Construction Starts on Low-Income Housing Project, Thanks in Part to $500K Grant
Construction has begun on low-income housing for special-needs residents, assisted by a $500,000 Affordable Housing Program (AHP) grant from Synergy Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas).
Construction has begun on low-income housing for special-needs
residents, assisted by a $500,000 Affordable Housing Program (AHP) grant
from Synergy Bank and the Federal Home Loan Bank of Dallas (FHLB
Dallas). The banks awarded the grant to help fund the construction of
five long-term rental units for low-income families in Terrebonne Parish
in Louisiana. Project representatives and a field representative from
the office of U.S. Senator Bill Cassidy (R-LA) attended a
ground-breaking ceremony yesterday.
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Construction began on low-income housing for special-needs residents, thanks in part to a $500,000 Affordable Housing Program grant from Synergy Bank and FHLB Dallas.(Photo: Business Wire)
The organization receiving the grant is Options for Independence, a
social service nonprofit organization dedicated to providing affordable
housing and behavioral health services to various underserved groups
such as people with developmental disabilities, mental illness,
substance abuse needs or those who suffer from chronic unemployment or
homelessness.
This is the first of two AHP grants Options for Independence has
received.
“There is a critical shortage of affordable housing in Terrebonne
Parish,” said Barry Chauvin, CEO of Options for Independence. “This
grant will help in bringing down housing costs for local families who
really need the help. This grant will address not only the shortage and
affordability of housing but will help to revitalize our older
neighborhoods as part of a redevelopment partnership with the parish.”
Options for Independence will use the AHP grant to construct two
three-bedroom houses and three two-bedroom houses that will function as
long-term rental properties for low-income families. Construction of the
homes begins this month and will be completed by November.
In addition to the AHP grant, the Terrebonne Parish Consolidated
Government (TPCG) will also contribute to overall housing efforts by
donating five lots and matching funds for the project. Some of the lots
will require removal of abandoned structures and debris that has built
up over the years.
“At Synergy Bank, we feel it’s our privilege and duty to serve the
community,” said Jerry Ledet, Jr., president and CEO of Synergy Bank.
“It is through this service and our partnership with FHLB Dallas that we
can impact the community in a meaningful, tangible way.”
FHLB Dallas awards AHP grants annually, through members like Synergy
Bank, to support the creation or rehabilitation of affordable housing
units, among other uses. In 2018, FHLB Dallas awarded $14 million in AHP
grants to 29 projects that will result in 1,853 new or renovated housing
units. Of that, $4.7 million was awarded to Louisiana projects, and will
result in 319 new or rehabilitated housing units.
“One of the main characteristics of the AHP is that it creates
affordable housing opportunities in our members’ communities,” said Greg
Hettrick, first vice president and director of Community Investment at
FHLB Dallas. “Synergy Bank has been an excellent and dedicated partner
and we are excited to break ground on this project with them.”
Visit fhlb.com/ahp
for more information on the AHP.
About Synergy Bancshares Inc.
Synergy Bancshares Inc. is a $514 million bank holding company
headquartered in Houma, Louisiana, servicing Terrebonne and Lafourche
Parishes. Opened in 1999, Synergy Bank is a full-service community bank
with six locations offering innovative banking products and services
with local market knowledge and experience. To learn more, visit banksynergy.com.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 11 district banks in the
FHLBank system created by Congress in 1932. FHLB Dallas, with total
assets of $72.8 billion as of December 31, 2018, is a member-owned
cooperative that supports housing and community development by providing
competitively priced advances and other credit products to approximately
825 members and associated institutions in Arkansas, Louisiana,
Mississippi, New Mexico and Texas. Visit fhlb.com
for more information.
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