Partnership Grant Helps Lake Charles Nonprofit to Continue Building Hope

LAKE CHARLES, La., Oct. 22, 2014 /PRNewswire-USNewswire/ -- Project Build a Future builds hope by building homes in a lower-income area of Lake Charles, Louisiana. A $2,000 Partnership Grant Program (PGP) award from First Federal Bank of Louisiana and the Federal Home Loan Bank of Dallas (FHLB Dallas) will help more homes go up and family roots to go down.

The check was awarded yesterday by representatives of First Federal Bank and FHLB Dallas at the Project Build a Future office, 2306 Third Street, Lake Charles. The nonprofit will use the funds to launch a new website and update its marketing materials.

"First Federal is honored to have supported Project Build a Future in various ways since its inception in 2001. In addition to monetary donations, First Federal provides employees to teach their homebuyer education classes, while others serve on their finance committee," said Melissa Miller, First Federal CRA coordinator. "We also provide savings accounts for their homebuyer savings program and mortgage financing for some Project Build a Future homebuyers. We deeply appreciate all that they do for our community."

Through the PGP, FHLB Dallas awards grants through its member institutions, to provide funding for the operational needs of community-based organizations involved in affordable housing and economic development. FHLB Dallas matches the cash contribution of a member financial institution to a community-based organization of $500 up to $5,000 at a 3:1 ratio. Through its members, FHLB Dallas awarded $225,000 in partnership grants in 2014.

Project Build a Future Executive Director Nicole Miller said the homebuyers she sees may not have the opportunity to buy a home without the support of the nonprofit. "We do intensive financial training with them to improve their financial stability," she said. "With homeownership and stable credit, they can have access to other credit and opportunities that they would not have had. We work to help them understand that. They can get a loan to send their kids to college. They can get a home equity loan or a car loan. It's an investment in their future."

The program, which was founded in 2001 by Father Henry Mancuso, builds stability and pride in a neighborhood once rumored to be crime-ridden. Today, quaint clapboard homes with porches and landscaped yards are evidence of the program's success. Homebuyers volunteer at least 100 hours landscaping their homes and giving back to their community.

"In 2015, we are starting a home rehabilitation program. We hope to rehab three existing homes during the year," said Ms. Nicole Miller of Project Build a Future. "Whether it's new or existing construction, we work with our homebuyers through a lease-to-purchase program. They pay lower rent to live in the home for three to six months prior to applying for a mortgage. We escrow 50 percent of that rent to use toward their down payment."

Upcoming development in southwest Louisiana is expected to dramatically change the economic environment. Ms. Melissa Miller with First Federal Bank said she already sees this change beginning to drive up rent in the area. Ms. Nicole Miller with Project Build a Future agreed.

"Right now in southwestern Louisiana, there is a major economic boom — $61 billion over the next five years and 20,000 jobs," she said. "We are seeing an increase in rents and lack of available housing. A lot of our folks cannot afford the higher rents."

Lake Charles Mayor Randy Roach applauded the grant, acknowledging the upcoming demand for affordable housing. "The City is very pleased that Project Build a Future has received this grant to assist with its affordable housing program," Mayor Roach said. "Housing is and will be a major need in the community, particularly with the expected growth in the coming years. Our workers and their families need housing that they can afford."

Since its inception, Project Build a Future has developed 23 single-family homes from the ground up and partnered in the development of 69 others. The nonprofit's goal, in addition to assisting low-income individuals and families, is to stabilize neighborhoods by improving property values through the development of high-quality housing.

"The Federal Home Loan Bank of Dallas and First Federal Bank of Louisiana have made a tremendous commitment to our community by awarding Project Build a Future with the $2,000 Partnership Grant Program award," said State Senator Ronnie Johns (R-District 27). "I would like to thank both entities for recognizing the need and potential for such a program here in southwest Louisiana. I have no doubt that this grant will be used wisely."

The partnership grant will assist Project Build a Future with its overhead costs, a burden felt by most nonprofits.  

"The PGP is unique in that it allows us to distribute funds to nonprofits to help with their operational and administrative expenses," said Greg Hettrick, senior vice president and director of community investment for FHLB Dallas. "We are so pleased to be able to support Project Build a Future in its mission to revitalize the Lake Charles community through homeownership. It aligns perfectly with the foundational purpose of FHLB Dallas."

About First Federal Bank of Louisiana
First Federal Bank of Louisiana is a full-service, locally owned, community bank that has helped build the communities we serve for over 60 years. With 17 branches serving 10 cities in Louisiana, we are proud to offer our customers a wide variety of products and services to meet all of their financial needs. We offer Personal and Business Checking Accounts, Savings and CD's, multiple Retirement Options, Home Equity Credit Lines, as well as Mortgages and Consumer Loans. Our established Investment and Insurance divisions also offer a full line of products for First Federal Bank customers.

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 $33.6 billion as of June 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.

Contact:
Corporate Communications
Federal Home Loan Bank of Dallas
www.fhlb.com
(214) 441-8445

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SOURCE Federal Home Loan Bank of Dallas

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