FOR IMMEDIATE RELEASE
November 18, 2016
Federal Home Loan Bank of Dallas
$462K in Grant Funds Renovate Two Mississippi River Apartments
Home Federal Bank and FHLB Dallas Provide Funds
CONVENT, LOUISIANA, November 18, 2016 — Central Crossing and Convent Trace, two apartment communities in Convent, Louisiana, will receive significant upgrades, thanks in part to grant funds totaling $462,000 from the Federal Home Loan Bank of Dallas (FHLB Dallas) and Home Federal Bank.
The St. James Parish Housing Authority (Housing Authority) received a $252,000 Affordable Housing Program (AHP) grant for Central Crossing and $210,000 for Convent Trace from the banks this year. The grants will be used for renovations to the two apartment complexes, including upgrades to finishes, new cabinets, appliances, doors, hardware, plumbing and electrical fixtures, heating and cooling systems, windows, and resident amenities. Central Crossing will also receive a new sewer treatment plant and repairs to two buildings that were damaged by a tornado in 2015. Renovations will begin in March 2017 and are expected to be completed in February 2018.
"The grants will greatly enhance not only the livability but the marketability of the apartments," said Dana Groover, executive director of the Housing Authority. "Improving the housing conditions for the families living in these complexes will also help restore community pride."
The Housing Authority is a public housing agency that helps provide decent and safe rental housing for eligible low-income families, elderly residents, and individuals with disabilities. They have worked alongside organizations such as Housing Solutions Alliance and National Development of America to implement an overall strategy to rehabilitate all of its public housing portfolio.
"With a $25 billion backlog in rehabilitation needs for public housing across the country, St. James Parish Housing Authority is no exception. Both AHP grants provide much needed leverage to develop quality housing for its residents," said Art Schuldt, president of Housing Solutions Alliance.
Home Federal Bank was brought into the project by its customer, Housing Solutions Alliance, partly due to Home Federal Bank's FHLB Dallas membership, according to Senior Vice President of Commercial Banking Matt Sawrie.
"The AHP is fantastic because it helps projects like these overcome the increasing costs of construction and rehabilitation," Mr. Sawrie said. "Any additional source of funding from banks like FHLB Dallas helps to make these projects possible."
FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions, like Home Federal Bank. AHP grants fund a variety of projects, including home rehabilitation and modifications for low-income, elderly, and special-needs residents; down payment and closing cost assistance for qualified first-time homebuyers; and the construction of low-income, multifamily rental communities and single-family homes.
"The AHP grant can create a positive domino effect in communities," said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. "By awarding the AHP grants to the Housing Authority through Home Federal Bank, not only will the residents benefit from the renovations, but Home Federal Bank reinforces their bond with the community."
Ms. Groover said that without the grant St. James Housing Authority would have had to reallocate resources.
"Without the grant, closing the funding gap would have been very difficult," said Ms. Groover. "We would have had to pull resources committed to our other public housing units, putting those residents at a disadvantage. This grant is going to help us tremendously."
About Home Federal Bank
Locally managed and headquartered in Shreveport since 1924, Home Federal Bank is a full-service bank, offering a large range of financial options to local families and businesses. For more information, visit hfbla.com.
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 $58.4 billion as of September 30, 2016, is a member-owned cooperative that supports housing and community investment by providing competitively priced loans and other credit products to approximately 850 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit fhlb.com.