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$1.2 Million in Grants Assists in Opening of Low-Income Housing in Terrebonne Parish

May 20, 2019
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)

HOUMA, La.--(BUSINESS WIRE)--May 20, 2019--

Project officials gathered Friday to celebrate new rental homes for families in Terrebonne Parish, Louisiana, made possible, in part, by $1.2 million in Affordable Housing Program grants from Synergy Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas). A home dedication and ribbon cutting ceremony was held in Houma, Louisiana, at the site of the first of 12 homes to be completed.

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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)

“People deserve, at a minimum, livable conditions and reliable programs to help break them out of their challenging situations,” said Terrebonne Parish Consolidated Government President Gordon Dove. “This new low-income housing for Terrebonne Parish will be just what families need to get them on their feet and transition to a better quality of life.”

The home dedication provided a chance to preview the new model of the rental homes. Each low-profile brick home will provide a total of 1,250 square feet of living space, equipped with energy efficient power, wheelchair accessible driveways, hurricane shutters and an attached carport.

“I am grateful for the contribution that the banks and Options for Independence have provided to the development of low-income housing in the parish,” said St. John the Baptist Parish Councilman-at-Large Larry Soraparu Jr. “Responding to the need for low-income housing in Terrebonne Parish is part of the ‘solutions first’ attitude that we strive to achieve in our parish government.”

Options for Independence, the nonprofit that received the grant funds and will lead the construction of the remaining rental homes, is a social service 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. The nonprofit has received two AHP grants for the project − $500,000 toward the construction of the first five homes and $750,000 toward the construction of the remaining seven homes.

“The development of these new affordable rental homes is just the beginning of what Options of Independence has in store for low-income and very low-income families in Terrebonne Parish,” said Barry Chauvin, president and CEO of Options for Independence. “We have major plans to strengthen our programs and increase education about the steps to homeownership, to enable our families to achieve the American Dream of buying a home.”

Programs that Mr. Chauvin and his staff are looking to add to their array of services include instruction courses on credit repair, first-time homebuyer programs and rent-to-own programs.

“It’s encouraging to see the AHP funds being put to good use. Synergy Bank is a strong believer in all families having access to quality, affordable housing,” said Jerry Ledet Jr., president and CEO of Synergy Bank. “We are grateful that our partnership with FHLB Dallas can provide a significant and lasting impact to families in our community.”

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.

“The AHP creates meaningful affordable housing opportunities in our members’ communities,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “We enjoy working with Synergy Bank and seeing communities like Terrebonne Parish become stronger through the use of the AHP.”

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 $69 billion as of March 31, 2018, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 820 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. Visit fhlb.com for more information.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190520005799/en/

CONTACT: Corporate Communications

Federal Home Loan Bank of Dallas

fhlb.com

(214) 441-8445

KEYWORD: UNITED STATES NORTH AMERICA LOUISIANA TEXAS

INDUSTRY KEYWORD: WOMEN PHILANTHROPY PROFESSIONAL SERVICES FINANCE OTHER PHILANTHROPY CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE CONSUMER MEN

SOURCE: Federal Home Loan Bank of Dallas

Copyright Business Wire 2019.

PUB: 05/20/2019 04:47 PM/DISC: 05/20/2019 04:47 PM

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