Historic Neighborhood in the Heart of New Orleans Receives Affordable Housing Program Grant

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Oct 15, 2015, 12:10 ET

NEW ORLEANS, Oct. 15, 2015 /PRNewswire-USNewswire/ -- Central City, one of New Orleans' oldest neighborhoods, is the newest beneficiary of a $70,000 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 elderly residents will be rehabilitated to meet the minimum standards for building codes for residential construction. Jericho Road Episcopal Housing Initiative of New Orleans (Jericho Road), a neighborhood-based homebuilder, is spearheading the initiative and plans to paint house exteriors, make the homes more accommodating to physically impaired elderly people, and make the homes more energy efficient to help reduce expenses to the homeowner.

"We are thrilled to be a part of this project," said Ashley Aubrey Harrison, assistant vice president and community affairs representative at Whitney Bank. "Whitney Bank supports sustainable homeownership by partnering with organizations like Jericho Road to help preserve homeownership for the most vulnerable of our communities."

Nicole Barnes, executive director at Jericho Road, is happy to assist long-time homeowners in the historic New Orleans neighborhood, established in the 19^th century.

"The work that Jericho Road carries out toward our mission to create stable and thriving neighborhoods has expanded over the past nine years in response to the varying needs of the community that we serve," said Ms. Barnes.

Holly Heine, director of operations and communications at Jericho Road Episcopal Housing Initiative, states that some of Jericho Road's main objectives include preserving traditional architecture design while incorporating green building practices, and providing resources to the residents of Central City so they may "create the change they wish to see in the community."

Ms. Barnes added, "We are approached on a regular basis by long-time homeowners in Central City who are in need of resources to update their homes in ways that make them more energy efficient or more accessible as homeowners age in place or even just make basic repairs."

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.

FHLB Dallas, in partnership with its member financial institutions, has awarded more than $7.4 million in AHP grants to 32 projects, primarily within its five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas.

July 2015 marked the 25^th 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. In 2015, FHLB Dallas awarded $7.4 million, through its members, to 32 affordable housing projects, including more than $317,000 that was awarded through Whitney Bank to support four projects in Louisiana.

"Our members continue to experience a lack of affordable housing stock in some of their communities," said Greg Hettrick, vice president and director of community investment at FHLB Dallas. "We are pleased to be a part of the solution through our valued member, Whitney Bank."

About Whitney Bank
Since 1883 the Whitney Bank name has embodied core values of honor and integrity, strength and stability, commitment to service, teamwork, and personal responsibility. 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 $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.