The Federal Home Loan Bank of Dallas (FHLB Dallas) recently announced the opening of two affordable housing projects for very low-income, elderly residents in Jonesboro, Arkansas. Benedictine Manor I and II are part of a senior campus located in downtown Jonesboro consisting of two adjacent, two-story buildings with 20 one-bedroom apartments for very low-income seniors. FHLB Dallas awarded two Affordable Housing Program (AHP) grants totaling $290,876 in 2007 to be used toward the construction of the projects. The funds were awarded through Simmons First Bank of Jonesboro, a FHLB Dallas member financial institution in Arkansas.
"As a proud member of the Federal Home Loan Bank of Dallas, Simmons First Bank of Jonesboro is honored to help facilitate the affordable housing project of Benedictine Manor I and Benedictine Manor II. The construction of this remarkable facility will continue helping the elderly of this community for many years to come," said Barry Ledbetter, president and chief executive officer of Simmons First Bank of Jonesboro.
"Benedictine Manor, the housing element, is another piece to the senior campus," said Brian Rega, director of St. Bernards Village, an affiliate of St. Bernards Village, Inc. "It has always been a priority of our enterprise to be able to offer affordable housing, and that dream has now come to fruition."