EL CAMPO, TX - 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.
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."