COVINGTON, La., Dec. 19, 2011 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) and Whitney Bank joined Habitat for Humanity St. Tammany West (Habitat STW) in a groundbreaking ceremony on Friday for 10 homes that Habitat STW is building as part of a mixed-income housing development in Covington, Louisiana.
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The Groves at Mile Branch Creek will eventually contain 129 units, consisting of apartments and single-family homes. FHLB Dallas and Whitney Bank awarded Habitat STW a $120,000 Affordable Housing Program (AHP) grant in 2009, of which $100,000 will be used to construct homes for 10 very low- to low-income families in The Groves. The AHP funds will assist the Habitat STW families within The Groves with down payment and closing costs.
Habitat STW is developing The Groves in conjunction with Volunteers of America (VOA) subsidiary Renaissance Neighborhood Development Corporation, as part of VOA's effort to replace the more than 1,000 units of housing that were lost in Hurricane Katrina. Habitat STW President and CEO Jeffery St. Romain said the development will allow working families to live where they work, which will build more stable communities.
In addition to celebrating the beginning of construction on the homes, Habitat STW is celebrating yet another milestone.
"As our 30th anniversary winds down, it is only fitting that we close out the year by holding a ceremonial groundbreaking at The Groves at Mile Branch Creek," said Mr. St. Romain. "Over the next two years, Habitat for Humanity St. Tammany West will build 10 homes in this unique development. The Federal Home Loan Bank of Dallas, through its $100,000 grant, has played a significant role in providing new homes to 10 working families in this specially planned community. We appreciate the support of the Federal Home Loan Bank of Dallas and we look forward to continuing our relationship as we begin our 31st year of making a difference in the lives of working families in our community."
The grant to Habitat STW was awarded through Whitney Bank, one of FHLB Dallas's member financial institutions in New Orleans, Louisiana. Nearly $2.5 million in AHP grants were awarded through Whitney Bank in 2011 to assist with 350 affordable housing units in Louisiana.
"It has been a pleasure working with FHLB Dallas and Habitat STW to help finance these affordable homes," said Whitney Community Affairs Officer Sunada Pool Brookins. "Through our collaborative efforts, deserving families will achieve the American Dream literally 'from the ground up.'"
In addition to the single- and multifamily, mixed-income housing component, The Groves at Mile Branch Creek will also include a 2-acre park and a community center.
AHP funds are used to purchase, construct, and/or rehabilitate single-family, transitional, and multifamily projects for very low- to moderate-income families. 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 certain of its member financial institutions. FHLB Dallas has awarded approximately $11 million through its member institutions in 2011 to help create, renovate, or purchase 1,653 housing units, including more than $2.4 million in Louisiana for 350 housing units.
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 $31.4 billion as of September 30, 2011, 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 about FHLB Dallas and its programs, please visit fhlb.com.
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About Whitney National Bank
With $20 billion in assets, Hancock Holding Company (Nasdaq:HBHC) is the parent company of Hancock Bank and Whitney Bank. The company operates almost 300 full-service bank branches and nearly 400 ATMs across a Gulf South corridor spanning Mississippi, Louisiana, Alabama, Florida, and Texas and includes Hancock Investment Services, Inc.; Hancock Insurance Agency and its divisions of J. Everett Eaves and Ross King Walker; Magna Insurance Company; Southern Coastal Insurance Agency, Inc.; corporate trust offices in Gulfport and Jackson, Miss., New Orleans and Baton Rouge, La., and Orlando; and Harrison Finance Company. More information is available at www.hancockbank.com and www.whitneybank.com.
The photo is also available via AP PhotoExpress.
