The Banks Awarded the Funds in 2021 to Assist with Rehab
Fifth District Savings Bank (Fifth District) and the Federal Home Loan Bank of Dallas (FHLB Dallas) joined Ozanam Inn on Thursday to celebrate the grand opening of its new homeless shelter serving the New Orleans, Louisiana, area. The banks previously awarded the project a $750,000 Affordable Housing Program (AHP) subsidy.
Fifth District Savings Bank and FHLB Dallas joined Ozanam Inn in celebrating the grand opening of its new homeless shelter in New Orleans. The banks previously provided a $750K subsidy to help retrofit the new location.
Ozanam Inn, in operation since 1955 in New Orleans, Louisiana, moved from its longtime location at 843 Camp Street last year when it spent $5 million to buy and retrofit a building it purchased at 2239 Poydras Street.
Latest Fintech News: MoneyLion Completes Acquisition of Even Financial, the Category Leading Embedded Finance Marketplace
The AHP funds offset cost of the retrofit, said Renée Blanche, deputy director/director of development for Ozanam Inn.
Ozanam Inn moved into the building in November and in early December began accepting women for overnight stays and into its residential program, something it couldn’t do in its prior building, due to space constraints, she said.
“This celebration is a big milestone for Ozanam Inn. Funding from FHLB Dallas and Fifth District played a key role in closing a funding gap to make this day possible,” Ms. Blanche said.
Brian North, president and CEO at Fifth District, said the bank is committed to assisting community organizations that are making a positive difference, and the AHP makes that possible.
Latest Fintech News: United DAO Set to Make DeFi Truly Sustainable and Accessible in Highly Anticipated Launch
“We are honored to be a partner with FHLB Dallas on the AHP funding, and to be here to celebrate this milestone with Ozanam Inn, which has provided important and vital social services to residents of New Orleans for many years,” Mr. North said.
AHP funds are intended to assist FHLB Dallas members in financing the purchase, construction and/or rehabilitation of owner-occupied, rental or transitional housing and housing for homeless individuals. The funds must be used to benefit households with incomes at or below 80 percent of the median income for the area.
For 2021, FHLB Dallas awarded $18.5 million in subsidies to 26 affordable housing projects. The subsidies will help create 2,113 new or rehabilitated housing units, including $3 million for 323 units in Louisiana.
Between 1990 and 2021, FHLB Dallas has awarded $344.6 million in AHP and Homeownership Set-Aside Programs and has assisted nearly 60,000 households.
Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas, said AHP funding has been used as gap funding for a wide variety of affordable housing initiatives, including serving the homeless population.
“We celebrate Ozanam Inn’s grand opening and the expanded opportunities this new location provides for reaching people in need,” Mr. Hettrick said. “We are also thankful for our member, Fifth District, and its partnership with us through the AHP.”
Latest Fintech News: DEAPcoin, The Native Token of the Digital Entertainment Asset Ecosystem Lists on Gate.io
[To share your insights with us, please write to sghosh@martechseries.com]
