SHREVEPORT, La., Oct. 20, 2015 /PRNewswire-USNewswire/ -- Five years in the making, South Pointe Place opened today in the Shreve City area of Shreveport, Louisiana. It will provide 50 units of affordable housing for very low-income senior citizens.
In 2013, the $5.5 million apartment complex, developed by Volunteers of America, was awarded a $500,000 Affordable Housing Program (AHP) grant from Red River Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) that was applied to construction costs.
A significant need for affordable housing exists in the area. A 2013 market study showed that 33 percent of Shreveport-Bossier City seniors qualified as very low-income, with annual incomes of less than $15,000 annually.
South Pointe Place resident Kay Bergeron said she and her neighbors are thankful for the community.
"This place was created on paper and became a dream come true for those of us that live here," she said. "I have made a lot of friends here. I walk every morning, gather in the community room and have a place of my own to go to at the end of the day."
Jannease Seastrunk, vice president and CRA officer at Red River Bank, said her institution is pleased to be a part of the solution for low-income seniors in Shreveport.
"Red River Bank is woven into the fabric of this community," Ms. Seastrunk said. "We are so pleased to support our friends and neighbors through the South Pointe Place project. It will make a difference for residents and staff alike by establishing a community for a vulnerable population and by creating local jobs."
The 50 units each offer a one-bedroom/one-bathroom layout with upgraded appliances. The three-story building, located on 3.3 acres, also includes onsite laundry facilities, community room, computer/arts-and-crafts room, and The Ballington Center, which offers activities and medical supervision for adults with physical or mental limitations.
Volunteers of America North Louisiana President & CEO Chuck Meehan expressed his organization's commitment to providing affordable housing for senior citizens.
"Volunteers of America is grateful for the Federal Home Loan Bank of Dallas' support of our senior adults and disabled residents, as well as of our community," he said. "With their help, we will continue to serve those who need us the most."
FHLB Dallas, in partnership with its member financial institutions, like Red River Bank, in 2015 awarded more than $7.4 million in AHP grants to 32 projects, primarily within its District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. The funding will result in the creation or rehabilitation of 965 housing units.
Greg Hettrick, vice president and director of Community Investment at FHLB Dallas, said members are able to make a real impact in their communities through the AHP.
"A key component of FHLB Dallas' mission is to serve the affordable housing needs of our members' communities," he said. "We are pleased to support Red River Bank in this project that will serve seniors, some of whom may have no other place to turn."
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.
July 2015 marked the 25th anniversary of the Affordable Housing Program. Since the program's inception, FHLB Dallas has awarded more than $237 million in AHP grants to help approximately 44,000 families obtain safe, affordable, and quality housing.
About Red River Bank
Red River Bank is a full service community bank headquartered in Alexandria, Louisiana. Red River Bank was chartered in 1998 in Rapides Parish and began operating its first banking center in Alexandria in 1999. Red River Bank offers consumer and commercial banking services and products, mortgage lending services, and investment services.
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 $42.6 billion as of June 30, 2015, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 865 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit our website at fhlb.com.
Federal Home Loan Bank of Dallas
SOURCE Federal Home Loan Bank of Dallas