ABBEVILLE, La., March 30, 2010 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) and IBERIABANK are pleased to announce that construction has begun on the next phase of an affordable housing project in Abbeville, Louisiana, that received funding from FHLB Dallas and IBERIABANK.
James A. Herod Apartments, Inc. received a $63,000 Affordable Housing Program (AHP) grant in 2009 from FHLB Dallas, issued through IBERIABANK. The grant will assist with the conversion of nine classrooms into two-bedroom apartments to provide transitional living for very-low income individuals and families.
"We've really been scrambling to get enough funds to put this project together," said Dr. Jim Grant, vice president of James A. Herod Apartments, Inc. "The original estimate by the architect turned out to be way below the bids. That delayed our process for a year as we revised plans and got some additional funding. The AHP grant is really essential to our being able to put this together."
FHLB Dallas will join officials from James A. Herod Apartments, Inc., which was awarded the AHP grant, at an "official" groundbreaking ceremony for the James A. Herod Apartments at 11:30 a.m. (CST) on Wednesday, March 31 at the site, 1500 Israel Parker Street in Abbeville. Representatives from the Louisiana Housing Finance Agency (LHFA) will also be in attendance Wednesday. The apartments received funding from the agency's grant programs.
Some preliminary construction has already begun on the apartments, including the removal of the flooring, which contained asbestos, according to Dr. Grant.
IBERIABANK has been participating in FHLB Dallas's AHP since its inception in 1990, and the bank continues to apply for grants to support low-income housing projects throughout Louisiana.
"IBERIABANK supports community development, and the housing services that the James A. Herod Apartments will provide to the community of Abbeville will be utilized by a segment of the population that is often overlooked," said Carrie Curet, vice president and CRA officer for IBERIABANK. "We are excited that construction is beginning on this phase of the project, and we look forward to the opening of the apartments."
The James A. Herod Apartments will occupy part of the historic James A. Herod High School, the only high school in the parish for African-Americans when the schools were segregated in the 1950s. The high school facilities were donated by the Vermilion Parish School Board to the Herod Village organization in 1996. The original gymnasium and band room of the facility have already been renovated and now house community events, basketball games, and provide meeting space for community organizations.
Debra Harmon, president of James A. Herod Apartments, Inc. and housing director for the ASSIST Agency, has been working with the project since its initial funding.
"It's been a long process and pretty gratifying. We could not have asked for better partners than LHFA, IBERIABANK, and FHLB Dallas and those individuals who represented them on this project. We are very grateful for their guidance and encouragement," Ms. Harmon said. "It's been quite a ride, but we're there and we're looking forward to finishing construction and moving on to next phase of the project."
The ASSIST Agency is a community action agency that covers three parishes, including Vermillion Parish, where the facility is located.
Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants issued through its member financial institutions. In 2009, FHLB Dallas awarded $10.5 million in AHP grants to 48 affordable housing projects in its five-state District, including more than $2.9 million in Louisiana, which will result in the creation or renovation of 378 affordable housing units in the state. In 2010, FHLB Dallas will offer up to $18.6 million in AHP grants.
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 $65.1 billion as of December 31, 2009, is a member-owned cooperative that supports housing and community development by providing competitively priced advances 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.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013