Contact: Amy Doane, PenFed
[email protected]
(541) 225-6606
Contact: Alison Beckwith, PenFed Foundation
[email protected]
(301) 699-0148
PenFed Provides Low-Interest Loan for Construction of New
Defenders Lodge to Help Veterans Undergoing Medical Treatment
Credit to benefit PenFed Foundation and help kick off building phase in July 2011
December 20, Alexandria, Va. – Pentagon Federal Credit Union (PenFed) announced today it
approved a below market-rate loan to cover construction costs for the new Defenders Lodge in
Palo Alto, CA, a project to provide short-term housing for veterans undergoing medical
treatment.
The effort is spearheaded by the PenFed Foundation, a charity built by members and
employees of PenFed and a nationally recognized nonprofit organization working to meet the
unmet needs of military personnel and their families. While the PenFed Foundation is the
primary sponsor and fundraiser for the Defenders Lodge, PenFed is funding a $10 million lowinterest loan to allow the Foundation to move ahead with construction, which is set to break
ground in July 2011.
“Through this loan, we can now take advantage of low construction costs brought on by the
recession to break ground and focus on raising the remaining money needed to complete the
Defenders Lodge project,” said James Schenck, president of the PenFed Foundation. “We are
grateful for PenFed’s support in helping us help veterans avoid having medical emergencies
become financial hardships.”
The Defenders Lodge will be a $12.5 million free hotel that will provide short-term housing to
thousands of veterans and wounded soldiers undergoing care at the Palo Alto Veterans
Hospital in California. Many wounded soldiers travel from all over the United States to receive
outpatient treatment at the facility and end up staying at the Hometel, a lodging facility that is no
longer able to accommodate the increase in patient volume and isn’t compliant with the
American Disabilities Act (ADA). The existing Hometel is scheduled to be torn down in 2012.
The new Defenders Lodge will solve lodging problems on the Veteran’s Affairs campus by
providing a free and comfortable place for veterans and their families to stay.
While the project will be financed entirely through private contributions, the building will be
constructed on donated U.S. government land. The lodge will be 100 percent ADA compliant,
and rooms will be designed to accommodate spouses and other caregivers. Additional features
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of the lodge will include a family room with a library, video collection, computer games, and free
Wi-Fi.
Staff members at the PenFed Foundation say both they and PenFed committed to building the
Defenders Lodge when it became increasingly evident that there was an immediate need for
more space at the Hometel. Vacancies are not a guarantee at the Hometel and since many
veterans cannot afford the high cost of hotels in the area, some patients end up sleeping in their
cars while undergoing treatment at the hospital.
“Our defenders deserve better care than what we are currently providing,” adds Schenck. “I’m
honored to be part of such an important project that will change the lives of countless veterans
who helped defend our country and protect our freedom.”
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About PenFed
PenFed is the third largest credit union in the United States with over a million members and
assets in excess of $14.7 billion. The credit union provides worldwide service to Department of
Defense, Army, Marine Corps, Navy, Air Force, Coast Guard, and Department of Homeland
Security personnel; members of the VFW; employees or volunteers of the American Red Cross;
employees of Tripler Army Medical Center, and others in the defense community and their
families.
For more information about PenFed or to learn more about membership, visit www.PenFed.org
or call 800-247-5626.
About the PenFed Foundation
The PenFed Foundation is a nationally recognized nonprofit organization working to meet the
unmet needs of military personnel and their families through supporting wounded soldiers,
providing financial management assistance, and home ownership aid. The foundation is also
the primary sponsor of the new $12.5 million Defenders Lodge supported by donated land from
the government and financed entirely through private donations. The Pentagon Federal Credit
Union covers all labor expenses for the foundation so every dollar donated goes directly to
supporting its programs.
To make a donation or learn more about the foundation, visit: www.penfedfoundation.org
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