DALLAS, Aug. 29, 2013 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) and Frost Bank are pleased to announce they have awarded a $500,000 Affordable Housing Program (AHP) grant to LifeNet Community Behavioral Healthcare to replace the heating, ventilation, and air conditioning (HVAC) unit at its Prince of Wales homeless housing community. The existing unit is more than 20 years old, and a new unit will tremendously improve airflow in the century-old building.
The Prince of Wales building was purchased by LifeNet in 2011, but has been a haven for homeless individuals for many decades. The building dates back to the early 1900s and is located near downtown Dallas on Live Oak Street. It once served as honeymoon suites for wealthy and high profile guests, including the legendary Bonnie and Clyde. Today, the building is divided into 63 single-occupancy units, each with one-bedroom, a bathroom, and kitchenette. Prince of Wales is one of eight housing communities owned by LifeNet, home to approximately 500 homeless individuals.
LifeNet has been serving the Dallas County homeless population for 36 years. The nonprofit organization is a one-stop-shop to help homeless individuals get back on their feet and lead productive lives. It offers in-house supportive services such as meal programs, clothing, housing, mental and behavioral healthcare, addiction rehabilitation, childcare, educational programs and job training. LifeNet prides itself in housing all the resources necessary to help incoming individuals rebuild their lives, and is currently one of the largest housing providers for homeless individuals in North Texas.
This is the first AHP grant awarded to LifeNet, and will enable the organization to update and replace the entire HVAC system in the Prince of Wales building, including new ductwork, grills, and insulation in the HVAC condenser line.
"We could not do this if it weren't for the AHP grant," said LifeNet Donor Relations and Database Manager Tiffany Claxton. "We take great pride in our services, especially in our housing facilities for our clients. A safe and decent living environment is one of the first steps in helping these individuals reclaim their lives. Some stay for many years seeking our services, while others transition out relatively quickly, but we need to keep our housing up to high standards and this grant will help us make the necessary improvements. We are extremely grateful for the support of Frost Bank and FHLB Dallas."
AHP grants are awarded through FHLB Dallas member financial institutions, such as Frost Bank, to assist in the development of affordable, owner-occupied and rental housing for very low- to moderate-income households. This year, FHLB Dallas awarded $11.3 million in AHP funding to 36 projects across its five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. The funding will result in the creation or rehabilitation of 1,654 housing units across the District.
"LifeNet is making tremendous strides in serving the homeless population of Dallas County," said Donna Normandin, senior vice president at Frost Bank. "It is important for Frost, as a community lender, to also be a proactive participant and supporter in the communities we serve. This grant will enhance the lives of the individuals living in the Prince of Wales building, as well as for future residents that will seek LifeNet's services. We were happy to facilitate this grant and give a hand-up to those individuals that need it most."
The installation of the new HVAC unit is scheduled to be complete by 2014. After the grant was funded in August 2013, LifeNet wasted no time in following through with the new unit. Once this initial project is complete, Ms. Claxton said she looks forward to future partnerships with Frost Bank and FHLB Dallas. For more information about LifeNet and its mission, please visit its website at lifenettexas.org .
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 $32.7 billion as of June 30, 2013 is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit the FHLB Dallas website at fhlb.com .
Corporate Communications Federal Home Loan Bank of Dallas www.fhlb.com (214) 441-8445
