Banks Supported New Housing That Held Up to Hurricane Ida
LOCKPORT, La., June 01, 2022--(BUSINESS WIRE)--Home Bank, the Federal Home Loan Bank of Dallas (FHLB Dallas), Gulf Coast Housing Partnership (GCHP) and others gathered Wednesday to celebrate the grand opening of Les Maisons de Bayou Lafourche in Lockport, Louisiana, a new housing development built to withstand hurricane-force winds and flooding.
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Left to Right: Kathy Laborde (GCHP); Austin Divino (R4 Capital); Pat Forbes (Louisiana Office of Community Development); Joshua Hollins (Louisiana Housing Corp.); Lockport Mayor Paul Champagne; Kelvin Luster (Home Bank) and Steven Matkovich (FHLB Dallas). (Photo: Business Wire)
The new $11 million development, celebrated with a ribbon cutting, was the recipient of a $280,000 Affordable Housing Program (AHP) subsidy from Home Bank and FHLB Dallas in 2020. Construction is now fully complete on the neighborhood of 16 duplexes and triplexes.
Les Maisons de Bayou Lafourche got its first test in the months before construction was fully completed when Hurricane Ida hit the Louisiana coast as a Category 4 hurricane on August 29, 2021, and passed over Lafourche Parish causing extensive damage to homes and businesses in the region.
"When you look at the devastation Hurricane Ida caused to homes and businesses surrounding Les Maisons de Bayou Lafourche compared to the minimal damage at our property, you can see that the resilient construction and design elements worked," said Kathy Laborde, GCHP president and CEO. "Instead of rebuilding, we were able to focus on moving residents into homes."
The homes were built to withstand high winds and flooding with building practices that included thick roof sheathing, continuous load path construction to withstand and redistribute high winds, 3-foot raised concrete foundations and paperless drywall that won’t grow mold if it gets wet. The homes have tile flooring that’s easy to clean in the case of water penetration and built-in dehumidifiers to reduce energy costs.
Kelvin Luster, Home Bank senior vice president and community development director, said the proactive approach of building hurricane-resistant homes sets the project apart from others.
"We know Louisiana will have more hurricanes, high winds and flooding in the future, and the ability to prepare and protect our residents and their homes will have long-lasting impacts," he said.
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 awarded $344.6 million in AHP and Homeownership Set-Aside Programs and assisted nearly 60,000 households.
Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas, said the project might be a good window into the future of affordable housing for coastal states.
"It’s inspiring to see an affordable housing development making use of some of the toughest building standards to protect people’s homes and lives," he said. "Kudos to Home Bank for its support of this development."
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.
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Federal Home Loan Bank of Dallas