MOUNT PLEASANT, TX - The Pine Terrace Apartments opened in 1978, when the price of gas ranged from 65 cents to 71 cents a gallon, and CBS first broadcast "Dallas." Much has obviously changed in those 36 years, except for this 76-unit complex, but soon that will change.
A $185,000 Affordable Housing Program (AHP) grant from Frost Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) means Pine Terrace Apartments' developer, Lakewood Property Management, will be able to refurbish the aged apartment complex that provides affordable housing for low-income senior citizens.
The funds will be used to offset construction costs, and the renovation is expected to begin in the first quarter of 2015.
"We are going to do a major rehabilitation of the property," said Dan Allgeier, president of Lakewood Property Management, the developer of Pine Terrace. "Outside, we are going to replace roofs, thin out the trees, and add lighting and security cameras. Inside, we will install new floors, cabinetry, countertops, and windows. We'll add ceiling fans in living rooms and bedrooms, and repaint throughout."
Mr. Allgeier added that no dishwashers, garbage disposals, or washer/dryer connections were installed in 1978. "When these units were first built, HUD and the USDA had a policy of minimum property standards. The rent these folks pay is low, based on income. But at the same time, do they not deserve garbage disposals?"
Frost Bank Senior Vice President and Community Reinvestment Act Officer Donna Normandin said her institution has done a lot of work with AHP. "There's been a lack of grants in the past few years for affordable housing. Affordable Housing Program grants from FHLB Dallas allow nonprofits to continue carrying out their missions," she said. "The AHP provides a gap grant for the entity that is providing services to the low-income. It allows the developer to address the need without having as much debt. It is one of the ways they are able to keep the units affordable for the low-income community."
AHP grants are available through FHLB Dallas member institutions, including Frost Bank. The grants assist in the development of affordable, owner-occupied and rental housing for very low- to moderate-income households located primarily within FHLB Dallas's 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.
"We are committed to community investment. It is a cornerstone of FHLB Dallas, and we are pleased to support affordable housing efforts in Mount Pleasant through Frost Bank," said Bre Chapman, senior vice president and chief administrative officer at FHLB Dallas.