Federal Home Loan Bank Affordable Housing Program Grant to Benefit Fast-Growing Louisiana City

Federal Home Loan Bank Affordable Housing Program Grant to Benefit Fast-Growing Louisiana City

NEW ORLEANS, LA - The City of Hammond, Louisiana is the newest beneficiary of a $90,000 Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Dallas (FHLB Dallas) and member institution Whitney Bank.

Ten homes of very low-income (VLI) elderly and other special-needs residents in this quickly growing city will be rehabilitated to meet the minimum standards for fire, building, and general safety codes. In the last year, the city has compiled a waiting list of VLI and special-needs homes in need of rehabilitation. The rehabilitation project will target homes of residents who have been on that waiting list. Project funds will be used for major home repairs such as roof, insulation, heating and cooling, electrical, and plumbing repairs. Improvements will also be made to make life easier for residents living with disabilities.

"Grants like these help seniors stay in their homes," said Ashley Aubrey Harrison, assistant vice president and Community Affairs representative at Whitney Bank. "We are pleased to once again partner with the City of Hammond and FHLB Dallas to bring these resources to the community."

City of Hammond Mayor Pete Panepinto says that the grant will contribute to the city's overall goal of "ensuring Hammond's prosperity and quality of life." He explains, "This is the second time in the past three years that we've been able to partner with FHLB Dallas and Whitney Bank to improve housing in our community… ensuring that those who are elderly or disabled have safe places to live. The impact of these grants is absolutely life-changing for them and their families."

FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions. AHP grants fund a variety of projects, including home rehabilitation and modifications for low-income, elderly, and special-needs residents; down payment and closing cost assistance for qualified first-time homebuyers; and the construction of low-income, multifamily rental communities and single-family homes. 

In 2015, FHLB Dallas, in partnership with its member financial institutions, has awarded more than $7.4 million in AHP grants to 32 projects, including more than $317,000 that was awarded through Whitney Bank to support four projects in Louisiana.

July 2015 marked the 25th anniversary of the AHP. Since the program's inception, FHLB Dallas has awarded more than $237 million in AHP and AHP-funded grants to help more than 44,000 families obtain safe, affordable, and quality housing. 

"We are pleased to contribute to the economic success of this historic part of the country," said Greg Hettrick, vice president and director of Community Investment at FHLB Dallas. "Our valued member, Whitney Bank, has been an integral partner in this process."

Source: Federal Home Loan Bank of Dallas / #Affordable #Housing

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