NEW ORLEANS, Jan. 29, 2015 /PRNewswire-USNewswire/ -- A once-vacant nursing home will soon become affordable housing for homeless and socioeconomically disadvantaged residents, thanks in part to a $400,000 Affordable Housing Program (AHP) grant from First NBC Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas).
Gulf Coast Housing Partnership has been spearheading the initiative. The nursing home, located in New Orleans, will be converted into a 40-unit apartment development. Twenty of the units will be set aside for the disabled and/or homeless, and the other 20 units will be available to qualifying low-income households.
Kathy Laborde, president and CEO of Gulf Coast Housing Partnership, is excited to see the project come to fruition.
"A great deal of planning and preparation has gone into this ambitious endeavor, and we are deeply appreciative of the support we have received from First NBC Bank and FHLB Dallas," said Ms. Laborde. "There is a real need in this community to provide affordable housing for our most vulnerable."
The apartment complex is ideally situated along two bus routes and a new dedicated bike lane. It is within walking distance to two grocery stores, a health clinic, and a pharmacy. It will feature on-site parking and security, an interior patio, a resident lounge, and on-site laundry facilities.
"We are so excited to be involved in this project," said Brad Calloway, executive vice president of First NBC Bank. "They have repurposed a building that has been vacant for years and are turning it into safe and affordable housing for a segment of our population that needs it the most."
AHP grants are awarded through FHLB Dallas member financial institutions, such as First NBC Bank, to assist in the development of affordable owner-occupied and rental housing for very low- to moderate-income households.
In 2014, FHLB Dallas awarded $9.8 million in AHP funding to 33 projects located primarily within its five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. The 2014 grants will result in the creation or rehabilitation of 1,586 housing units.
Since the program's inception in 1990, FHLB Dallas has awarded more than $228 million in AHP grants to help approximately 42,000 families obtain safe, affordable, and quality housing.
"By leveraging our AHP grants, members like First NBC Bank, are able to partner with local housing development organizations to make a positive impact on families and communities," said Greg Hettrick, FHLB Dallas vice president and director of Community Investment. "There is a great need in our communities for rental units like these, and we are proud to play a role in the revitalization of neighborhoods."
About First NBC Bank
First NBC Bank Holding Company is a bank holding company, headquartered in New Orleans, Louisiana, which offers a broad range of financial services through its wholly-owned subsidiary, First NBC Bank. The bank serves its customers from its main office in the Central Business District of New Orleans, 30 full service branch offices located throughout its market, and a loan production office in Gulfport, Mississippi. Established in 2006, First NBC had assets of approximately $3.6 billion as of September 30, 2014.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank system created by Congress in 1932. FHLB Dallas, with total assets of $37.5 billion as of September 30, 2014, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas.
Federal Home Loan Bank of Dallas
SOURCE Federal Home Loan Bank of Dallas