updated 5/17/2011 1:16:32 PM ET 2011-05-17T17:16:32

SHREVEPORT, La., May 17, 2011 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) and Community Trust Bank are pleased to announce they have awarded a $400,000 Affordable Housing Program (AHP) grant to the Holy Angels Residential Facility. Holy Angels will use the funds to make repairs and renovations to its Shreveport, Louisiana, campus.

Holy Angels provides housing to 184 developmentally disabled individuals. Several of the dormitories and group homes on its campus are in desperate need of rehabilitation. Holy Angels plans to update two of its aging buildings -- the Kenney and Pollard dormitories -- with roof replacements and new underground piping for water and gas lines.

Safety concerns for staff and residents have arisen because of the age of the buildings, which have led to the poor condition of the roofs and leaking pipes.

The Smith Home and the Barry Home, two group homes on the campus, will also be updated. Some of the modifications and improvements to the homes will involve adding another bedroom and bathroom to the Smith Home to house additional residents, and replacing the flooring in the Barry Home to ensure the safety of the residents.  

In total, 48 housing units for very low-income, special needs residents will be rehabilitated or created by the project.

"Because of the generous support of the Federal Home Loan Bank of Dallas, Holy Angels will be able to improve the homes for individuals with disabilities living in dormitories and group homes," said Laurie Boswell, chief executive officer of Holy Angels Residential Facility. "The support received from the Federal Home Loan Bank of Dallas allows Holy Angels to provide enhanced safety, security, and accessibility to adults with disabilities entrusted to our care."

Ms. Boswell worked with Community Trust Bank to obtain the AHP grant.

"Community Trust Bank is happy to be a channel in support of the community we serve," said Shelia Grayson, vice president and community reinvestment officer with Community Trust Bank. "It is very rewarding to see our community benefit from a project such as Holy Angels. We are glad to be a part of it."

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 Community Trust Bank, including more than $2.2 million in Louisiana, to support 284 housing units within the state.  FHLB Dallas awarded nearly $600,000 through Community Trust Bank to help fund three affordable housing projects within the state. In 2011, FHLB Dallas has offered $10.5 million in AHP grants through its member institutions. Grant recipients will be announced this summer.

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 $33.2 billion as of March 31, 2011, 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 website at fhlb.com.

The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013

CONTACT: Corporate Communications
         Federal Home Loan Bank of Dallas
         www.fhlb.com
         (214) 441-8445

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