CLOVIS, N.M., March 1, 2013 (GLOBE NEWSWIRE) -- The historic downtown Hotel Clovis once again breathes life thanks in part to a $420,000 Affordable Housing Program (AHP) grant awarded by Wells Fargo Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas). Tierra Realty Trust (TRT) and Golden Spread Rural Frontier Coalition (GSC) led the $12.3 million rehabilitation project that transformed the vacant building into an affordable residential and retail complex.
The once vibrant Hotel Clovis was built in 1931, but had sat vacant in downtown Clovis, New Mexico, since 1982. Plans to rehabilitate the hotel began in 2008, and the first rental units opened in October 2012 as a "green" urban living community. The entire development includes 60 loft-style rental units, 31 of which are located inside the hotel, and the remaining 29 units were constructed on adjoining lots. The development also includes 4,000 square feet of commercial space, and 4,000 square feet of resident amenities including a fitness room, laundry mat, computer lab, meeting space, kitchen, dining area, and a healthcare visitation office.
"In my 25 years of being a developer, I believe that the Hotel Clovis Lofts is an extraordinary project. Considering its complexity and its ability to positively change a city's downtown, Hotel Clovis Lofts is an example of a successful public/private partnership," said developer Stephen Crozier, who works with TRT. TRT was the development company that partnered with GSC, a nonprofit community organization, to oversee the rehabilitation.
AHP grants are awarded through FHLB Dallas member financial institutions, such as Wells Fargo Bank, to assist in the development of affordable, owner-occupied and rental housing for very low- to moderate-income households.
"Wells Fargo prides itself in helping to meet the needs of the communities it serves," said Linda Nelson, an operations manager at Wells Fargo Bank. "We are very excited to partner with TRT and GSC to sponsor their efforts through FHLB Dallas's Affordable Housing Program. The renovations to Hotel Clovis will help provide sustainable housing for low-income families and assist in the positive changes to the city's downtown revitalization efforts."
Hotel Clovis Lofts offer affordable rental units with high-end finishings such as Energy Star appliances and light fixtures, low-flow bath and kitchen fixtures, adequate storage, and low volatile organic compound (VOC) paints, flooring, cabinets, and countertops. The units include one-, two-, and three-bedroom layouts, each with washer and dryer connections. With only three months since its opening, the property is already more than 50 percent occupied and management expects it to be full within the next month.
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 New Mexico received $762,000 in AHP funds to assist in the creation and/or rehabilitation of 96 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 $35.8 billion as of December 31, 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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