Former Nursing Home to Get New Life with $224K Affordable Housing Grant
BancorpSouth Bank and FHLB Dallas Support Project in Hot Springs,
Arkansas
HOT SPRINGS, Ark.–(BUSINESS WIRE)–$BXS–A long-abandoned nursing home nestled next to Hot Springs National Park
will be transformed into an independent living facility by spring 2017.
Under development by McGrew Properties, the new rental property named
Rose Villa Senior Living, will serve people ages 55 and older living on
fixed incomes.
The project was awarded a $224,000 Affordable Housing Program (AHP)
grant in 2016 from the Federal Home Loan Bank of Dallas (FHLB Dallas)
and member institution BancorpSouth Bank. The funds will be used for
renovating the building into a 32-bed, non-assisted-living facility.
“The clean-up began August 29, and a lot has to happen,” said Richard
McGrew, the project developer. “We are essentially going to gut the
building and start over.”
The building is within walking distance of Hot Springs’ historic
Bathhouse Row, and it will feature a semi-enclosed courtyard and 25
units, each with a kitchen, living area, bathroom, and bedroom.
Transportation services to local grocery and drug stores are also
planned for the community.
“A common bond for community development and revitalization was formed
from my conversations with McGrew Properties. BancorpSouth Bank knew
that Rose Villa was a project to champion because it will provide
affordable housing for seniors. It is a great example of collaborating
to revitalize,” said Evelyn Edwards, vice president and CRA specialist
at BancorpSouth Bank. “Rose Villa is an adaptive reuse of an existing
building, which helps renew the surrounding neighborhood. Thank you,
FHLB Dallas for the financial partnership and McGrew Properties for the
vision to restore this needed facility for seniors.”
FHLB Dallas annually returns 10 percent of its profits in the form of
AHP grants to the communities served by its member institutions such as
BancorpSouth 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.
Mr. McGrew and his wife, Debbie, founded their residential development
firm 15 years ago. In that time, they have built or renovated a dozen
buildings for affordable housing, primarily serving low- to
moderate-income families.
“This is our first Affordable Housing Program grant,” Mr. McGrew said.
“Working with BancorpSouth Bank has been terrific. I learned about the
grant while serving on an advisory council with a BancorpSouth
representative.”
In 2016, FHLB Dallas awarded $7.8 million in AHP grants to 27 projects
that will result in 1,499 new or renovated housing units. Arkansas
received $273,000 this year for the construction or renovation of 39
units. Since the inception of the AHP in 1990, FHLB Dallas has awarded
more than $245 million in AHP and AHP-funded grants to assist more than
45,500 families.
“BancorpSouth Bank has been a strong and committed partner in the
community investment arena for 25 years,” said Greg Hettrick, first vice
president and director of Community Investment at FHLB Dallas. “We have
undertaken more than 75 AHP grants together since 1991, and this is
another fantastic example of their community values in action.”
About BancorpSouth Bank
BancorpSouth, Inc. is a financial holding company headquartered in
Tupelo, Mississippi, with $14.1 billion in assets. BancorpSouth Bank, a
wholly-owned subsidiary of BancorpSouth, Inc., operates 238 full service
branch locations as well as additional mortgage, insurance, and loan
production offices in Alabama, Arkansas, Florida, Louisiana,
Mississippi, Missouri, Tennessee and Texas, including an insurance
location in Illinois. BancorpSouth is committed to a culture of respect,
diversity, and inclusion in both its workplace and communities. To learn
more, visit our Community Commitment page at www.bancorpsouth.com;
“Like” us on Facebook; follow us on Twitter@MyBXS; or connect with us
through LinkedIn.
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 advances and other credit products to approximately
850 members and associated institutions in Arkansas, Louisiana,
Mississippi, New Mexico, and Texas. Visit fhlb.com
for more information.
Contacts
Federal Home Loan Bank of Dallas
Corporate Communications,
214-441-8445
fhlb.com
