KINGWOOD, TX – September 27, 2013 – (RealEstateRama) — Representatives from Amegy Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) were on hand earlier this month to celebrate the ribbon cutting and grand opening for the Village at Hickory Glen Apartment Homes.
The 15-unit apartment complex serves very low-income adults with developmental disabilities in an independent environment. The apartment homes, located in Kingwood, a former unincorporated area of Houston, Texas, consist of three buildings and a community center. The project has been in the making since 2008 when the Village Learning & Achievement Center partnered with Mental Health & Mental Retardation Authority of Harris County (MHMRA) to provide housing to individuals with disabilities in their community.
The project received a $98,000 Affordable Housing Program (AHP) grant in 2011 from Amegy Bank and FHLB Dallas to help with construction costs. The project also received a Section 811 grant from the U.S. Department of Housing and Urban Development (HUD)and a HOME fund grant from the City of Houston.
Houston Mayor Annise Parker applauded the entities that worked together to make the Village at Hickory Glen a reality. Mayor Parker and the City of Houston issued a proclamation naming Sept. 13, 2013 as The Village at Hickory Glen Apartment Homes Day.
“The Village of Hickory Glen is a prime example of the amazing work that can happen when our public and private sectors unite with a common purpose – providing quality homes for Houstonians with developmental disabilities,” said Mayor Parker. “Houston is a compassionate, can-do city and I am proud that the city’s Housing and Community Development Department partnered with HUD, Federal Home Bank of Dallas, and our philanthropic community to improve the quality of life for those who cannot always help themselves.”
“We’re excited about the completion of this project,” said Kimberly Brusatori, founder and CEO of the Village Learning & Achievement Center. “Amegy Bank and FHLB Dallas worked with us to get us the additional financing and we truly appreciate it. We couldn’t have done this project without them. We appreciate the grant and hope to use the program in the future.”
Residents began moving into the apartment homes last week. “We were at nearly 100 percent occupancy even before we opened the doors,” Ms. Brusatori said. “This is an opportunity our residents didn’t have before – to live in a secure place with their population.”
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 Amegy 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. In 2013, FHLB Dallas awarded $11.3 million to support 36 affordable housing projects throughout its five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas, including more than $3.2 million for 390 new or rehabilitated housing units in Texas.
A total of $715,000 was awarded through Amegy Bank to support 120 housing units.
“Amegy Bank is proud to partner with the FHLB Dallas’ Affordable Housing Program in their efforts to address the diverse affordable housing needs facing our communities,” said Amegy Bank Senior Vice President and Community Banking Manager Brian Stoker. “The Village at Hickory Glen is a unique residence that creates a supportive, community environment for its residents and their families, and we appreciate the opportunity to participate in this special housing development.”
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 $32.7 billion as of June 30, 2013, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit the FHLB Dallas website at fhlb.com.
About Amegy Bank
Amegy Bank is a leading Texas bank with more than $12 billion in assets. Founded in 1990, Amegy has a strong tradition of relationship banking, local decision making and financial expertise. Amegy specializes in banking businesses of all sizes, and has the resources to provide financing, investment management, treasury management solutions, international banking, as well as other specialized services. Equally important, the Bank offers individuals and families a wide range of depository, lending, mortgage, wealth management, trust and brokerage services. With more than 80 locations across Houston, Dallas and San Antonio, Amegy is dedicated to serving Texas communities, families and businesses. To learn more about Amegy, visit www.amegybank.com.
Federal Home Loan Bank of Dallas