FOR IMMEDIATE RELEASE
March 13, 2019
Federal Home Loan Bank of Dallas
Construction Starts on Low-Income Housing Project, Thanks in Part to $500K Grant
Synergy Bank and FHLB Dallas Provide Affordable Housing Program Grant
HOUMA, LOUISIANA, March 13, 2019 – Construction has begun on low-income housing for special-needs residents, assisted by a $500,000 Affordable Housing Program (AHP) grant from Synergy Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas). The banks awarded the grant to help fund the construction of five long-term rental units for low-income families in Terrebonne Parish in Louisiana. Project representatives and a field representative from the office of U.S. Senator Bill Cassidy (R-LA) attended a ground-breaking ceremony yesterday.
The organization receiving the grant is Options for Independence, a social service nonprofit dedicated to providing affordable housing and behavioral health services to various underserved groups such as people with developmental disabilities, mental illness, substance abuse needs or those who suffer from chronic unemployment or homelessness.
This is the first of two AHP grants Options for Independence has received.
"There is a critical shortage of affordable housing in Terrebonne Parish," said Barry Chauvin, CEO of Options for Independence. "This grant will help in bringing down housing costs for local families who really need the help. This grant will address not only the shortage and affordability of housing but will help to revitalize our older neighborhoods as part of a redevelopment partnership with the parish."
Options for Independence will use the AHP grant to construct two three-bedroom houses and three two-bedroom houses that will function as long-term rental properties for low-income families. Construction of the homes begins this month and will be completed by November.
In addition to the AHP grant, the Terrebonne Parish Consolidated Government (TPCG) will also contribute to overall housing efforts by donating five lots and matching funds for the project. Some of the lots will require removal of abandoned structures and debris that has built up over the years.
"At Synergy Bank, we feel it's our privilege and duty to serve the community," said Jerry Ledet, Jr., president and CEO of Synergy Bank. "It is through this service and our partnership with FHLB Dallas that we can impact the community in a meaningful, tangible way."
FHLB Dallas awards AHP grants annually, through members like Synergy Bank, to support the creation or rehabilitation of affordable housing units, among other uses. In 2018, FHLB Dallas awarded $14 million in AHP grants to 29 projects that will result in 1,853 new or renovated housing units. Of that, $4.7 million was awarded to Louisiana projects, and will result in 319 new or rehabilitated housing units.
"One of the main characteristics of the AHP is that it creates affordable housing opportunities in our members' communities," said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. "Synergy Bank has been an excellent and dedicated partner and we are excited to break ground on this project with them."
Visit fhlb.com/ahp for more information on the AHP.
About Synergy Bancshares Inc.
Synergy Bancshares Inc. is a $514 million bank holding company headquartered in Houma, Louisiana, servicing Terrebonne and Lafourche Parishes. Opened in 1999, Synergy Bank is a full-service community bank with six locations offering innovative banking products and services with local market knowledge and experience. To learn more, visit banksynergy.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 $72.8 billion as of December 31, 2018, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 825 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. Visit fhlb.com for more information.