LAKE CHARLES, La., Aug. 14, 2013 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) and JD Bank of Jennings, Louisiana, are pleased to announce they have awarded a $322,000 Affordable Housing Program (AHP) grant to assist with the redevelopment of the Booker T. Washington public housing units. The Booker T. Washington development was the city's first public housing site, which was built in the 1940s. By redeveloping the complex, city officials hope to provide a catalyst in revitalizing one of Lake Charles' oldest and most historic neighborhoods.
Spearheading the project is the Lake Charles Housing Authority and its partnership with development company Centerpointe Regional Housing Development, LLC. The original structures have already been demolished and construction is well underway. Lake Charles Housing Authority Executive Director Ben Taylor said he hopes to have residents moving in by the end of the year.
"This is an exciting project for the Lake Charles community as we try to breathe new life into one of our city's oldest neighborhoods," said Mr. Taylor. "I can't tell you how fortunate we feel to have received the AHP grant to help supplement the funding, and JD Bank and FHLB Dallas have been wonderful partners in our efforts."
AHP grants are awarded through FHLB Dallas member financial institutions, such as JD Bank, to assist in the development of affordable, owner-occupied and rental housing for very low- to moderate-income households. This year, FHLB Dallas awarded $11.3 million in AHP funding to 36 projects across its five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. The funding will result in the creation or rehabilitation of 1,654 housing units across the District.
"JD Bank strives to serve the ever-changing needs of our community," said JD Bank Market President Danny Eason. "We feel that the redevelopment of the Booker T. Washington homes will not only provide safe, adequate housing for its residents, but it will prompt restoration efforts for the entire neighborhood. It's been a privilege to be a part of this project, and we look forward to its completion."
In addition to the AHP grant, funding for the project was also provided through tax credits and the U.S. Department of Housing and Urban Development. Once complete, the complex will include 46 units arranged as 23 duplex structures and a community building. The units will offer two-, three-, and four-bedroom layouts with Energy Star appliances, spray-foam insulation, and energy efficient windows. Other features will include tile floors, ceiling fans, and in-unit washers and dryers.
The Booker T. Washington redevelopment is one of 10 projects to receive a portion of the $3.1 million in AHP grants that were awarded this year to projects within the state of Louisiana. The funding will assist with creation and/or renovation of 542 housing units within the state.
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 $32.7 billion as of June 30, 2013 is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit the FHLB Dallas website at fhlb.com.
CONTACT: Corporate Communications Federal Home Loan Bank of Dallas www.fhlb.com (214) 441-8445
Source:Federal Home Loan Bank of Dallas