MENA, Ark., Feb. 15, 2011 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) and Bank of the Ozarks are pleased to announce they have awarded a $100,000 Affordable Housing Program (AHP) grant to assist with the construction of The Oaks, an assisted living facility for low-income seniors.
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Once completed, The Oaks will contain 30 units for senior citizens, and will provide residents with access to transportation, meals, activities, laundry, medical, and other services.
The Oaks has been eight years in the making, as it took several years for Ouachita Seniors and Retirees, Inc. to pull together the funding necessary to complete the venture. Ouachita Seniors and Retirees, Inc. is a nonprofit foundation established to focus on the needs and future of seniors and retirees in the Polk County area.
"The grant from FHLB Dallas and Bank of the Ozarks was really the gap filler – it was the last piece in the puzzle to make this project feasible," said Rick Pierce, vice president of PDC Companies, the project's developer. "There were many sources of funding and if every piece had not fallen into place we could not have moved forward."
The idea for the assisted living facility originated during an informal meeting of Ouachita Seniors and Retirees, Inc.
"We discussed the need for a senior center in the community, and in the process of planning the senior center, we realized there was a need for an assisted living facility in our community," said Dr. Richard Black, president of Ouachita Seniors and Retirees, Inc.
The organization worked with Bank of the Ozarks to obtain an AHP grant in 2010. AHP funds are used to purchase, construct, and/or rehabilitate single-family, transitional, and multifamily projects for very low- to moderate-income families.
"We are very pleased to be involved with this important project," said Eric Gustafson, community development officer for Bank of the Ozarks. "There is not a more deserving recipient than Ouachita Seniors and Retirees, Inc. Together, Ouachita Seniors and Retirees, Inc. and PDC Companies have worked very hard for a long time to make this project a reality. Bank of the Ozarks applauds and respects that level of dedication."
Ground was broken on the development in spring 2010, and the facility is scheduled for completion in June of this year, according to Dr. Black.
"We've had ups and downs along the way, but finally it has come together," Dr. Black said. "We're really proud of the facility. It's taken a long time but it's finally happening. We're glad that FHLB Dallas and Bank of the Ozarks are involved and were able to provide the grant."
Each year, FHLB Dallas returns 10 percent of its profits to the communities served by its member institutions in the form of AHP grants issued through certain of its member financial institutions. In 2010, FHLB Dallas awarded $18.5 million in AHP grants to 79 housing projects that will help create, renovate, or purchase 2,632 housing units, including $1.5 million to assist with 187 housing units in Arkansas.
About Bank of the Ozarks
Bank of the Ozarks, Inc. is a bank holding company with $3.27 billion in total assets as of December 31, 2010 and trades on the NASDAQ Global Select Market under the symbol "OZRK". The Company owns a state-chartered subsidiary bank that conducts banking operations through 93 offices in Arkansas, Texas, Georgia, Florida, South Carolina, North Carolina and Alabama. The Company may be contacted at (501) 978-2265 or P. O. Box 8811, Little Rock, Arkansas 72231-8811. The Company's website is www.bankozarks.com.
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 $51.6 billion as of September 30, 2010, 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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