CORPUS CHRISTI, Texas--(BUSINESS WIRE)--Improved care for homeless families and veterans is coming to Corpus Christi and the Coastal Bend region in late 2017 through The Salvation Army’s new Center of Hope facility. At a press conference today, Congressman Blake Farenthold (TX-District 27) was joined in the announcement by local and regional dignitaries from The Salvation Army, Frost Bank, and the Federal Home Loan Bank of Dallas (FHLB Dallas).
The future 220-bed facility was awarded a $500,000 Affordable Housing Program (AHP) grant last month from Frost Bank and FHLB Dallas. The funds will be put toward a $5 million capital campaign to be used for construction costs. Groundbreaking is expected later this year.
“As a native of Corpus Christi, it is great to see the power that partnerships can play in helping homeless veterans and families here,” said Representative Farenthold. “I want to thank The Salvation Army, Frost Bank, and the Federal Home Loan Bank of Dallas for together providing the vision and resources that will make the Center of Hope a reality.”
Major Terry Ray, regional commander at The Salvation Army, said the 28,000-square-foot facility will be part of a larger campus that includes The Salvation Army Community Center, where today’s event was held.
“The primary needs for the community are basic issues of affordable housing and homeless services for families and individuals. Our center is going to serve the two most underserved populations in this area – intact families and veterans,” he said. “Our focus is getting out of crisis. The life skills training, budgeting, parenting classes and all the programming we do provide services families need to grow stronger together. We are talking about some families that are in their third generations cycling through poverty and homelessness.”
The new center will be able to accommodate a variety of families including single fathers with children and families with boys ages 12 and older. It will be the only shelter in the region with this capacity.
“Public and nonprofit partnerships make a true difference in our community,” said Corpus Christi Mayor Nelda Martinez. “Not only is The Salvation Army helping with day-to-day needs but they are going to be able to equip our most vulnerable populations with skills to succeed in the future.”
FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions, like Frost Bank. AHP grants fund a variety of projects, including home rehabilitation and modifications for low-income, elderly, and special needs residents; down payment and closing cost assistance for qualified first-time homebuyers; and the construction of low-income, multifamily rental communities and single-family homes.
“Providing grant opportunities to local entities such as The Salvation Army in Corpus Christi, who are providing one of life’s basic needs, that of shelter, is something we are honored to support,” said Donna C. Normandin, senior vice president & CRA officer at Frost Bank. “It’s great that FHLB Dallas offers such needed programs as the AHP to help support work being done in the affordable housing space.”
In 2016, FHLB Dallas awarded $7.8 million in AHP grants across its five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. Of this amount, Texas was awarded $2 million for 950 housing units.
Greg Hettrick, FHLB Dallas first vice president and director of Community Investment, said the AHP grant provides opportunities to support those in need while strengthening members’ community relationships.
“The Affordable Housing Program provides a vital source of gap funding for large projects like the Center of Hope,” he said. “Through Frost Bank’s valued membership, FHLB Dallas is able to effectively address the affordable housing needs of the Coastal Bend.”
About Frost Bank
Frost is the banking, investments and insurance subsidiary of Cullen/Frost Bankers, Inc. (NYSE: CFR), a financial holding company with $29.0 billion in assets at June 30, 2016. One of the 50 largest U.S. banks by asset size, Frost provides a full range of banking investments and insurance services to businesses and individuals in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Permian Basin, Rio Grande Valley and San Antonio regions. Founded in 1868, Frost has helped Texans with their financial needs during three centuries. For more information, visit www.frostbank.com.
About The Salvation Army
The Salvation Army, established in 1865, has been supporting those in need for 130 years in the United States. Nearly 30 million Americans receive assistance from The Salvation Army each year through the broadest array of social services that range from providing food for the hungry, relief for disaster victims, assistance for the disabled, outreach to the elderly and ill, clothing and shelter to the homeless and opportunities for underprivileged children. In Corpus Christi, The Salvation Army’s new Center of Hope Family Services Center will be focused on families and single parents with children providing comprehensive family services to those who are in need of assistance as they work to become self-sufficient. The Center of Hope will also focus on Veterans’ services to assist with housing, employment assistance and counseling to those who have served our country.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $54.4 billion as of June 30, 2016, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 850 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit our website at fhlb.com.