LAKE CHARLES, La.--(BUSINESS WIRE)--Home Federal Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) have awarded a $750,000 Affordable Housing Program (AHP) subsidy to Lake Charles Non-Profit Housing Development to rehabilitate 233 rental units known as Carver Courts, Clark Courts and Meadow Park.
The redevelopment effort, known as CCM Housing Preservation, will include upgrades to finishes, new appliances, cabinets, doors, plumbing and electrical fixtures, heating and air conditioning systems and resident amenities for the development’s Carver Courts, Clark Courts and Meadow Park buildings.
“These upgrades will improve the quality of life for residents of the neighborhood and also meet federal accessibility guidelines,” said Ben Taylor, Lake Charles Non-Profit Housing Development executive director.
Two of the apartment buildings, Carver and Clark, are deemed historic structures by the National Park Service and all three developments are in a neighborhood deemed a cultural district by the city and the state of Louisiana.
“The revitalization plan includes a food truck court and neighborhood garden,” said K. Matthew Sawrie, Home Federal Bank senior vice president. “It will add gathering places for residents and develop a positive image for the community.”
AHP funds are intended to assist FHLB Dallas members in financing the purchase, construction and/or rehabilitation of owner-occupied, rental or transitional housing and housing for homeless individuals. AHP funds must be used to benefit households with incomes at or below 80 percent of the median income for the area.
In 2020, FHLB Dallas awarded $19.3 million in subsidies to 38 affordable housing projects. The subsidies will help create 2,749 new or rehabilitated housing units. That total includes $4.6 million in subsidies for 764 units of housing in Louisiana.
Since the AHP’s inception in 1990, FHLB Dallas has awarded more than $323 million in AHP and Homeownership Set-Aside Programs and has assisted more than 57,000 households.
“We are honored to partner with Home Federal Bank in such an ambitious project that will benefit hundreds of residents,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas.
For more information about the AHP, visit fhlb.com/ahp.
About Home Federal Bank
Locally managed and headquartered in Shreveport, Louisiana since 1924, Home Federal Bank’s prudent and responsible business practices have kept us strong, stable and fully capitalized. HFB has successfully endured the test of time: becoming one of the first banks in northwest Louisiana to make loans; and becoming the first locally traded company on the NASDAQ during an ongoing global recession, which followed the financial crisis of 2007. For more information, visit hfbla.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 $64.9 billion as of December 31, 2020, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit our website at fhlb.com.
