ALEXANDRIA, La.--(BUSINESS WIRE)--Fifty Alexandria, Louisiana-area senior and disabled homeowners will receive much needed home repairs thanks to a $339,876 Affordable Housing Program (AHP) grant from Red River Bank and Federal Home Loan Bank of Dallas (FHLB Dallas).
The grant was awarded to GAEDA Revitalization Corporation (GRC) during a check presentation last week with representatives from the organization and both banks.
“There are many homeowners who are in desperate need of money to repair their homes,” said GRC Executive Director Willie Spears. “Some of these seniors purchased these homes years ago, live on fixed incomes and don’t have the funds to make these repairs.”
Jannease Seastrunk, vice president and Community Relations/CRA officer at Red River Bank, said the grant fills a void.
“Our role as a community bank is to provide lending services to the residents of our community, especially elderly and disabled residents,” said Mrs. Seastrunk, who also chairs GRC’s five-person, volunteer board. “Our partnership with FHLB Dallas helps make a difference in the lives of many people.”
Mr. Spears added that he is optimistic that the grant will address the needs of senior homeowners. Having come from an extensive career in banking and affordable housing, the former Red River CRA officer and executive vice president thought he was retired. Then he was asked to serve as a consultant when GRC was being formed. Now he is in his second year as executive director.
The nonprofit officially launched in May 2017 with the mission of increasing the availability of affordable housing in Alexandria’s inner-city areas.
AHP grants, awarded annually by FHLB Dallas, assist members in the creation or rehabilitation of affordable, owner-occupied rental and temporary housing for very low- to moderate-income households in FHLB Dallas’ five-state District of Arkansas, Louisiana, Mississippi, New Mexico and Texas. In 2017, FHLB Dallas awarded $7 million in AHP grants to 19 projects that will result 1,108 new or renovated housing units. Of that, $1.7 million was awarded to Louisiana projects, and will result in 113 new or rehabbed housing units. Visit fhlb.com for more information on the 2017 AHP awards.
“The AHP is a powerful community investment tool because it benefits the community in various ways. We’ve partnered with Red River Bank on a number of projects over the years, and they have not faltered in their commitment to affordable housing options in the communities they serve,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas.
About Red River Bank
Red River Bank is a full-service community bank headquartered in Alexandria, Louisiana. Red River Bank was chartered in 1998 in Rapides Parish and began operating its first banking center in Alexandria in 1999. Red River Bank offers consumer and commercial banking services and products, mortgage lending services, and investment services.
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 $68.5 billion as of December 31, 2017, is a member-owned cooperative that supports housing and community investment by providing competitively priced loans and other credit products to approximately 835 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.