FOR IMMEDIATE RELEASE
September 24, 2020
Federal Home Loan Bank of Dallas
New Orleans Mission Receives $587K for Final Phase of Redevelopment
Fifth District Savings Bank and FHLB Dallas Provide Funds for the New Orleans Mission Phase III
NEW ORLEANS, LOUISIANA, September 24, 2020 – Fifth District Savings Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) have awarded a $587,000 Affordable Housing Program (AHP) grant to New Orleans Mission to complete the third phase of redevelopment which will increase the number of units in the facility by 80 beds and expand space for medical examinations, addiction treatment, life skills training and resume development.
"The goal of New Orleans Mission is to provide a safe haven for men and women in desperate need," said David Bottner, executive director of the New Orleans Mission. "We focus on resolving homelessness by providing services and transitional housing to meet the needs of more than 150 men and women. With the help of Fifth District Savings Bank and FHLB Dallas, we will be able to expand our facility to meet the growing needs of our area for service to the homeless."
President and CEO of Fifth District Savings Bank, Brian North, said the bank actively supports local organizations in the communities it serves.
"Through the Affordable Housing Program, we can continue to help expand programs that will serve those in need throughout New Orleans," he said.
AHP funds are intended to assist FHLB Dallas members in financing the purchase, construction and/or rehabilitation of owner-occupied, rental or transitional housing, as well as housing for homeless individuals in their community. The funds must be used to benefit households with incomes at or below 80 percent of the median income for the area.
FHLB Dallas awards AHP grants annually through members like Fifth District Savings Bank to support the creation or rehabilitation of affordable housing units, among other uses. In 2019, FHLB Dallas awarded $17 million in AHP grants to 35 projects that will result in 2,122 new or renovated housing units. Of that, $5 million was awarded to Louisiana projects and will result in 639 new or rehabilitated housing units. Since the AHP's inception in 1990, FHLB Dallas has awarded more than $300 million in AHP and AHP set-aside programs and has assisted more than 53,500 households.
"In the past 31 years, New Orleans Mission has done an incredible job of providing a safe haven for homeless men and women while growing in its ability to supply programs aimed at breaking the cycle of alcohol and drug dependency, serving the mentally ill and substance dependent," said FHLB Dallas First Vice President and Director of Community Investment Greg Hettrick. "FHLB Dallas could not be happier to partner with Fifth District Savings Bank to support such a worthy cause."
For more information about the AHP, visit fhlb.com/ahp.
About Fifth District Savings Bank
Established in 1926, Fifth District Savings Bank is a federal mutual savings association with seven locations serving the New Orleans metropolitan area. Our primary mission is to provide a safe, secure place for local depositors to invest their savings and to reinvest their deposits primarily in home mortgage loans which enable our borrowers to buy, build, and repair homes in our local community. For more information, visit fifthdistrict.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 $75 billion as of June 30, 2020, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. Visit fhlb.com for more information.