EL CAMPO, Texas, Oct. 17, 2014 /PRNewswire-USNewswire/ -- Just as it takes a village to raise a child, it often takes a similar team effort to rehabilitate affordable housing. The Prairie Village Apartments is just such a project. The 38-unit complex, serving low-income elderly in El Campo, Texas, was awarded a $259,000 Affordable Housing Program (AHP) grant from Wells Fargo and the Federal Home Loan Bank of Dallas (FHLB Dallas). The funds will be used to offset construction costs related to the rehabilitation.

Prairie Village is owned and operated by National Church Residences (NCR), a Columbus, Ohio-based, not-for-profit organization specializing in senior housing. "Even though Prairie Village remains at a high occupancy level, the buildings are tired and very energy inefficient with the old heating/cooling systems and windows," said Eric Walker, NCR senior project leader. "Prairie Village was developed in the '80s and is in significant need of renovation."

AHP grants are available through FHLB Dallas member institutions, such as Wells Fargo. The annual grants assist in the development of affordable, owner-occupied and rental housing for very low- to moderate-income households located across FHLB Dallas' five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. In 2014, FHLB Dallas awarded $9.8 million in AHP grants to 33 projects that will result 1,586 new or renovated housing units.

"Wells Fargo was honored to support National Church Residences' AHP application for its Prairie Village community," said Brandon Weber, relationship manager for Wells Fargo Community Lending & Investment. "As one of the premier nonprofit affordable housing owners and developers in the country, we value their mission of providing high-quality housing in communities of need and look forward to additional opportunities to partner with them in the future."

The $4.8 million renovation, which includes nine efficiency units, 28 one-bedroom units, and one manager's unit, will provide Prairie Village residents with a repaired entrance gate, fencing system, and parking lot, as well as upgraded lighting and landscaping, and new:

• Appliances
• Flooring
• Cabinetry
• Water heaters
• Energy-efficient windows
• HVAC units
• Bathtubs
• Doors
• Paint, inside and out

The apartment complex, built in 1989, is scheduled to reopen in May 2015. NCR owns and manages more than 340 properties in 28 states and Puerto Rico. It was founded in 1961 by Reverend John R. Glenn and four Ohio Presbyterian churches out of a Christian commitment to serving older adults' housing, social, and human needs.

"Wells Fargo was very accommodating and eager to assist with the project," Mr. Walker said.  "They understand the importance of what we do as an organization and how this money will be used in the best interest, for not only the property, but most importantly, the senior residents who live there."  

The AHP award in El Campo is one of eight such projects Texas to receive funding in 2014. Since the program's inception in 1990, FHLB Dallas has awarded $206.7 million in AHP competitive grants. "Competitive" refers to the 100-point scoring scale, on which each application is considered. The cutoff score is the point at which funds are fully allocated for a given year.

"Multifamily rental housing is in great demand across our state and the entire district," said Bre Chapman, FHLB Dallas senior vice president and chief administrative officer. "FHLB Dallas is honored to partner with Wells Fargo in assisting in the rehab effort."

About National Church Residences
National Church Residences is committed to excellence that transforms the lives of the people it serves. The not-for-profit organization is an innovative leader in integrating housing, health care and supportive services, serving seniors of all income levels and families. With 340 communities in 28 states and Puerto Rico, National Church Residences is the nation's largest not-for-profit provider of affordable senior housing. It also owns and operates full-service retirement communities in Ohio and Florida. It has supportive housing for the formerly homeless and disabled in Ohio and Georgia. The National Church Residences model of person-centered care includes adult day health, assisted living, senior housing, skilled nursing homes, rehabilitation center, outpatient therapy, home health care and hospice. For more information, visit www.nationalchurchresidences.org.

About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.6 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 locations, 12,500 ATMs, and the internet (wellsfargo.com), and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune's 2014 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially. Wells Fargo perspectives are also available at http://blogs.wellsfargo.com and http://wellsfargo.com/stories.

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 $33.6 billion as of June 30, 2014, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas.

Contact:

Corporate Communications
Federal Home Loan Bank of Dallas
www.fhlb.com
(214) 441-8445

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SOURCE Federal Home Loan Bank of Dallas