COVINGTON, La., Feb. 18, 2016 /PRNewswire/ -- Seven
low-income families in the St. Tammany West area of Louisiana will now have an affordable place to
call "home," thanks in part to a $45,500 Affordable Housing Program (AHP) grant
from Home Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas). Habitat for Humanity St.
Tammany West (HFHSTW) received the grant in 2015, which was used to
assist HFHSTW families with their down payments. The homes are
currently under construction and will be completed this year.
Ten years after the storms that devastated south Louisiana in 2005, residents continue to face
challenges as affordable housing remains scarce. Although St.
Tammany West Parish is one of the wealthiest parishes in
Louisiana, there are many
neighborhoods that are blighted by substandard housing conditions.
Jeffery St. Romain, president and
CEO of HFHSTW, says St. Tammany West is just starting to receive
recognition as an area "in need."
"Major issues with these houses include poor plumbing, and
heating and cooling," said Mr. St. Romain. "Residents pay too much
because of how poorly the homes are constructed as well as the age
of the homes. Once they get into one of our (HFHSTW) homes, they
pay on average $400 on their notes
after having paid much more for substandard housing."
Mr. St. Romain credits HFHSTW's long-standing relationship with
FHLB Dallas and Home Bank as part of the initiative to make
affordable housing more available to residents.
"There is no entity that has helped fund down payment assistance
for Habitat homebuyers as much as FHLB Dallas," said Mr. St.
Romain. "We are happy to partner with them and Home Bank to help
provide a safe, decent place to live for St. Tammany Parish residents."
HFHSTW recently hosted a Habitat for Humanity International
event called "Decade of Dedication Build," where FHLB Dallas, Home
Bank, and various other community partners were recognized for
their involvement in rebuilding the Gulf Coast region after
Hurricanes Katrina and Rita.
Mary Hopkins, first vice
president and director of Financial Management at Home Bank, agrees
that there is a tremendous need for affordable housing in the St.
Tammany West area.
"There are so many would-be homeowners who are unable to take
the first step in homeownership because they cannot afford the down
payment," said Ms. Hopkins. "Thanks to our partnership with FHLB
Dallas, we are able to help seven families make that leap."
Greg Hettrick, first vice
president and director of Community Investment at FHLB Dallas,
applauds Home Bank's dedication to making affordable housing more
available to residents of the St. Tammany West area.
"It is our privilege to help our members serve their
communities, especially when there is such a great need for
affordable housing," said Mr. Hettrick. "We are proud to partner
with Home Bank to provide affordable housing assistance to the St.
Tammany West Parish community."
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.
About Home Bank
Home Bancorp, Inc. is the holding company for Home Bank,
National Association, a nationally chartered bank headquartered in
Lafayette, Louisiana. Home Bank,
N.A. offers a full range of deposit and loan products through 27
banking centers in growing regions of Louisiana and Mississippi: Acadiana, Baton Rouge, New
Orleans, the Northshore (of Lake Pontchartrain),
Natchez, and Vicksburg. Home Bancorp, Inc. trades on the
Nasdaq Global Market under the symbol "HBCP."
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 $43.0 billion as of
September 30, 2015, is a member-owned
cooperative that supports housing and community investment 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 fhlb.com.
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