COLORADO SPRINGS, Colo., Oct. 13, 2011 (GLOBE NEWSWIRE) -- Representatives of the Federal Home Loan Bank of Dallas (FHLB Dallas) and American Bank of Commerce (ABC Bank) were pleased to join the staff and affiliates of Springs Rescue Mission today for a celebration ceremony marking the beginning of renovations to a vacant liquor store for a new transitional housing facility. When completed, the new dormitory will offer 44 beds, virtually doubling the current capacity that Springs Rescue Mission has for men in its New Life Program.
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The event began at 11:00 a.m. MDT with a demolition of the old sign in front of the vacant liquor store. The symbolic demonstration represented a new beginning for both the vacant facility and the men that will soon be living there. Alcohol and drug addictions are often the catalysts that bring men to Springs Rescue Mission, and the removal of the sign marks the beginning of a new and bright future for Springs Rescue Mission and its residents. The vacant facility sits adjacent to the Springs Rescue Mission's original dormitory, and will easily be incorporated into the campus.
Following the demolition was a ceremony celebrating the new housing center, as well as a check presentation by FHLB Dallas and ABC Bank in honor of the $500,000 Affordable Housing Program (AHP) grant that was awarded to Springs Rescue Mission. The AHP grant was announced in August 2011, and will be used along with other funding sources toward the acquisition and renovation of the existing building. AHP grants are awarded by FHLB Dallas member institutions, such as ABC Bank, to assist in the development of affordable owner-occupied and rental housing for very low- to moderate-income households.
Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants issued through its member financial institutions, such as ABC 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 through its member institutions to 53 housing projects, which will help create or renovate 1,653 housing units across FHLB Dallas's five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. ABC Bank, located in Wolfforth, Texas, was able to facilitate the funding for Springs Rescue Mission, which was the organization's first AHP grant through FHLB Dallas.
"ABC Bank is pleased to have played a part in Springs Rescue Mission obtaining this substantial grant from FHLB Dallas," said David Johnson, senior vice president at ABC Bank. "As a member of the Colorado Springs community, ABC Bank certainly recognizes the wonderful contribution that Springs Rescue Mission plays in changing lives. It is indeed a privilege to tour its facilities and learn more about all the programs and benefits it offers. We are also proud to be a member of FHLB Dallas, whose contribution to the Affordable Housing Program is helping thousands of people across the regions it serves."
Springs Rescue Mission was established in 1996 to address the growing need to assist homeless, working poor, and struggling families in Colorado Springs and the Pike Peak region. The Men's New Life Program is an integral part of Springs Rescue Mission's operations, and has helped more than 200 men battle addiction, learn life management skills, and grow to be independent and self-sufficient members of society.
The New Life Program is a voluntary 12 to 18 month residential program that provides men an opportunity for recovery and rehabilitation from substance abuse and homelessness in a safe, structured, Christian environment. The program provides supportive services such as counseling, medical and mental health services, drug and alcohol rehabilitation, food and clothing services, job skills training, and educational courses. Many of the men in the program are considered by Springs Rescue Mission to be at the "change or die" stage of addiction. By the end of their stay at Springs Rescue Mission, at least 90 percent of the New Life Program graduates obtain full-time employment.
Today's ceremony marked the beginning of a new milestone for Springs Rescue Mission. The organization has grown over the past 15 years by providing residency-based services to break the cycle of homelessness and addiction within the Colorado Springs community. The 44 additional units will significantly improve the impact and the reach of Springs Rescue Mission, especially since Colorado Springs has lost 85 substance abuse recovery units due to the closure of two other housing facilities.
The New Life program saves men from hospitalization, institutionalization, incarceration, and even death. In 2010, the New Life Program helped save taxpayers more than $1 million in expenses related to hospital stays, medical expenses, law enforcement, prison costs, and funerals related to substance abusers and the chronically homeless. The dormitory allows Springs Rescue Mission to expand its services and save the lives of more people each year.
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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