NEW ORLEANS--(BUSINESS WIRE)--Brian North, president and CEO of Fifth District Savings Bank, has been in banking and community investment for 29 years. But, he said he’s never seen as great an impact as the New Orleans Mission has had on the community. It’s why Fifth District Savings Bank, a member of the Federal Home Loan Bank of Dallas (FHLB Dallas), applied for and was awarded two $500,000 Affordable Housing Program (AHP) grants from FHLB Dallas.
The first AHP grant in 2013 was used to make critical improvements to the roof and building structure of the mission. The second grant in 2016 is funding repairs to the framing, sheathing and moisture barrier of the exterior facade. In addition, a portion of the facade will be demolished and reconstructed with a kitchen storage facility, which will also provide a more discreet entry option for residents. The work on the second of three phases began in March 2016 and is scheduled to be completed in October.
“I’ve been involved in a lot of community programs, and I can say that this grant is going to be the most impactful on any program I’ve seen,” Mr. North said. “The grant and the mission really touch a lot of lives and help people transition off the streets. We could not do what we do without the Federal Home Loan Bank of Dallas.”
FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions, like Fifth District Savings 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 grants provide vital gap funding in projects as large as this, which is budgeted at $7.1 million,” said David Bottner, executive director of the New Orleans Mission. “These grants rescue those who are hurting and help them to recover and re-engage to the lives they have been created to live with purpose and passion.”
Housed in a century-old building near the Pontchartrain Expressway, the New Orleans Mission provides shelter, food, clothing, spiritual care, addiction recovery and job training services to 300 homeless men and women daily. The new facilities will include four new day rooms to be housed in portable buildings. A fifth building will provide additional restrooms for the campus.
“Community investment takes the commitment of many people and organizations,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “We value what the staff of Fifth District Savings Bank brings to the community and support their continued efforts to improve the quality of life for New Orleans citizens.”
About Fifth District Savings Bank
Established in 1926, Fifth District Savings Bank is a federal mutual savings association. Our goal is to support the rebuilding of the New Orleans area by offering a variety of quality financial products with service that exceeds our customers’ expectations. With six locations across Louisiana, 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 $57.5 billion as of March 31, 2017, 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.