The Oaks, an assisted living facility for low-income seniors, has recently been completed in Mena, Arkansas, about a decade after the project’s inception. A $100,000 Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Dallas (FHLB) and member institution Bank of the Ozarks was enough to complete funding and finish construction for the facility.
“The various pieces of the funding puzzle really came together to complete this tremendous senior living center here in Mena, Arkansas,” said Mena Mayor George McKee. “This is the culmination of almost 10 years of a concerted effort of many individuals and entities to provide necessary living amenities for the income-challenged senior segment.”
Residents of the facility’s 30 units will be provided with access to transportation, meals, activities, laundry, medical, and other services that will fill a vital need in the community for the senior population.
The Oaks, dreamed up ten years ago by members of Ouachita Seniors and Retirees, Inc., a nonprofit foundation established to focus on the needs and futures of seniors and retirees in the Polk County area, finally came to fruition thanks in part to AHP funding from FHLB Dallas and Bank of Ozarks.
“It’s hard to put into words a dream we’ve had for more than 10 years,” said Dr. Richard Black, president of Ouachita Seniors and Retirees, Inc. “We’ve been working on this for so long that the culmination of this dream is beyond words.”
FHLB Dallas says it returns 10% of its profits to the communities served by its member institutions in the form of AHP grants each year; these grants, says the bank, are used to purchase, construct, and/or rehabilitate single-family, transitional, and multifamily projects for very low- to moderate-income families. The bank awarded $18.5 million in grants in 2010 and plans to reveal next year’s grant recipients this summer.
Written by Alyssa Gerace