DALLAS, June 25, 2015 /PRNewswire-USNewswire/ -- The
final phase of a senior living community opened Tuesday in
Dallas, thanks in part to a
$500,000 Affordable Housing Program
(AHP) grant from Amegy Bank and the Federal Home Loan Bank of
Dallas (FHLB Dallas).
With the completion of this third and final phase, Lakewest
Assisted Living, a continuum-of-care senior-living community in the
Dallas Lake West area, now boasts an additional 130 assisted-living
units designated for low-income seniors on its 39-acre Lake West
campus.
The new Lakewest Assisted Living apartments provide permanent,
long-term supportive services and care for residents in need of
daily assistance with everyday tasks – such as walking, bathing,
and taking medications. It offers onsite meal plans through its
dining program, along with laundry services, a recreation center,
and daily activities. Residents pay for their housing with vouchers
provided by the City of
Dallas.
The project was spearheaded by the Dallas Housing Authority and
StoneGate Senior Living, a Lewisville,
Texas-based, senior living and care management company. The
first two phases consisted of the Village at Lake West and Lakewest
Rehabilitation and Skilled Care. The Village at Lake West is an
independent living community consisting of four towers and 360
units for senior citizens age 55 and older. The Village was
constructed to meet the area's demand for high-quality, affordable
senior living, and it reached 100 percent occupancy within its
first year of operation.
Lakewest Rehabilitation and Skilled Care is located adjacent to
The Village at Lake West. It offers post-acute health care
services, including occupational, physical, and speech therapy, and
extensive clinical care. The center has the capacity to care for up
to 118 patients and is comprised of 20 private suites and 49 shared
suites.
Tom Langdon, president of the
managing member of Lakewest, said the project could not have been
completed without the aid of the AHP grant, which was applied
toward construction costs.
"The grant was absolutely essential because the individuals who
come to live at Lakewest require housing and health care that, in
the marketplace, would cost $4,000 a
month," Mr. Langdon said. "We are able to provide housing and care
to individuals who have an income as low as $700 a month. Reducing the amount of market-rate
capital required to build the facility helped us lower the overall
capital costs, and the home loan bank grant was instrumental in
allowing us to do that by reducing the cost for the facility."
The AHP grant was funded through FHLB Dallas member, Amegy
Bank.
"This development fills a need in Dallas for affordable senior care, and that is
an effort that Amegy Bank is firmly committed to supporting," said
Brian Stoker, senior vice president
of Community Lending at Amegy Bank. "Through our partnership with
FHLB Dallas and the Affordable Housing Program, we were able to
provide a grant that ultimately lowered the costs for senior
residents to live at Lakewest."
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. In 2015, FHLB Dallas is offering
$7.6 million in AHP grants.
"The mission of FHLB Dallas is rooted in assisting our members
with financing affordable housing in their communities," said
Greg Hettrick, vice president and
director of Community Investment at FHLB Dallas. "The opening of
Lakewest's final phase is an example of that mission at work."
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 11 district banks in the
FHLBank System created by Congress in 1932. FHLB Dallas, with total
assets of $36.9 billion as of
March 31, 2015, is a member-owned
cooperative that supports housing and community investment by
providing competitively priced advances and other credit products
to approximately 865 members and associated institutions in
Arkansas, Louisiana, Mississippi, New
Mexico, and Texas. For more
information, visit 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