NEW ORLEANS, May 31, 2012 (GLOBE NEWSWIRE) -- Thanks to an Affordable Housing Program (AHP) grant from Whitney Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas), 20 very low-income elderly residents in rural St. Tammany Parish and the New Orleans, Louisiana, metropolitan area will receive much-needed repairs to their homes.
The $180,000 AHP grant was awarded to Neighborhood Housing Services of New Orleans (NHS) as part of $11 million in AHP funding that FHLB Dallas awarded through members like Whitney Bank in 2011. The grant will be used to provide necessary repairs and rehabilitation to the homes, 14 of which are rurally located.
Vera Clay, director of NHS Northshore, said the AHP grant was critical to assisting the families with their repairs.
"There is no way that the families who benefit from these grants would be able to get their homes repaired any other way," Ms. Clay said. "We're talking important health and safety issues that need to be addressed. The only way we can get these repairs addressed is through this FHLB Dallas grant."
All but one of the families has been identified, according to Ms. Clay. Some of the repairs include things like rotted sub-flooring that needs to be replaced, installing electrical fixtures in the bathroom and kitchen areas, replacing faulty wiring, and correcting plumbing issues.
The AHP grant to NHS was awarded through Whitney Bank.
"Maintaining a home on a fixed income can be difficult for many seniors and, especially, for low-income seniors," said Sunada Pool Brookins, vice president and community affairs officer for Whitney Bank. "Deferring or having to forego maintenance for financial reasons can often lead to health and safety issues. Through this initiative, FHLB Dallas grants help fund repairs; and NHS provides construction management to make sure work is completed properly. We at Whitney Bank are honored to work with FHLB Dallas and NHS to help meet this community need and bring peace of mind to elderly homeowners."
Ms. Clay added that Whitney Bank has been a valued partner.
"Whitney has been outstanding and exemplary in their work with us," she said. "We are incredibly thankful for their efforts."
Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants made through its member institutions to benefit residents of communities in the Bank's five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. Since 1990, the Bank, through its members, has assisted nearly 40,000 families with their affordable housing needs. In 2011, FHLB Dallas awarded $11 million in AHP grants to support 1,653 projects throughout the District, including more than $2.4 million to the state of Louisiana to help finance 350 new or rehabilitated housing units. Another $7.5 million in AHP funds is being offered in 2012. Grant recipients will be announced later this summer.
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 $34.2 billion as of March 31, 2012, 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 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 Whitney Bank
Hancock Holding Company is the parent company of Whitney Bank and Hancock Bank. The company operates 258 bank branches and more than 350 ATMs across Mississippi, Louisiana, Alabama, Florida, and Texas. The Hancock Holding Company family of financial services companies also includes Hancock Investment Services, Inc.; Hancock Insurance Agency and Whitney Insurance Agency, Inc.; corporate trust offices in Gulfport and Jackson, Miss., New Orleans and Baton Rouge, La., and Orlando, Fla.; and Harrison Finance Company. Additional information is available at www.whitneybank.com.