.5 million in AHP grants that was awarded in 2010. In 2011, FHLB Dallas awarded $11 million in AHP grants to 53 projects to assist in the creation or rehabilitation of 1,653 housing units.
About the Paces Foundation
The Paces Foundation is a CHoDO 501(c)3 nonprofit organization that provides affordable housing and services for low-income neighbors. The housing for both seniors and families is built to green certification standards to ease utility and maintenance costs for residents and have a low impact on the environment. In 2010-11, the foundation contributed $78 million to the economy via professional services and building trades. The Paces Foundation owns more than 2,000 units across the southeast with more than 20 properties in Georgia, Florida, South Carolina, and Texas.
About Community National Bank
Community National Bank is a locally owned and operated independent community banking institution headquartered in Hondo, Texas, with additional banking offices located in Castroville, Lytle, and La Coste, Texas. The Bank has provided a broad array of consumer and business financial products to its customers since its opening in 1981, and serves primarily Medina and surrounding counties. Community National Bank is well-capitalized, and with $165 million in total assets, is the largest financial institution headquartered in Medina County, Texas.
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 $31.4 billion as of June 30, 2011, 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 website at fhlb.com.
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