FOR IMMEDIATE RELEASE
January 17, 2019
Federal Home Loan Bank of Dallas
Low-Income Rental Opportunities Made Available, Thanks to $750K Grant
Synergy Bank and FHLB Dallas Provide Affordable Housing Program Grant
HOUMA, LOUISIANA, January 17, 2019 – Synergy Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) awarded a $750,000 Affordable Housing Program (AHP) grant to help fund the construction of long-term rental units for low-income families in Terrebonne Parish in Louisiana. 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 second AHP grant Options for Independence has received.
"Without the AHP grant, we would be unable to continue our efforts at addressing the critical shortage of affordable housing in Terrebonne Parish," said Barry Chauvin, executive director of Options for Independence. "The housing costs for many of the families we served are 50 percent or more of their income. This AHP grant will help in bringing down housing costs to below 30 percent of a family's income."
Options for Independence will use the AHP grant to construct four three-bedroom houses and three two-bedroom houses that will eventually function as long-term rental properties for low-income families. Construction of the homes will begin this summer.
In addition to the AHP grant, the Terrebonne Parish Consolidated Government (TPCG) will also contribute to overall housing efforts by donating seven lots to the project. The lots are adjudicated properties that had been sitting idle in the market for more than five years, according to Mr. Chauvin.
Synergy Bank shares the same unwavering commitment with Options for Independence to increase more affordable housing to the community.
"Deeply rooted in our mission for the last 20 years has been the commitment, not just to our customers, but also to service and our community," said Jerry Ledet, Jr., President and CEO of Synergy Bank. "Through our partnership with FHLB Dallas, we are furthering that mission by creating a greater impact to neighborhood redevelopment and addressing the housing needs of citizens of the Bayou Region."
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. Visit fhlb.com/ahp for more information on the AHP.
"We are grateful for our partnership with Synergy Bank on this project to make more affordable housing available to disadvantaged neighborhoods," said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. "It is an honor to be part of their commitment to help strengthen Terrebonne Parish neighborhoods and see new rental homes built on these vacant lots."
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 $73.7 billion as of September 30, 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.