Photo Release — Los Alamos National Bank and FHLB Dallas Grant Assists in Construction of Final Phase of Silver …

ALBUQUERQUE, N.M., March 5, 2012 (GLOBE NEWSWIRE) -- Representatives from the Supportive Housing Coalition of New Mexico (SHC-NM), Los Alamos National Bank, the Federal Home Loan Bank of Dallas (FHLB Dallas), and a plethora of local and state officials gathered Thursday, March 1, to celebrate the opening of Silver Gardens II, the second and final phase of Silver Gardens Apartments.

Photos accompanying this release are available at

http://www.globenewswire.com/newsroom/prs/?pkgid=11902

http://www.globenewswire.com/newsroom/prs/?pkgid=11903

Silver Gardens Apartments is a mixed-income housing development in Albuquerque, New Mexico. The project houses an integrated tenant mix, ranging from units for very low-income tenants to units that are leased at market rate. The units are a mix of studios, and one and two-bedroom units. The U-shaped, four-story structure with a private interior courtyard incorporating Native American art, play structures, and a community garden occupies a city block bordered by First and Second streets and Silver Avenue. Phase I, consisting of 66 rental homes, was completed in Spring 2010 and is fully occupied.

Silver Gardens II contains 55 units, 14 of which were set aside as permanent supportive housing for residents with special needs.

The project leveraged an array of city, state, federal, and conventional financing. Sources of funds include a conventional first mortgage, housing tax credit proceeds, and a city of Albuquerque Workforce Housing Grant. The adjacent parking garage was funded by $3.4 million from the city of Albuquerque.

FHLB Dallas and Los Alamos National Bank awarded Silver Gardens II a $315,000 Affordable Housing Program (AHP) grant in 2010.

"We are very pleased to be involved and appreciate the investment FHLB Dallas has made through the AHP. We're excited to see the impact this new development will have on our community," said Jill Cook, senior vice president of Los Alamos National Bank.

Al Hernandez, a senior banking officer at Los Alamos National Bank, attended the grand opening ceremony Thursday, and touted the benefits of Silver Gardens to Albuquerque.

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Photo Release -- Los Alamos National Bank and FHLB Dallas Grant Assists in Construction of Final Phase of Silver ...