A $100,000 Affordable Housing Program (AHP) grant will assist in the construction of a Mena, Arkansas-based assisted living facility for low-income seniors.
The grant, made possible by the Federal Home Loan Bank of Dallas (FHLB Dallas) and Bank of the Ozarks, will help in the completion of The Oaks senior living facility, which will contain 30 units for seniors and will provide residents access to transportation, meals, laundry, medical and other services.
“The grant from FHLB Dallas and Bank of the Ozarks was really the gap filler—it was the last piece in the puzzle to make this project feasible,” said Rick Pierce, vice president of PDC Companies, the project’s developer. “There were many sources of funding and if every piece had not fallen into place we could not have moved forward.”
The project has been in the planning stage for eight years, after several years of gathering funds on the behalf of Ouachita Seniors and Retirees, Inc., a local non-profit focused on senior needs.
AHP funds can be used to purchase, construct, and/or rehabilitate single-family, transitional, and multifamily projects for very low- to moderate-income families.
Each year, FHLB Dallas returns 10% of its profits to the communities served by its member institutions in the form of AHP grants issued through certain of its member financial institutions. In 2010, FHLB Dallas awarded $18.5 million in AHP grants to 79 housing projects that will help create, renovate, or purchase 2,632 housing units, including $1.5 million to assist with 187 housing units in Arkansas.
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