WINNFIELD, La.--(BUSINESS WIRE)--The H.Y. Bell Apartments in Winnfield, Louisiana, have served low-income residents since they were built in 1970. The 60-unit complex at 305 22nd Street will soon be getting a makeover with the help of a $420,000 Affordable Housing Program (AHP) grant from First Bank and Trust and the Federal Home Loan Bank of Dallas (FHLB Dallas). The funds will be used for renovation, which will begin in the fourth quarter of 2016.
The apartments are slated to receive more than $7.5 million in floor-to-ceiling renovations. These include repairing or replacing cabinets, interior doors, and bathtubs. New electrical, paint, roofing, refrigerators, floors, smoke detectors, water heaters, exterior doors, and central heat and air conditioning will also be installed in all units.
“The complex is a cornerstone of this community,” said Ronald Goff, the apartments’ board president. “There’s no telling what would have happened if we hadn’t gotten the grant. We might have had to shut the place down. Instead, we will be able to bring each apartment up-to-date.”
Located about four hours northwest of New Orleans, Winnfield is a small city of nearly 4,700 people, according to 2015 data from the U.S. Census Bureau.
“First Bank and Trust is a community bank that dedicates time and resources to the needs of citizens in the markets it serves throughout Louisiana and the Gulf Coast,” said First Bank and Trust Executive Vice President & Legal Counsel Gary J. McNamara. “In Winnfield, we had the opportunity to work with H.Y. Bell Apartments on this AHP application, and we are thrilled to see the affordable housing that will be restored as a result of our partnership.”
FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions, like First Bank and Trust. 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.
“First Bank and Trust is doing great things in Winnfield to improve the affordable housing situation,” said Greg Hettrick, FHLB Dallas first vice president and director of Community Investment. “FHLB Dallas shares their commitment to providing quality, decent housing options for low-income families.”
In 2016, FHLB Dallas awarded $7.8 million in AHP grants to 27 projects across its five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. The grants will help create 1,499 new or rehabilitated housing units. Since the inception of the AHP in 1990, FHLB Dallas has awarded more than $245 million to assist more than 45,500 families.
About First Bank and Trust
Founded in 1991, First Bank and Trust is a New Orleans, Louisiana-based, $850 million asset, independent community bank with branch locations across the Gulf Coast.
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 $54.4 billion as of June 30, 2016, is a member-owned cooperative that supports housing and community development 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 our website at fhlb.com.