NEW ORLEANS--(BUSINESS WIRE)--A $250,000 Affordable Housing Program (AHP) subsidy awarded to the Leona Tate Foundation for Change from Home Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) in 2019 has helped convert a historical school building in New Orleans, Louisiana’s, lower Ninth Ward into 25 affordable apartments for very low-income seniors and a center for anti-racism training.
Representatives from the organizations gathered today at a ribbon cutting and grand opening to celebrate the newly renovated building, which was previously McDonogh 19 Elementary School, the first New Orleans school integrated by court order of a U.S. District Court judge.
“This historic building will play a critical role in helping our organization live our mission to promote civil rights and anti-racism education, while also providing affordable housing opportunities,” said Leona Tate, executive director of the Leona Tate Foundation for Change. “We are grateful to have received the funds from Home Bank and FHLB Dallas and to complete this project for our residents.”
Home Bank Senior Vice President and Community Development Director Kelvin Luster said he’s excited for the future of the Tate Etienne and Prevost Center.
“It’s such an honor to be part of this project,” said Mr. Luster. “Not only is it reviving a piece of history, but it also creates affordable housing for seniors in New Orleans.”
George Dupuy, senior commercial relationship manager at Home Bank, said this project will be very rewarding to the community.
“A lot of heart went into this process,” said Mr. Dupuy. “We are excited to see the culmination of everyone’s hard work come to fruition with the Tate Etienne and Prevost Center, and it could not have happened without the tremendous efforts of so many people and organizations.”
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. The funds must be used to benefit households with incomes at or below 80 percent of the median income for the area.
In 2021, FHLB Dallas awarded $18.5 million in subsidies to 26 affordable housing projects. The subsidies will help create 2,113 new or rehabilitated housing units, including $3 million for 323 units in Louisiana.
Between 1990 and 2021, FHLB Dallas has awarded $344.6 million in AHP and Homeownership Set-Aside Programs and has assisted nearly 60,000 households.
“We are thrilled to join Home Bank in celebrating the grand opening of the Tate Etienne and Prevost Center,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “I commend Home Bank for the support and commitment to affordable housing and the Leona Tate Foundation for Change for the work it is doing in the New Orleans community.”
For more information about the AHP, visit fhlb.com/ahp.
About Home Bank
Home Bank, N.A., founded in 1908 as Home Building & Loan, is the oldest financial institution founded in Lafayette Parish. Through the years, we’ve expanded to serve markets in South Louisiana, Mississippi and Texas: Acadiana, Baton Rouge, New Orleans, the Northshore of Lake Pontchartrain, St. Martin and Jeff Davis Parishes, as well as Adams, Fort Bend, Galveston and Harris Counties. With 43 locations across South Louisiana, Western Mississippi and Southeast Texas, Home Bank is committed to serving the needs of our communities. Personal banking has always been Home Bank’s trademark and that tradition continues as we grow, invest and serve our clients and community. We live our values each day, focusing on integrity, innovation and a commitment to serving others. For more information about Home Bank, visit www.home24bank.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 $62.6 billion as of March 31, 2022, 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.
