FHLB Dallas Awards Grant For Construction of Affordable Assisted Living Project in North Texas

The Federal Home Loan Bank of Dallas (FHLB Dallas) and Bank of Texas recently awarded a $500,000 Affordable Housing Program (AHP) grant to assist Oak Timbers, a non-profit housing organization, with construction of an assisted living facility for income-qualified seniors.  The 60 bed Willow Oak facility will provide assisted living services to very-low to moderate-income seniors who can no longer live independently in the Dallas/Fort Worth area.  The Texas Department of Aging and Disability Services (DADS) will provide financial assistance to eligible low-income residents at Willow Oak.

“We have found that many of our residents are getting older and need assistance getting around, but they can’t afford the costs of assisted living and do not need the full services of a nursing home.  Willow Oak is our first assisted living facility to construct, and we hope it will help transition some of our existing residents, as well as attract new residents, into a new and affordable housing community that can accommodate their needs as they age,” said Albert Vaughan Mitchell, partner and developer for Oak Timbers’ properties.