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$28K PGP Grant Awarded to Northshore Housing Initiative

September 21, 2018

COVINGTON, La.--(BUSINESS WIRE)--Sep 21, 2018--Northshore Housing Initiative (NHI) makes homeownership a reality for low- to moderate-income families seeking affordable workforce housing.

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Northshore Housing Initiative received $28,000 in Partnership Grant Program funds from IBERIABANK, First Bank & Trust, Home Bank and the Federal Home Loan Bank of Dallas, which will be used for operational sustainability. (Photo: Business Wire)

The organization received a $28,000 Partnership Grant Program (PGP) award during a check presentation yesterday at the Northshore Community Foundation office in Covington, Louisiana.

Since its founding in 2001, NHI, a community land trust, has made buying a house an affordable reality for 17 families. A $1.2 million grant in 2014 from St. Tammany Parish provided the initial funding to help families buy homes, and the organization is still using those initial funds to help homebuyers.

Executive Director Jennifer Dexter said NHI will use the PGP grant for operational sustainability, a paid marketing intern and other expenses.

“We want to provide the opportunity for individuals and families to actually live and work in the same community,” Ms. Dexter said. “So many people commute to St. Tammany Parish because they cannot afford to live here. Others are housing-cost burdened and paying very high rent. With the help of NHI, many could actually own their home and build equity for significantly lower monthly costs, typically between $650 and $850 per month.”

NHI’s housing program is available to individuals earning less than 80 percent area median income (AMI) adjusted for family size. Using a shared equity model, the initiative invests in the land where the home is located and leases the land to the homebuyer via a 99-year lease that includes a resale formula to ensure affordability is preserved for the next buyer.

Homes purchased through NHI typically cost $30,000 to $40,000 less than the market rate value.

“We fully support NHI’s mission to provide affordable workforce housing in the St. Tammany community; it’s a mission that is more critical than ever in today’s environment of rising home prices,” said Home Bank’s Community Reinvestment Act Director Brandon Kelly.

Hancock Whitney Bank Assistant Vice President of Community Affairs and CRA Manager Ashley Harrison said the bank believes NHI has a proven model to keep homeownership affordable.

“NHI’s shared equity model means these homes will continue to be affordable for future generations, making homeownership possible for so many,” Ms. Harrison said.

Kenneth Crenshaw, senior vice president and CRA lending manager at IBERIABANK, said the bank has been a long-time supporter of community reinvestment initiatives.

“IBERIABANK is committed to the communities in which we serve. We continue to invest in low-moderate income service areas, and we are proud to work with Northshore Housing Initiative to increase the accessibility and affordability in St. Tammany Parish,” said Mr. Crenshaw.

Duane Abadie, president of First Bank & Trust, said the bank believes homeownership builds stable communities.

“We think helping more families achieve the American Dream is good for our communities, and we are pleased to support NHI’s mission to make that happen,” Mr. Abadie said.

FHLB Dallas has awarded $300,000 in PGP funds this year through 31 member institutions to assist 32 community-based organizations. Combined with the $114,010 contributed by FHLB Dallas members, a total of $414,010 has been awarded to the organizations.

“Many thanks to our member institutions First Bank & Trust, Hancock Whitney Bank, Home Bank and IBERIABANK,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “They’ve taken the lead and made it possible for FHLB Dallas to partner with them to improve affordable housing options for Northshore residents.”

To learn more about the Partnership Grant Program or other Community Investment programs from FHLB Dallas, visit .

About First Bank and Trust

With approximately $931 million in assets, First Bank and Trust is a state chartered bank based in New Orleans, Louisiana, with banking and mortgage locations throughout South Louisiana, Mississippi and Florida.

About Hancock Whitney Bank

Since the late 1800s, Hancock Whitney has embodied core values of  Honor & Integrity, Strength & Stability, Commitment to Service,  Teamwork,  and  Personal Responsibility. Part of Hancock Whitney Corporation’s Gulf South financial services family, bank offices and financial centers in Mississippi, Alabama, Florida, Louisiana, and Texas offer comprehensive financial products and services, including traditional and online banking; commercial and small business banking; private banking; trust and investment services; healthcare banking; certain insurance services; and mortgage services. The company also operates a loan production office in Nashville, Tennessee. BauerFinancial, Inc., the nation’s leading independent bank rating and analysis firm, consistently recommends Hancock Whitney as one of America’s most financially sound banks. More information is available at hancockwhitney.com.

About Home Bank

With 39 locations across South Louisiana and Western Mississippi, Home Bank is committed to serving the needs of its communities. Personal banking has always been Home Bank’s trademark, and that tradition continues as the company grows, invests and serves its clients and community. For more information about Home Bank, visit home24bank.com.

About IBERIABANK

IBERIABANK Corp. is a financial holding company with 335 combined offices, including 228 bank branch offices and one loan production office in Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, and South Carolina.

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 $75.9 billion as of June 30, 2018, is a member-owned cooperative that supports housing and community investment by providing competitively priced loans and other credit products to approximately 825 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit  .

View source version on businesswire.com:https://www.businesswire.com/news/home/20180921005606/en/

CONTACT: Federal Home Loan Bank of Dallas

Corporate Communications, 214-441-8445

fhlb.com

KEYWORD: UNITED STATES NORTH AMERICA LOUISIANA

INDUSTRY KEYWORD: PHILANTHROPY PROFESSIONAL SERVICES BANKING OTHER PHILANTHROPY CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE

SOURCE: FHLB Dallas

Copyright Business Wire 2018.

PUB: 09/21/2018 06:18 PM/DISC: 09/21/2018 06:18 PM

http://www.businesswire.com/news/home/20180921005606/en

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