HOUMA, La.--(BUSINESS WIRE)--A $750,000 Affordable Housing Program (AHP) grant from Pedestal Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) will assist with the construction of eight new apartment units in Houma, Louisiana.
The grant was awarded to Louisiana nonprofit, Start Corporation. Start offers multiple programs dedicated to improving lives of low income individuals, or those with behavioral, physical or developmental challenges and disabilities. Its programs include homebuilding, social skills training, peer-to-peer recovery services and veteran support programs. Headquartered in Houma, Start also has offices in Thibodaux, New Orleans and Baton Rouge. This is the second AHP grant for the organization.
The new loft-style units will be located along Magnolia Street near Start’s offices and adjacent from the previously built apartments from the first awarded AHP grant. Constructed within a two-story building, all eight units will be 400 square feet each, and compliant with the American Disabilities Act Accessibilities Guidelines (ADAAG). Construction for the apartment units will begin in April and be completed late this year.
The eight apartment units will add onto the more than 100 units of affordable housing that Start has developed since the organization was founded in 1984. Start Executive Director Casey Guidry says the housing that Start offers to the community is essential in helping residents live healthy, full lives.
“It’s extraordinary to see people get into housing and seeing their health outcomes achieved,” Mr. Guidry said. “We’d like to thank Pedestal Bank and Sharon Bergeron for championing this application.”
Sharon Bergeron is the senior vice president of commercial lending at Pedestal Bank. She has been the organization’s point of contact in applying for the grant through FHLB Dallas, and deeply believes in Start’s mission.
“We are thrilled to be the FHLB Dallas member bank endorsing the application for Start Corporation to receive the AHP grant,” said Ms. Bergeron. “Affordable housing is a critical need in our parish, particularly for the population these new units will be assigned to. Adequate housing, coupled with effective case management, leads to improved long-term quality of life for these clients. We really look forward to the completion of this project.”
In 2018, the AHP, offered through FHLB Dallas member institutions, awarded $14 million in grants to 29 affordable housing projects. Since inception in 1990, the AHP has awarded more than $278 million, and 51,000 households.
“FHLB Dallas is committed to helping our members finance affordable housing in their communities,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “It is rewarding to see the impact of this program, made possible by the partnership of Pedestal Bank and Start Corporation, on Louisiana communities.”
AHP funds are intended to assist FHLB Dallas members in financing the purchase, construction and/or rehabilitation of owner-occupied, rental or transitional housing for homeless individuals in their community. Funds for the program are targeted to benefit households with incomes at or below 80 percent of the median income of an area. In Louisiana alone, more than $4.6 million in grant funds has been awarded through the AHP.
Visit fhlb.com/ahp for more information on the AHP.
About Pedestal Bank
Pedestal Bank is one of the ten largest banks based in Louisiana with a branch network of 23 locations serving 11 parishes, with assets over $1.2 billion.
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 $72.8 billion as of December 31, 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.