Gulf Coast Retirement Community Re-opened with Help of $259K Grant

EL CAMPO, Texas, Oct. 28, 2015 /PRNewswire-USNewswire/ -- Residents of Prairie Village, a retirement community serving the area's low-income seniors in El Campo, Texas, are enjoying an upgrade to their community. Thirty-seven units were rehabilitated, thanks in part to a $259,000 Affordable Housing Program (AHP) grant the project received in 2014 from the Federal Home Loan Bank of Dallas (FHLB Dallas) and its member institution, Wells Fargo. Prairie Village held a grand re-opening event last week to commemorate the event.  

Prairie Village is owned and operated by National Church Residences (NCR), a Columbus, Ohio-based, not-for-profit organization specializing in senior housing, and is home to many of Wharton County area's low-income senior citizens. The rehabilitation includes new appliances, flooring, cabinetry, energy efficient windows, heating and air conditioning units, bathtubs, and doors. Additional repairs include painting of the interior and exterior of the buildings as well as repairs to the entrance gate, fencing system, and parking lot.

Eric Walker, director of Affordable Housing Development at NCR, said that without the AHP grant, the project would not have been as comprehensive. "With small communities like Prairie Village, project sources and financing are limited. Funding from grants, such as the grant from FHLB Dallas, are critical for the success of the project."

Prairie Village residents are not the only Wharton County residents to enjoy the benefits of the rehab project. The rehabilitation of Prairie Village has positively impacted a broader scope of Wharton County residents.

"The project allows Wharton County seniors to stay close to their families and community as they age," added Mr. Walker. "In addition, the grant also had a positive impact by creating construction jobs for the renovation."  

Linda Nelson, vice president at Wells Fargo Community Lending & Investment, agrees that the rehabilitation of Prairie Village will have a positive impact on the community.

"Any time you see efforts going into revitalizing a rental project, especially one that serves low-income seniors, it uplifts the entire neighborhood as a symbol of reinvestment in the community."

FHLB Dallas, in partnership with its member financial institutions, has awarded more than $7.4 million this year in AHP grants to 32 projects that will result in 965 new or renovated housing units, including $2.3 million in AHP grants awarded in Texas that will result in 265 new or renovated housing units.

Greg Hettrick, vice president and director of Community Investment at FHLB Dallas, said, "FHLB Dallas is happy to partner with Wells Fargo in the rehab effort to ensure that Wharton County seniors will continue to have safe, quality, and affordable housing options."

FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions. AHP grants fund a variety of projects, including home rehabilitation and modifications for low-income, elderly, and special needs residents; down payment and closing cost assistance for qualified first-time homebuyers; and the construction of low-income, multifamily rental communities and single-family homes. 

July 2015 marked the 25th anniversary of the Affordable Housing Program. Since the program's inception, FHLB Dallas has awarded more than $237 million in AHP grants to help approximately 44,000 families obtain safe, affordable, and quality housing. 

About National Church Residences
National Church Residences is committed to excellence that transforms the lives of the people it serves. The not-for-profit organization is an innovative leader in integrating housing, health care and supportive services, serving seniors of all income levels and families. With 340 communities in 28 states and Puerto Rico, National Church Residences is the nation's largest not-for-profit provider of affordable senior housing. It also owns and operates full-service retirement communities in Ohio and Florida. It has supportive housing for the formerly homeless and disabled in Ohio and Georgia. The National Church Residences model of person-centered care includes adult day health, assisted living, senior housing, skilled nursing homes, rehabilitation center, outpatient therapy, home health care and hospice. For more information, visit nationalchurchresidences.org.

About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.7 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,700 locations, 12,500 ATMs, and the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 266,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune's 2015 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.

About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $42.6 billion as of June 30, 2015, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 865 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit our website at fhlb.com.

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