DALLAS, TX - The final phase of a senior living community opened Tuesday in Dallas, thanks in part to a $500,000 Affordable Housing Program (AHP) grant from Amegy Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas).
With the completion of this third and final phase, Lakewest Assisted Living, a continuum-of-care senior-living community in the Dallas Lake West area, now boasts an additional 130 assisted-living units designated for low-income seniors on its 39-acre Lake West campus.
The new Lakewest Assisted Living apartments provide permanent, long-term supportive services and care for residents in need of daily assistance with everyday tasks – such as walking, bathing, and taking medications. It offers onsite meal plans through its dining program, along with laundry services, a recreation center, and daily activities. Residents pay for their housing with vouchers provided by the City of Dallas.
The project was spearheaded by the Dallas Housing Authority and StoneGate Senior Living, a Lewisville, Texas-based, senior living and care management company. The first two phases consisted of the Village at Lake West and Lakewest Rehabilitation and Skilled Care. The Village at Lake West is an independent living community consisting of four towers and 360 units for senior citizens age 55 and older. The Village was constructed to meet the area's demand for high-quality, affordable senior living, and it reached 100 percent occupancy within its first year of operation.
Lakewest Rehabilitation and Skilled Care is located adjacent to The Village at Lake West. It offers post-acute health care services, including occupational, physical, and speech therapy, and extensive clinical care. The center has the capacity to care for up to 118 patients and is comprised of 20 private suites and 49 shared suites.
Tom Langdon, president of the managing member of Lakewest, said the project could not have been completed without the aid of the AHP grant, which was applied toward construction costs.
"The grant was absolutely essential because the individuals who come to live at Lakewest require housing and health care that, in the marketplace, would cost $4,000 a month," Mr. Langdon said. "We are able to provide housing and care to individuals who have an income as low as $700 a month. Reducing the amount of market-rate capital required to build the facility helped us lower the overall capital costs, and the home loan bank grant was instrumental in allowing us to do that by reducing the cost for the facility."
The AHP grant was funded through FHLB Dallas member, Amegy Bank.
"This development fills a need in Dallas for affordable senior care, and that is an effort that Amegy Bank is firmly committed to supporting," said Brian Stoker, senior vice president of Community Lending at Amegy Bank. "Through our partnership with FHLB Dallas and the Affordable Housing Program, we were able to provide a grant that ultimately lowered the costs for senior residents to live at Lakewest."
AHP grants are available through FHLB Dallas member institutions such as Amegy Bank. 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. In 2015, FHLB Dallas is offering $7.6 million in AHP grants.
"The mission of FHLB Dallas is rooted in assisting our members with financing affordable housing in their communities," said Greg Hettrick, vice president and director of Community Investment at FHLB Dallas. "The opening of Lakewest's final phase is an example of that mission at work."