FHLB Dallas, Home Bank Fund $2.6 Million in Affordable Housing Projects
From Federal Home Loan Bank of Dallas
LAFAYETTE, LOUISIANA, March 31, 2021 – Home Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) have awarded Affordable Housing Program (AHP) subsidies that will allow 365 housing properties to be renovated or built in the state.
The following organizations received funds:
Gulf Coast Housing Partnership, $280,000, Lockport: The Les Maisons de Bayou Lafourche project involves the construction of 35 single-family homes. The one-, two- and three-bedroom homes will include native-plant landscaping, metal gabled roofs and EnergyStar appliances.
Habitat for Humanity St. Tammany West, $120,000, Abita Springs/Covington: The organization’s project, Building Dreams Together, will allow income-qualified, first-time homebuyers to help build and buy their own homes. The funds will be used for down payment and/or closing cost assistance.
Iris Development, $750,000, Houma: Iris Development’s Renaissance Oaks project will redevelop 122 apartment units for low-income and special-needs residents. Neighborhood Restoration of Baton Rouge will partner with Iris Development on the project that will provide two- and three-bedroom apartments.
Iris Development, $680,000, New Orleans: The Hano Rental Scattered Sites Development will build 97 rental units on vacant public housing lots for very low-income, special-needs individuals and homeless people. Residents will be offered workforce development training and financial literacy education. Construction began in the summer of 2020, and the project is expected to be complete by August 2022.
Partners-for-Progress Inc., $750,000, Baton Rouge: Partners-for-Progress Inc.’s project, Cypress at Gardere Senior Housing, will provide a 99-unit apartment for older adults with fixed incomes. Resource efficient design and building materials will be used to reduce natural resource consumption. Additionally, the units will be upgraded with new appliances, fire and security systems, mechanical systems and HVAC upgrades.
Brandon Kelly, Home Bank vice president and Community Development director, said the number of organizations providing affordable housing in Louisiana was admirable.
“Home Bank acknowledges that affordable housing for Louisiana residents is essential, and the pandemic has really brought that to light,” Mr. Kelly said. “We are honored to work with FHLB Dallas to help these organizations reach their goals.”
AHP funds are intended to assist FHLB Dallas members in financing the purchase, construction and/or rehabilitation of owner-occupied, rental or transitional housing and housing for homeless individuals. AHP funds must be used to benefit households with incomes at or below 80 percent of the median income for the area.
In 2020, FHLB Dallas awarded $19.3 million in subsidies to 38 affordable housing projects. The subsidies will help create 2,749 new or rehabilitated housing units. Included in that total is $4.6 million in subsidies for 764 units of housing in Louisiana.
Since the AHP’s inception in 1990, FHLB Dallas has awarded more than $323 million in AHP and Homeownership Set-Aside Programs and has assisted more than 57,000 households.
“FHLB Dallas has partnered with Home Bank numerous times in the past, and we love the work they do with local Louisiana organizations,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas.
For more information about the AHP, visit fhlb.com/ahp.
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 $64.9 billion as of December 31, 2020, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit our website at fhlb.com.