NEW ORLEANS, Oct. 12, 2010 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) is pleased to announce it has awarded a $50,000 Affordable Housing Program (AHP) grant to Family Resources of New Orleans to assist five, very low-income homebuyers in St. Charles Parish, New Orleans.
The AHP grant was awarded through Whitney National Bank (Whitney Bank), an FHLB Dallas member institution in New Orleans, Louisiana. The funds will be used to reduce the lot costs for the homes, which in turn will mean a lower monthly mortgage for the homebuyers.
"St. Charles Parish is one of the wealthiest parishes in the state of Louisiana, which gives low-income families very few opportunities to become homeowners," said Paula Pete, executive director of Family Resources of New Orleans. "For those families that reside here, the only opportunity they have for homeownership is to buy a mobile home, and because this is a hurricane area, we know that will not meet their needs long-term."
AHP funds are used to purchase, construct, and/or rehabilitate single-family, transitional, and multifamily projects for very low- to moderate-income families. Each year, FHLB Dallas returns 10 percent of its profits to the communities served by its member institutions in the form of AHP grants. In 2010, FHLB Dallas awarded $18.5 million in AHP grants through member institutions, like Whitney Bank, including more than $2.23 million in Louisiana, to support 284 housing units within the state.
More than $1.9 million in AHP grants was awarded through Whitney Bank in 2010 to support affordable housing projects in Louisiana and Mississippi.
"Whitney is committed to helping families across the Gulf South overcome barriers that impede the availability of affordable housing," said Whitney Bank Community Affairs Officer Sunada Pool Brookins. "We are proud to work with FHLB Dallas and Family Resources of New Orleans to help five deserving families plant their roots and prosper in St. Charles Parish."
Family Resources of New Orleans works with a U.S. Department of Agriculture program to secure 1 percent interest loans for participants in its homeownership programs. Family Resources serves five parishes – St. John the Baptist, St. Charles, Jefferson, Plaquemines, and St. Bernard.
The organization often works with families to improve their credit scores and helps them identify other resources they may need during their homeownership process.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $57.1 billion as of June 30, 2010, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to more than 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit the FHLB Dallas web site at fhlb.com.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013
About Whitney National Bank
Whitney Holding Corporation, through its banking subsidiary Whitney National Bank, serves the five-state Gulf Coast region stretching from Houston, Texas; across southern Louisiana and the coastal region of Mississippi; to central and south Alabama; the panhandle of Florida; and the Tampa Bay metropolitan area of Florida.
CONTACT: Federal Home Loan Bank of Dallas Corporate Communications (214) 441-8445 www.fhlb.com