NEW ORLEANS--(BUSINESS WIRE)--The Federal Home Loan Bank of Dallas (FHLB Dallas) awarded $3.98 million through members Home Bank, Fifth District Savings Bank, Red River Bank and Trustmark to Gulf Coast Housing Partnership (GCHP). The Affordable Housing Program (AHP) grants will support seven affordable housing projects in Louisiana and Mississippi. The awards were celebrated during a ceremonial check presentation.
Kathy Laborde, president and CEO, GCHP, noted the importance of the funding.
“We are grateful to FHLB Dallas, Red River Bank, Trustmark, Home Bank and Fifth District Savings Bank,” she said. “Their investment provides the necessary gap funding to help bring these ventures to fruition and will have far reaching benefits for communities across Louisiana and Mississippi.”
The funds are part of $28.4 million in AHP grants provided by FHLB Dallas through its member financial institutions in 2023. They will help create 2,677 new or rehabilitated housing units, including more than $6.5 million for 575 units in Louisiana alone.
“Developments of this size truly take a village,” said Jannease Seastrunk, senior vice president of Community Relations and CRA Officer at Red River Bank. “Once complete, these housing projects will change people’s lives.” Red River Bank is involved with the Howell Village Senior and Grand Family projects.
For 2024, affordable housing developments will be eligible to receive up to $2 million each in AHP funds. More information about the upcoming funding round, which opens on April 2, will be available at workshops open to FHLB Dallas members and housing organizations. AHP funds are available only through FHLB Dallas member institutions.
Kelvin Luster, senior vice president and community development director at Home Bank, sponsored applications for H3C Apartments and Banneker Community, which he said are part of an ongoing revitalization of different areas of Louisiana and Mississippi.
“Area residents will be able to live affordably in areas with healthcare and other services nearby,” he said. “You can’t put a price tag on that.”
Brian North, president and CEO of Fifth District Savings Bank, agreed.
“The AHP program is such a useful program to breathe life into underserved areas,” he said. “We look forward to revitalizing more areas like this one and seeing Louisiana thrive.”
AHP funds assist FHLB Dallas members in financing the purchase, construction and 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.
“We are delighted to be a part of the revitalization of Hattiesburg, in our home state of Mississippi,” said Jaime Sisson, vice president of Fair and Responsible Banking and senior CRA manager at Trustmark. Trustmark is involved in the Village at the Beverly project, located at the site of the former Beverly Drive-In theater, which provides quality rental housing for local families.
“Not only will this project provide much-needed affordable housing, it also offers residents amenities such as a fitness center, a walking path, a playground and a gazebo.”
“Our members have continually shown support and a willingness to invest in their communities, it is gratifying to see several members support these diverse projects being developed by Gulf Coast Housing Partnership,” said Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas. “Together, we are working toward affordable housing for all Americans.”
For more information about the AHP, visit fhlb.com/ahp.
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 $147.6 billion as of September 30, 2023, 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.
