LAFAYETTE, La., Feb. 13, 2012 (GLOBE NEWSWIRE) -- Officials from the Daigle House Apartments, Inc., BancorpSouth Bank, and the Louisiana Office of Community Development – Disaster Recovery Unit celebrated the start of construction on the Daigle House Apartments at a groundbreaking ceremony Monday, February 6.
Photos accompanying this release are available at
http://www.globenewswire.com/newsroom/prs/?pkgid=11636
http://www.globenewswire.com/newsroom/prs/?pkgid=11637
The Daigle House Apartments will be comprised of 32 one- and two-bedroom apartments targeting low- to moderate-income, special needs residents, including visually impaired, physically disabled and others by providing a permanent, safe, affordable place to live.
The Affiliated Blind of Louisiana Training Center (ABLTC) began planning the project because of a tremendous need for housing developed for its target groups.
The project received a $224,000 Affordable Housing Program (AHP) grant from BancorpSouth Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) in 2011 to assist with the construction of the complex.
"We are really appreciative that we were able to receive this grant," said Lynn Blanchard, executive director of the Affiliated Blind of Louisiana Training Center, and president of Daigle House Apartments, Inc.
The Daigle House Apartments are adjacent to another housing facility operated by ABLTC, Maison de Lemaire, which has a continual waiting list, said Charles Tate, development consultant on the project.
"Given the proven demand for the target population, ABLTC assembled a team to add housing that would begin to address this proven local and regional need for housing targeting the affected population," Mr. Tate said.
In addition to the grant funds, Daigle House Apartments also received a construction loan and a permanent loan from BancorpSouth Bank.
"BancorpSouth is proud to partner with the Louisiana Office of Community Development – Disaster Recovery Unit and Federal Home Loan Bank of Dallas to assist Affiliated Blind of Louisiana Training Center in providing affordable housing for individuals with low to moderate income and special needs within our community," said Bill Babneaux, first vice president of BancorpSouth Bank.
AHP grants are used to purchase, construct or rehabilitate single-family, transitional and multifamily projects for very low- to moderate-income families. The grants are awarded annually through FHLB Dallas member institutions.
"FHLB Dallas is pleased to have partnered with BancorpSouth Bank to award $224,000 to such a worthwhile project," said FHLB Dallas President and CEO Terry Smith. "Affordable housing remains a critical need in the communities our members serve, especially communities like Lafayette that are recovering from the effects of Hurricanes Gustav and Ike in 2008."
The $3.6 million project also received funding from the Louisiana Office of Community Development - Disaster Recovery Unit which contributed more than $2.8 million in funding, Mr. Blanchard said.
"This investment is part of our Affordable Rental Program, which was created to bring back affordable housing after hurricanes Gustav and Ike," said OCD-DRU Executive Director Pat Forbes. "The Daigle House Apartments will provide much-needed affordable housing in Lafayette Parish, which is a critical part of the local recovery."
Mr. Blanchard said the grants and other funding his organization has received for its projects have allowed it to further expand its mission.
"The population we have served over the many years and the work we have done allows us to do more things. We have received grants to expand our services over the years, and we've continued to do those things," Mr. Blanchard said. "None of us in the nonprofit world really make a lot of money. It's about giving services. We're happy that we can continue giving services to the places they are needed. We change peoples' lives and we see it every day."
The Daigle House Apartments, Inc. is using the architectural firm of Ardoin, Gaudet & Tolson, Ltd. and Le Centre Evangeline Corporation serves as the grant consultants. The property is named in memory of Calvin and Enise Daigle, charter members, officers, and volunteers of Affiliated Blind of Louisiana, Inc. and Affiliated Blind of Louisiana Enterprises, Inc.
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, visit the FHLB Dallas website at fhlb.com.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013
About BancorpSouth Bank
BancorpSouth, Inc. is a financial holding company headquartered in Tupelo, Mississippi, with approximately $13.4 billion in assets. BancorpSouth Bank, a wholly-owned subsidiary of BancorpSouth, Inc., operates 290 commercial banking, mortgage, insurance, trust and broker/dealer locations in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas.
The photos are also available via AP PhotoExpress.
