DALLAS, July 23, 2009 (GLOBE NEWSWIRE) -- A $150,000 Affordable Housing Program (AHP) grant was awarded to the city of Hammond for rehabilitation services to owner-occupied residences in Hammond, Louisiana. The grant was made available by the Federal Home Loan Bank of Dallas (FHLB Dallas) through Whitney National Bank in New Orleans.
The funds from the grant will assist very low- to moderate-income elderly and disabled residents whose homes are in dire need of necessary maintenance. R.M. Jackson, Grants Administrator for the City of Hammond, said the funds will help recipients with an immeasurable amount of repairs that they would otherwise not be able to afford.
"The money we received will be used to repair floors and walls of the houses. We would also like to bring electrical and plumbing systems up to par," said Ms. Jackson. "We will assess each eligible property to determine whether or not our services can help. If there is anything we can do that will help these people, we will do it. Any assistance is beneficial."
Fifteen owner-occupied houses will be selected for home repairs, each receiving $10,000. There is a current list of people who are eligible for the program; ultimately, the occupants must own the property, have insurance and pay taxes. The rehabilitation services will be completed by licensed contractors, who will perform the repairs according to established requirements for this program.
Sunada Henderson, Vice President of Whitney National Bank, said many special needs citizens of Hammond are unable to afford home repairs on their own, and unfortunately, they are the ones who need it most. Ms. Henderson said she is looking forward to providing assistance for these elderly and disabled homeowners.
"We are delighted to have the opportunity to work with the City of Hammond on this project," she said. "It is unfortunate, but many times the elderly live in conditions that are unsafe due to deferred maintenance. This program will make it possible to repair roofs, fix plumbing, electrical systems, etc., and that could lead to an improved quality of life for the homeowner."
Each year, 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. So far in 2009, FHLB Dallas has awarded $5.4 million to projects within its five-state District, including $2,011,469 to projects in Louisiana, resulting in the creation or renovation of 291 housing units in the state.
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 $68.7 billion as of March 31, 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 Bank's web site at fhlb.com.
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