BATON ROUGE, LA - The 208-unit Renaissance Gateway Apartments in Baton Rouge were dedicated with a ceremonial ribbon-cutting event. The $28 million project was assisted by a $500,000 Affordable Housing Program (AHP) grant from IBERIABANK and the Federal Home Loan Bank of Dallas (FHLB Dallas).
"IBERIABANK has a long history of community partnerships, and we are especially proud to support the improvements made to Renaissance Gateway Apartments," said IBERIABANK Baton Rouge President Ben Marmande. "We believe we can make significant strides in bettering the communities around us through an investment that supports safe living conditions and affordable housing."
The renovated complex, barely recognizable from its original 1970s design, features one- to four-bedroom apartments for very low- to low-income individuals and families. Pitched roofs and bright colors replaced flat rooflines and outdated hues. Amenities include a new swimming pool, community room, playground, laundry facilities, fitness center, picnic area, computer center, and on-site management.
AHP grants are awarded through FHLB Dallas member financial institutions, such as IBERIABANK, to assist in the development of affordable, owner-occupied and rental housing for very low- to moderate-income households. Since 1990, FHLB Dallas has awarded more than $237 million in AHP funds to assist more than 44,000 individuals and families. FHLB Dallas has announced the availability of $7.6 million in competitive AHP grant funds for 2015. The deadline to submit an application is March 17, 2015.
"FHLB Dallas is very pleased to contribute to such a worthwhile project," said Greg Hettrick, vice president and director of Community Investment at FHLB Dallas. "It is a part of our mission to support the communities served by our members, and the AHP allows us to do that in meaningful ways."