DALLAS, Oct. 29, 2010 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) is pleased to announce that it has awarded more than $2.2 million in Affordable Housing Program (AHP) grants, through certain of its member institutions, to help fund the purchase, construction, or renovation of 284 housing units in Louisiana.
A photo accompanying this release is available at
The funding is part of the $18.5 million in AHP grants FHLB Dallas awarded in 2010 to assist with the development of affordable owner-occupied and rental housing for very low- to moderate-income families and individuals. This year also marks the 20th anniversary of the AHP, and the $18.5 million represents the largest amount FHLB Dallas has awarded in any single year of the program.
"Since 1990, FHLB Dallas has awarded more than $204 million in AHP grants to assist our members with the affordable housing needs in their communities," said FHLB Dallas President and CEO Terry Smith. "With this year's AHP investment, we remain committed to supporting our members' affordable housing and economic development activities."
A majority of the AHP funding this year – nearly $12 million – was awarded to rental housing projects like One Stop Homeless Services Center and Housing, which is being constructed in Baton Rouge, Louisiana and will co-locate residential and community support services for homeless and disabled homeless adults. Gulf Coast Housing Partnership (GCHP) received a $250,000 AHP grant from FHLB Dallas, issued through Whitney National Bank, in 2010, to assist with the construction of One Stop.
Representatives from FHLB Dallas joined GCHP and its partners for a groundbreaking ceremony earlier this month.
"The AHP grant has been great. It filled the gap in construction funds for One Stop, and as a result, we won't have any hard debt on this project," said Cornelius Payne, project manager at GCHP. "
Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants made through its member institutions to benefit residents of communities in the Bank's five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. Since 1990, the Bank, through its members, has assisted more than 38,000 families with their affordable housing needs.
Below is a summary of the grants that were awarded to Louisiana projects, which total $2,231,518 for 284 units:
- Bayou Area Habitat for Humanity received $63,000, through Whitney National Bank, toward construction costs and providing down payment and closing cost assistance for seven very low- and low-income families in rural areas of Terrebonne and Lafourche parishes.
- Community Directions Inc. received $115,964, through IBERIABANK, toward construction costs for a 12-unit facility for very low-income physically disabled individuals in New Iberia.
- Diocese of Lafayette received $79,750, through Community First Bank, toward the construction of St. Augustine Manor, an 11-unit apartment complex that will serve very low-income elderly residents in New Iberia.
- Family Resources of New Orleans received $50,000, through Whitney National Bank, toward assisting five very low-income families with down payment and closing costs.
- Gulf Coast Housing Partnership received $250,000, through Whitney National Bank, toward the construction of One Stop Homeless Services Center and Housing in Baton Rouge.
- Habitat for Humanity: Calcasieu Area, Inc. received $70,000, through First Federal Bank of Louisiana, toward down payments and closing costs for seven very low-income homebuyers in Calcasieu Parish.
- Habitat for Humanity of Greater Baton Rouge received $200,000, through Whitney National Bank, toward providing down payment and closing cost assistance to 20 very low- to low-income families in East Baton Rouge, Iberville, and West Feliciana parishes.
- Holy Angels Residential Facility received $400,000, through Community Trust Bank, toward costs to renovate two dormitories, including roof replacements and providing new underground piping for water and gas lines. The Shreveport facility serves very low-income and special needs seniors.
- Neighborhood Housing Services of New Orleans received $120,000, through IBERIABANK, toward providing home rehabilitation assistance to 15 very low- to low-income senior citizens in St. Tammany Parish.
- Rays of Sonshine received $120,000, through Community Trust Bank, toward the construction of 12 dwelling units for homeless and very low-income residents, as part of the first phase of a neighborhood revitalization project.
- Southern Mutual Financial Services, Inc. received $105,000, through IBERIABANK, toward providing down payment and closing cost assistance to 15 very low- to moderate-income, first-time homebuyers within 18 parishes served by the organization.
- Southern Mutual Help Association, Inc. received $42,000, through IBERIABANK, toward the construction costs of homes for six low- to moderate-income families in New Iberia.
- START Corporation received$250,000, through Coastal Commerce Bank, toward the construction of Magnolia Street Lofts, a 16-unit housing project for very low-income, chronically mentally ill residents in Houma, Louisiana.
- Tunica-Biloxi Housing Authority received $40,000, through IBERIABANK, toward costs to rehabilitate four homes for low-income elderly and special needs homeowners on the Tunica-Biloxi Native American Reservation.
- Urban Restoration Enhancement Corporation received $325,804, through Whitney National Bank, toward rehabilitation costs for the Urban Meadows Apartment community in Baton Rouge.
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 $51.6 billion as of September 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 .
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The photo is also available via AP PhotoExpress
CONTACT: Federal Home Loan Bank of Dallas Corporate Communications (214) 441-8445 www.fhlb.com