Transitional Housing Project Breaks Ground With $2M Grant from FHLB Dallas and Catalyst Bank

The Rig to serve Men Rebuilding Their Lives in Louisiana

OPELOUSAS, La.--(BUSINESS WIRE)--Representatives from the Federal Home Loan Bank of Dallas (FHLB Dallas) joined Catalyst Bank, The Refinery Mission and elected officials to break ground today on The Rig housing development. The project was made possible in part by a $2 million FHLB Dallas Affordable Housing Program (AHP) grant through FHLB Dallas member Catalyst Bank.

“This is our third round of AHP funding, and it has enabled us to fast track our growth,” said Johnny Carriere, executive director of The Refinery Mission. “We are in a very impoverished region where there are not a lot of funds available, and FHLB Dallas has allowed us to dream bigger than we ever could have, providing us decades of growth in much less time.”

The Rig, a transitional housing development in Opelousas, Louisiana, will support men rebuilding their lives in the face of addiction, homelessness and other challenges. It will provide 57 beds for low-income men with services such as work readiness programs, employment training and financial literacy education to promote long-term independence. More than half of the beds will be reserved for men earning 50 percent or less of the area’s median income.

The Refinery Mission will provide and oversee all on-site services at The Rig and will also partner with Catalyst Bank to facilitate financial literacy training.

“Access to AHP grants through FHLB Dallas has been critical in expanding housing affordability options for those in need,” said Ashley Burleigh, branch manager at Catalyst Bank. “Catalyst Bank is proud to help connect organizations like The Refinery Mission with AHP grants that support their continued impact.”

AHP funds are awarded through FHLB Dallas member institutions such as Catalyst Bank and 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.

“At FHLB Dallas, we are proud to support housing affordability and stability in Opelousas,” said Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas. “This project will provide critical housing and resources for men working to rebuild their lives.”

In 2024, FHLB Dallas awarded $21.7 million in AHP General Fund grants to Louisiana-based affordable housing projects. FHLB Dallas will announce 2025 grant awardees this fall. Learn more about the FHLB Dallas Affordable Housing Program.

About Catalyst

Catalyst Bancorp, Inc., is a Louisiana corporation which serves as the holding company for Catalyst Bank. Catalyst Bank, founded in 1922, is a federally chartered savings bank that serves the banking needs of customers in the Acadiana region of south-central Louisiana. Headquarters are in Opelousas, Louisiana, as well as three additional full-service branch offices located in St. Landry Parish and two branch offices located in Lafayette Parish, Louisiana. Catalyst’s primary business activity is attracting deposits from the general public and using those funds primarily to originate loans and purchase investment securities.

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 $116.1 billion as of June 30, 2025, 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 fhlb.com.