HARRISON, Ark., Dec. 15, 2011 (GLOBE NEWSWIRE) -- The Northwest Regional Housing Development Corporation celebrated the grand opening of Maple Esplanade, an affordable assisted living facility in Harrison, Arkansas, during a ribbon cutting event Wednesday.
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The facility contains 57 apartments that each include a full kitchen. Forty of the units are set aside for very low- to moderate-income residents and 17 units will be offered at market rates. Maple Esplanade provides meals with table service in an elegant dining room. The facility also offers a snack bar, beauty salon, library, craft room, laundry service, and many other amenities to its residents.
As part of the grand opening today, there was a ribbon cutting and open house, as well as remarks from many of Maple Esplanade's supporters, including Arvest Bank, which in conjunction with the Federal Home Loan Bank of Dallas (FHLB Dallas) awarded a $430,000 Affordable Housing Program (AHP) grant to the Northwest Regional Housing Development Corporation for the project.
"As a community bank, we take great pride in meeting the needs of our community, whether it's helping to finance a new, affordable assisted living center, providing mortgage loans to people at every income level, or volunteering in our community," said Scott Miller, market president for Arvest Bank in Harrison. "We are thrilled to be able to make this investment in the quality of life for area seniors now and for years to come."
Maple Esplanade has been six years in the making. The Northwest Regional Housing Development Corporation, a nonprofit that was formed by the Northwest Regional Housing Authority (NWRHA), has spearheaded the development of the facility.
"I am extremely proud of the partnership that enabled Maple Esplanade to come to fruition," said Ken McDowell, executive director of NWRHA. "The Washington, D.C.-based Housing Assistance Council, FHLB Dallas, Arkansas Development Finance Authority, Arvest Bank, the Arkansas Department of Human Services, USDA Rural Development, and our other partners have all provided an alternative to premature nursing home institutionalization for all income levels in North Arkansas."
Maple Esplanade is one of only four affordable assisted living properties in the state of Arkansas. The closest facility is two hours away in Bentonville, Arkansas.
Harrison Mayor Jeff Crockett said the development fills a long overdue need in the community.
"What an honor it is to have Harrison be the site of the newest affordable assisted living property in all of Arkansas," said Mayor Crockett. "It is indicative of the great need that Harrison and the surrounding area has, as similar services are located so far away. Thank you for this opportunity you have provided this community!"
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 September 30, 2011, 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.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013
The photo is also available via AP PhotoExpress.
