FHLB Dallas and Amegy Bank of Texas Celebrate Opening of Pear Grove Apartments


HOUSTON, Dec. 9, 2009 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) will join Amegy Bank of Texas today at a ribbon cutting and open house celebrating the official grand opening of the Pear Grove Apartments in Houston, Texas.

FHLB Dallas, through Amegy Bank of Texas, awarded a $70,000 Affordable Housing Program (AHP) grant to assist with the construction of Pear Grove Apartments. Pear Grove is an affordable 15-unit permanent housing complex that allows low-income, chronic mentally ill residents to live independently in their own apartments. The Mental Health Mental Retardation Authority (MHMRA) of Harris County is a close partner and vital resource for the Pear Grove Apartments.

In addition to the AHP grant funds, the project received about $1.8 million from U.S. Housing and Urban Development. Pear Grove has been open for about a year and has been steadily filling up.

"Without the AHP grant it wouldn't be as nice of a facility," said Sam Hom, Director of Housing Development for MHMRA of Harris County. "In the beginning, when we first started, it was touch and go whether we would even have enough money to finish the facility. Most of the residents that are living at Pear Grove are very low income. They really don't get an opportunity to move into a new complex and have all the amenities that this complex offers."

Pear Grove Inc. partnered with Amegy Bank of Texas to apply for an AHP grant from FHLB Dallas.

"Pear Grove gives its residents the chance to live more independently and to be amongst their peers, which was what really excited us about the project," said Brian Stoker, community banking manager at Amegy Bank. "Once teenagers with mental illness reach adulthood, it's often hard for them to find a way to contribute to society and have an independent lifestyle, and Pear Grove offers a solution for that; it's a place to call home that's tailored for their needs. My hat is off to MHMRA for spearheading this project."

Each year, FHLB Dallas returns 10 percent of its profits to the communities served by member institutions in the form of AHP grants issued through its member financial institutions. As of September 30, 2009, FHLB Dallas has awarded $8.4 million to projects within its five-state District, including $2.1 million to projects in Texas, resulting in the creation or renovation of 346 housing units in the state.

For more information about FHLB Dallas programs, please contact the Corporate Communications Department at 214.441.8445.

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 $67.3 billion as of September 30, 2009, 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 web site at fhlb.com.

The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013



            

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