Affordable Housing Grant from Amegy Bank, FHLB Dallas Helps The Women's Home to Assist Homeless Women in Houston

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Dec 12, 2014, 05:33 ET

HOUSTON, Dec. 12, 2014 /PRNewswire/ -- The Women's Home, a long-term residential treatment facility founded in 1957, is scheduled to break ground in the first quarter of 2015 on phase II of its supportive housing complex. The project received a $500,000 Affordable Housing Program (AHP) grant from Amegy Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas). The funds will be used for construction costs. Phase I, the Jane Cizik Garden Place, opened in 2011.

The Women's Home, a long-term residential treatment facility founded in 1957, is scheduled to break ground in the first quarter of 2015 on phase II of its supportive housing complex. The project received a $500,000 Affordable Housing Program (AHP) grant from Amegy Bank and the Federal Home Loan Bank of Dallas. The funds will be used for construction costs.

"Many of the women that come to us are homeless because of substance abuse and mental illness," said Paula Paust, executive director of The Women's Home since 1992. "There is more recognition now that most of the time people are dealing with substance abuse and mental illness. If you don't treat both, they won't get better."

To be located at the corner of Jacquelyn Street and Hammerly Boulevard, the new, 84-unit complex will provide permanent affordable housing and support services for women and their families. Ms. Paust noted that families are the focus of the $15 million project.

"We know that single mothers and children are one of the fastest-growing homeless populations," Ms. Paust added. "This is a segment of the population in great need of a hand-up."

AHP grants are available through FHLB Dallas member institutions such as Amegy Bank. The annual grants assist in the development of affordable, owner-occupied and rental housing for very low- to moderate-income households located across FHLB Dallas' five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. In 2014, FHLB Dallas awarded $9.8 million in AHP grants to 33 projects that will result 1,586 new or renovated housing units.

"Community lending has created unimaginable opportunities for many of our neighbors," said Brian Stoker, senior vice president of community and not-for-profit lending at Amegy Bank. "Funding multi-family projects can help us extend the reach even further. We appreciate all the support from FHLB Dallas through the AHP and its other grant programs."

The Coalition for the Homeless of Houston/Harris County, in its "Capacity and Gaps Analysis Study" (2011), reports "the current capacity of permanent supportive housing meets only 16 percent of the total need." The project championed by The Women's Home, Amegy Bank, and the city of Houston will help to alleviate this shortage.

In addition to the 80 two-bedroom and four three-bedroom apartments, there will be laundry facilities, community meeting space, an outdoor barbecue, and a playground on the 2.3 acres, which will serve low-income, homeless, and chronically homeless families.

"The construction is probably going to take a year, with estimated occupancy in the spring of 2016," Ms. Paust said. Within walking distance will be an elementary school, a bus line with shopping centers, medical care, job opportunities, and The Home's new WholeLife^® Service Center, which will provide services in physical and behavioral health, after-school and summer programs and more.

The AHP award in Houston is one of eight such Texas projects to receive funding in 2014. Since the program's inception in 1990, FHLB Dallas has awarded $206.7 million in AHP competitive grants. "Competitive" refers to the 100-point scoring scale, on which each application is considered. The cutoff score is the point at which funds are fully allocated for a given year.

"We are honored to support The Women's Home through our valued member, Amegy Bank," said Greg Hettrick, vice president and director of Community Investment at FHLB Dallas. "The Women's Home has helped hundreds of women turn their lives around. Amegy Bank has demonstrated a sincere commitment to affordable housing, spanning decades. We are happy to support the efforts of both organizations."

About Amegy Bank
Amegy Bank is a leading Texas bank with nearly $14 billion in assets and about 2,000 employees. With more than 80 locations across Houston, Dallas, and San Antonio, Amegy is dedicated to serving Texas communities, families and businesses. 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. Amegy is a part of the Zions Bancorporation (NASDAQ: ZION) collection of great banks. To learn more about Amegy, visit amegybank.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 $37.5 billion as of September 30, 2014, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas.

Contact:
Corporate Communications
Federal Home Loan Bank of Dallas
www.fhlb.com
(214) 441-8445

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SOURCE Federal Home Loan Bank of Dallas