FHLB Dallas and First NBC Bank Award $500,000 Grant to Gulf Coast Housing Partnership

• Press Release
• Source: Federal Home Loan Bank of Dallas
• On 3:30 pm EST, Tuesday November 10, 2009

NEW ORLEANS, Nov. 10, 2009 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) and First NBC Bank awarded a $500,000 Affordable Housing Program (AHP) grant to Gulf Coast Housing Partnership (GCHP) to renovate a vacant, flooded apartment complex, creating 108 units of affordable and supportive housing. The historic Sacred Heart High School was previously converted to an assisted living facility for seniors, which has been vacant since Hurricane Katrina floodwaters damaged the property in 2005.

GCHP is a nonprofit organization whose mission is to promote housing production and community redevelopment in areas affected by Hurricanes Katrina and Rita. This project, to be known as 3222 Canal, is located in an area with a high demand for affordable housing, and the grant will help bridge the funding costs for renovations.

"There has always been a need for affordable and supportive housing in New Orleans, and especially since Hurricanes Katrina and Rita," said Noel Henderson-James, Project Manager at GCHP. "By renovating historic and abandoned structures, we are bringing the buildings back into commerce and improving the surrounding neighborhood."

The structure will offer affordable housing units for very low- to low-income individuals, as well as supportive housing for the homeless and those living with special needs.

"The redevelopment of the former Sacred Heart School continues the major revitalization of the famous Canal Street of New Orleans since the flooding of Hurricane Katrina. We thank the Federal Home Loan Bank of Dallas for its key role in making this project possible," said Ashton J. Ryan, Jr., President of First NBC Bank.

The project remains in the initial planning stage, and construction is scheduled to begin in March 2010.

Each year, the FHLB Dallas returns 10 percent of its profits to the communities served by member institutions in the form of AHP grants issued through its member financial institutions. As of September 30, 2009, FHLB Dallas has awarded $8.4 million to projects within its five-state District, including more than $2.1 million to projects in Louisiana, resulting in the creation or renovation of 332 housing units in the state.

For more information about FHLB Dallas programs, please contact the Corporate Communications Department at 214.441.8445.

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 $67.3 billion as of September 30, 2009, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to more than 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit the FHLB Dallas web site at fhlb.com.

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