Catalyst Bank and FHLB Dallas Celebrate the Opening of Transitional Housing Helped by $750K in Funding

A $750,000 Affordable Housing Program (AHP) subsidy provided by the Federal Home Loan Bank of Dallas (FHLB Dallas) through one of its members, Catalyst Bank, helped fund construction costs for Refinery Mission Transitional Facility, a 10,000-square-foot dwelling in Opelousas, Louisiana, for men seeking recovery from addiction or who need help with other issues.

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Joe Zanco of Catalyst Bank and Steve Matkovich of FHLB Dallas. (Photo: Business Wire)

Local city council members, including Opelousas Mayor Julius Alsandora, attended the facility’s grand opening last week. The 54-bed structure will provide residents with a private bedroom, shared living space and an outdoor kitchen.

“The funds were a huge catalyst for the project. Without them, this project would have been delayed five to 10 years. Our campus has grown 10 times faster than it would have otherwise,” said Johnny Carriere, executive director of Refinery Mission. “We are eternally grateful to FHLB Dallas.”

Amanda Quebedeaux, director of operations for Catalyst Bank, shared her hope for the residents of Refinery Mission. “In supporting the opening of this transitional housing facility, we as a community affirm our commitment to providing a safe haven where individuals can rebuild their lives, rediscover their resilience and step into a new chapter of hope and opportunity,” she 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.

“Watching a project like this come to fruition is so gratifying,” said Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas. “This time of year, we think of others and how we can help. The Refinery Mission transitional housing project is truly in the spirit of the holidays.”

In 2023, FHLB Dallas awarded $28.4 million in AHP subsidies, through members to 43 affordable housing projects. The subsidies will help create 2,677 new or rehabilitated housing units.

For more information about the AHP, visit fhlb.com/ahp.

About Catalyst Bank

Catalyst Bancorp, Inc., is a Louisiana corporation which serves as the holding company for Catalyst Bank. Catalyst Bank, founded in 1922, is a federally chartered savings bank that serves the banking needs of customers in the Acadiana region of south-central Louisiana. Headquarters are in Opelousas, Louisiana, as well as three additional full-service branch offices located in St. Landry Parish and two branch offices located in Lafayette Parish, Louisiana. Catalyst’s primary business activity is attracting deposits from the general public and using those funds primarily to originate loans and purchase investment securities.

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 $147.6 billion as of September 30, 2023, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit our website at fhlb.com.

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