DEL RIO, Texas, Aug. 24, 2012 (GLOBE NEWSWIRE) -- The Paces Foundation celebrated today the grand opening of Las Brisas Manor, a new 48-unit senior, independent living rental community in Del Rio, Texas. Las Brisas Manor is the first senior affordable living development to achieve Green Built Texas standards.
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The development consists of 48 units priced for low-income residents, including 15 one-bedroom units and 33 two-bedroom units. All units are fully equipped with Energy Star kitchen appliances, 9-foot ceilings, ceiling fans, washer and dryer connections, carpet and vinyl flooring, window coverings, and an outdoor patio or balcony. The development was also specially situated so that it could be warmed by the morning and afternoon sun, while one side is always shaded, giving residents the benefit of lower utility costs.
"About six years ago, The Paces Foundation committed itself to building sustainable, environmentally sensitive housing for low-income families," said Mark du Mas, president of The Paces Foundation. "There is a big fear by developers that these features add more cost, but we have succeeded in building an affordable, version 2.5 Energy Star compliant development in the state of Texas."
Green Built Texas is a voluntary partnership of local home builders, industry supporters, and sponsors committed to creating awareness and interest in the construction of higher-performance, lower-impact residential homes in Texas. The program has a construction protocol that Home Builder Association (HBA) members have deemed essential in order for a home to be recognized by the program. Homes built to this protocol conform to higher standards of site management and waste recycling, water efficiency, indoor air quality, energy efficiency, materials, and homeowner education.
Las Brisas Manor will also include a fully furnished community center, fitness center, laundry room, and outdoor pavilion with barbeque grills and outdoor seating. All residents will have access to free supportive services such as English as a Second Language, financial management, tenant counseling, and computer training. The development also contains a health and wellness center, which houses an examination room and space that will be utilized by visiting health professionals for wellness screenings and other services.
Del Rio Mayor Roberto "Bobby" Fernandez joined representatives of Community National Bank, the Federal Home Loan Bank of Dallas (FHLB Dallas), and other city leaders in celebration of the project's opening today.
"The 48-unit Las Brisas Manor will provide an opportunity for the elderly in our community to have an independent and empowered life," said Mayor Fernandez. "Las Brisas Manor is the first senior affordable living development to achieve Green Built Texas Standards. I am proud that this was done under the partnership between the City of Del Rio and The Paces Foundation. We need to ensure that we take care of our community and that we are actively seeking partnerships that will continue to improve our quality of life. Del Rio has a strong sense of community and our identity is tied to our history -- our elderly citizens."
The Paces Foundation received more than $6.4 million in funding, including a $500,000 Affordable Housing Program (AHP) grant from Community National Bank and FHLB Dallas in 2010 to construct Las Brisas Manor.
"Community National Bank is pleased to have been able to partner with The Paces Foundation and the Federal Home Loan Bank of Dallas to provide both grant money and bank financing in order to make this beautiful facility a reality for the seniors of Del Rio," said Tad Wooten, vice chairman and chief investment officer of Community National Bank.
The Texas Department of Housing and Community Affairs praised the development.
"The need for high quality, affordable senior housing in the community is great. Besides one property operated by the Del Rio Housing Authority, no other affordable senior developments exist in the city," said Michael Lyttle, chief of external affairs for the department, in a letter to The Paces Foundation. "A shortage of affordable rental housing often leads to higher rents, placing a significant burden on the senior citizens living on fixed incomes and limiting their housing options."
The property site for Las Brisas Manor is adjacent to the existing Las Brisas Apartments, a family-oriented affordable housing community built by The Paces Foundation in 2005.
"The AHP grant was important gap financing," said Mr. du Mas. "If we hadn't gotten the $500,000, we would have had to put in quite a bit more additional funds and we couldn't have done that. We could not have done this project without the help of the AHP grant."
Las Brisas Manor helps meet a need for affordable housing in Del Rio, which has been critical since the San Felipe Creek flooded in 1998 during Tropical Storm Charlie, leaving nearly two thirds of the city of Del Rio under water. The storm destroyed 2000 homes and apartments in Val Verde County, including several hundred homes in Del Rio, according to Mr. du Mas.
"The city reached out for help to build some replacement housing," Mr. du Mas said. The Paces Foundation was selected to build Las Brisas Apartments, the family housing component of the development, and now with the opening of Las Brisas Manor, the senior housing component of the development is completed. "No one was doing any building in the poor neighborhoods of Del Rio. This just fulfills our mission, and we're always excited when we can do that."
Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants, which are available through FHLB Dallas member institutions such as Community National Bank. AHP grants provide financing for the purchase, construction, or rehabilitation of single-family, rental, transitional, and multifamily housing projects for very low- to moderate-income individuals and families. In 2012, FHLB Dallas awarded $7.6 million to support 27 affordable housing projects throughout its five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas, including more than $2.2 million to support 349 housing units in Texas.
About the Paces Foundation
The Paces Foundation is a CHoDO 501(c)3 nonprofit organization that provides affordable housing and services for low-income neighbors. The housing for both seniors and families is built to green certification standards to ease utility and maintenance costs for residents and have a lower impact on the environment. In 2010-11, the foundation contributed $78 million to the economy via professional services and building trades and is Section 3 compliant. The Paces Foundation owns more than 2,000 units across the southeast with more than 20 properties in Georgia, Florida, South Carolina, and Texas. The Paces Foundation has one of the first LEED platinum affordable housing projects in the nation with Panama Commons, a 96-unit family development in Panama City, Florida.
About Community National Bank
Community National Bank is a locally owned and operated independent community banking institution headquartered in Hondo, Texas, with additional banking offices located in Castroville, Lytle, and La Coste, Texas. The Bank has provided a broad array of consumer and business financial products to its customers since its opening in 1981, and serves primarily Medina and surrounding counties. Community National Bank is well-capitalized, and with $165 million in total assets, is the largest financial institution headquartered in Medina County, Texas.
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 $34.7 billion as of June 30, 2012, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to more than 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit the FHLB Dallas website at fhlb.com.
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