BATON ROUGE, La., Dec. 4, 2015 /PRNewswire-USNewswire/ -- Ten new homes will be built in Baton Rouge, Louisiana, by Habitat for Humanity of Greater Baton Rouge (HFHGBR), thanks to a $70,000 Affordable Housing Program (AHP) grant issued from the Federal Home Loan Bank of Dallas (FHLB Dallas) and member institution Whitney Bank.
Each of the 10 very low-income homes will receive $7,000 in down payment assistance, which, according to Lynn Clark, executive director for HFHGBR, will "make a tremendous difference" in the area.
"The AHP grant will benefit homeowners who live on a limited monthly income, as the down payment assistance will make their monthly note more affordable," said Ms. Clark. "We've been very fortunate to have partnered with Whitney Bank and the Federal Home Loan Bank of Dallas to make affordable homeownership a reality for families in our community."
The scattered-site project will create new homes for families in the Baton Rouge area, including HFHGBR-developed areas in East Baton Rouge Parish, as well as North Baton Rouge.
"I couldn't think of a better reward than home ownership for the time and effort put forth by these families," said Ashley Aubrey Harrison, assistant vice president and community affairs representative at Whitney Bank.
FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions such as Whitney Bank. Since 1990, FHLB Dallas has issued a total of $6,277,333 in AHP grants through Whitney Bank. 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 awarded $7.4 million in AHP grants to 32 projects that will result in 965 new or renovated housing units. Louisiana received $919,227 for the construction or renovation of 157 units.
"Our commitment to helping the members of the Baton Rouge community is strengthened by our continued partnership with Whitney Bank," said Greg Hettrick, first vice president and director of community investment at FHLB Dallas.
About Whitney Bank
Since the late 1800s, the Whitney Bank name has embodied core values of Honor & Integrity, Strength & Stability, Commitment to Service, Teamwork, and Personal Responsibility. Part of Hancock Holding Company's Gulf South financial services family, Whitney Bank locations in Louisiana and Texas and Hancock Bank locations in Mississippi, Alabama, and Florida offer comprehensive financial choices, including traditional and online banking; commercial and small business banking; energy banking; private banking; trust and investment services; certain insurance services; and mortgage services. More information and online banking are available at whitneybank.com.
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 $43.0 billion as of September 30, 2015, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 865 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. Visit fhlb.com for more information.
Federal Home Loan Bank of Dallas
SOURCE Federal Home Loan Bank of Dallas