HAMMOND, La., Dec. 17, 2012 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) and First NBC Bank are pleased to announce they have awarded a $500,000 Affordable Housing Program (AHP) grant to The Banyan Foundation to aid in the acquisition and rehabilitation of Tangi Village, a 96-unit apartment community which houses low-income residents in Hammond, Louisiana. The apartments, built in 1982, had fallen into disrepair over the years.
The Banyan Foundation, a nonprofit organization that owns and develops affordable housing in the southeastern United States, along with Integrity Development Partners Housing (IDP Housing) and Stratford Capital Group, applied for the AHP grant to help fund the acquisition and renovation of the property.
"This team not only has the experience in affordable housing necessary to do these complex transactions, but more importantly this team has the mission and passion to positively improve lives by providing quality housing to those who need it the most," said Rob Coats, president of The Banyan Foundation.
Renovations are expected to begin in March 2013, according to Mr. Coats.
"The project is in such disrepair that less than 50 percent of the units are inhabitable," said Mr. Coats. "The amount of work being done will be substantial. We are taking the units down to the studs and rebuilding. Fifty thousand dollars will be used for each unit at Tangi Village, giving the residents a much better state of living."
Mr. Coats said the AHP grant was an integral part of funding the project.
"We had to have this grant money in order to turn this project around and bring it up to our standards of development," said Mr. Coats. "The AHP grant allowed us to come in and do everything the way we wanted things done."
The Banyan Foundation worked with First NBC Bank to receive the AHP grant.
"Community involvement is an integral part of our mission here at First NBC Bank," said Brad Calloway, executive vice president at First NBC Bank. "First NBC Bank has made it a priority to take a lead role in rebuilding and revitalizing the communities we serve. Through our partnership with FHLB Dallas and the Affordable Housing Program, the residents of Tangi Village will have a quality, affordable place to call home."
The Banyan Foundation and IDP Housing were introduced to First NBC through development contacts in Louisiana.
"We felt First NBC Bank was the best fit in the Louisiana market," Mr. Coats said. "They were very good to work with and we didn't have any issues with the grant process."
The AHP grant to support Tangi Village is part of $8.3 million in AHP grants that FHLB Dallas awarded in 2012, including $1.2 million to support the creation or rehabilitation of 188 housing units in Louisiana.
IDP Housing offers property development and construction management, as well as financial, tax credit, and legal consulting services for the multifamily housing industry specializing in affordable and market-rate housing.
"This is transformational housing," said Rhett Holmes, president of IDP Housing, the co-developer on the project. "Our philosophy when acquiring, developing, renovating, and owning a property focuses on building a better tomorrow for our residents, our employees, our investors, and our communities."
After the repairs and renovation, Tangi Village will include a clubhouse building with a community room, business center and office as well as a picnic area and a playground. In addition, 20 of the units will be equipped to house special-needs residents and all units will have Energy Star-qualified appliances.
Each year, FHLB Dallas returns 10 percent of its profits to the communities served by its member institutions in the form of AHP grants. AHP grants are used to purchase, construct, and/or rehabilitate single-family, transitional, and multifamily projects for very low- to moderate-income families.
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 $35.2 billion as of September 30, 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
CONTACT: Corporate Communications Federal Home Loan Bank of Dallas www.fhlb.com (214) 441-8445
Source:Federal Home Loan Bank of Dallas