COVINGTON, La., June 29, 2012 (GLOBE NEWSWIRE) -- Anastacia Bergeron could hardly catch her breath she was so filled with excitement. And why shouldn't she be excited? The 26-year-old divorced mom of one joined five other Habitat for Humanity St. Tammany West (HFHSTW) homebuyers yesterday in a block party celebration.
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The Groves at Mile Branch Block Party brought together friends and supporters of HFHSTW and Habitat families as they dedicated the homes of six homebuyers, all of whom officially closed on their homes today.
Funding from a $120,000 Affordable Housing Program (AHP) grant from Whitney Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) assisted the homebuyers with down payments and closing costs on their new homes. All of the homes were built within the Groves at Mile Branch Creek, a mixed-income development being built in Covington, Louisiana. The subdivision is being developed in partnership with Volunteers of America (VOA).
"I didn't think I would ever be a homeowner," Ms. Bergeron said. "To actually get past paying for something that's not yours to paying for something you are going to own, it just brings peace and a sense of humble pride."
Candice Mancuso, grants manager for HFHSTW, said seeing the dedication of the homes has had a similar impact on her.
The concept of the Groves, the first development of its kind in St. Tammany Parish, began in 2007. After much planning and coordination between many public and private entities, work began on the Habitat homes in January of 2012. Yesterday marked the dedication of the first six homes.
"Funding from many different businesses and foundations, including the Federal Home Loan Bank of Dallas, made this project possible," Ms. Mancuso said. "I am almost as excited about this completion of these six homes as the new homeowners are."
HFHSTW plans to build 10 homes in the Groves, and the Groves will eventually contain 129 units, consisting of apartments and single-family homes. The effort is part of VOA's effort to replace the more than 1,000 units of housing that were lost in Hurricane Katrina. HFHSTW Executive Director Jeff St. Romain has said the development will allow working families to live where they work, which will build more stable communities.
"This project took an extensive collaboration between our Construction, Family Services, Volunteer Departments and the partner families," Mr. St. Romain said. "We are excited to celebrate with our six new homeowners and look forward to working with our next four partner families purchasing homes in the Groves.
The grant to HFHSTW was awarded through Whitney Bank, one of FHLB Dallas's member financial institutions in New Orleans, Louisiana. Nearly $2 million in AHP grants was awarded through Whitney Bank in 2011 to assist with creating or rehabilitating 150 affordable housing units in Louisiana.
"Finding a place to call 'home' is an important goal for so many people in our region. Whitney Bank is honored to join HFHSTW and FHLB Dallas in providing Louisiana families opportunities to buy affordable homes, remain part of our community, and help strengthen our local economy as we continue to rebuild and grow," said Sunada Pool Brookins, vice president and community affairs officer for Whitney Bank.
For Ms. Bergeron, her new home represents a sense of accomplishment, as well as an opportunity to provide more space for 7-year-old son, Michael. It has also brought her and her ex-husband closer together.
Ms. Bergeron and her ex-husband divorced in 2008, but "Habitat is one of the factors I can thank for us getting back together. When we got to the building part of the home, I knew my ex was good at that, so he came out to help and Habitat actually got us back together again."
And while remarrying isn't in the cards just yet, it is something Ms. Bergeron said she would consider in the future.
Her future plans also include going back to college.
She credits the help from HFHSTW and the AHP grant with making her home more affordable and freeing up money to allow her to pursue another career.
"Without the help of Habitat it definitely would have been a struggle to buy this home, and Habitat helped with everything along the way," she said. "When you go into closing the more that goes toward your purchase price the lower your payments will be. I want to go back to school so with the assistance of the grant that won't be as much of a struggle as it has been in the past."
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 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.
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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.
The photo is also available via AP PhotoExpress.
