New Shelter Opening in New Orleans Helped by $750K from Fifth District Savings Bank and FHLB Dallas

The Banks Awarded the Funds in 2021 to Assist with Rehab

NEW ORLEANS--(BUSINESS WIRE)--Fifth District Savings Bank (Fifth District) and the Federal Home Loan Bank of Dallas (FHLB Dallas) joined Ozanam Inn on Thursday to celebrate the grand opening of its new homeless shelter serving the New Orleans, Louisiana, area. The banks previously awarded the project a $750,000 Affordable Housing Program (AHP) subsidy.

Ozanam Inn, in operation since 1955 in New Orleans, Louisiana, moved from its longtime location at 843 Camp Street last year when it spent $5 million to buy and retrofit a building it purchased at 2239 Poydras Street.

The AHP funds offset cost of the retrofit, said Renée Blanche, deputy director/director of development for Ozanam Inn.

Ozanam Inn moved into the building in November and in early December began accepting women for overnight stays and into its residential program, something it couldn’t do in its prior building, due to space constraints, she said.

“This celebration is a big milestone for Ozanam Inn. Funding from FHLB Dallas and Fifth District played a key role in closing a funding gap to make this day possible,” Ms. Blanche said.

Brian North, president and CEO at Fifth District, said the bank is committed to assisting community organizations that are making a positive difference, and the AHP makes that possible.

“We are honored to be a partner with FHLB Dallas on the AHP funding, and to be here to celebrate this milestone with Ozanam Inn, which has provided important and vital social services to residents of New Orleans for many years,” Mr. North 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 and housing for homeless individuals. The funds must be used to benefit households with incomes at or below 80 percent of the median income for the area.

For 2021, FHLB Dallas awarded $18.5 million in subsidies to 26 affordable housing projects. The subsidies will help create 2,113 new or rehabilitated housing units, including $3 million for 323 units in Louisiana.

Between 1990 and 2021, FHLB Dallas has awarded $344.6 million in AHP and Homeownership Set-Aside Programs and has assisted nearly 60,000 households.

Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas, said AHP funding has been used as gap funding for a wide variety of affordable housing initiatives, including serving the homeless population.

“We celebrate Ozanam Inn’s grand opening and the expanded opportunities this new location provides for reaching people in need,” Mr. Hettrick said. “We are also thankful for our member, Fifth District, and its partnership with us through the AHP.”

For more information about the AHP, visit fhlb.com/ahp.

About Fifth District Savings Bank

Established in 1926, Fifth District is a federal mutual savings association. Our goal is to support the New Orleans area by offering a variety of quality financial products with service that exceeds our customers' expectations.

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 $60.2 billion as of September 30, 2021, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit our website at fhlb.com.