LAFAYETTE, La., Nov. 5, 2013 (GLOBE NEWSWIRE) -- A $287,000 Affordable Housing Program (AHP) grant to Goodwill Industries of Acadiana Housing Corp. will allow the nonprofit to rehabilitate Maison De Goodwill Apartments, a popular senior living apartment complex in central Lafayette, Louisiana.
The Federal Home Loan Bank of Dallas (FHLB Dallas) and IBERIABANK awarded Goodwill Industries the AHP grant.
"This grant is evidence of Lafayette's strong community institutions, and I congratulate Goodwill Industries of Acadiana on the receipt of these funds for this needed project," said Lafayette Parish President Joey Durel. "We are also fortunate to have IBERIABANK as a strong community partner in Lafayette. IBERIABANK is a strong asset to our region and regularly helps our community organizations achieve their respective missions."
The grant to Goodwill Industries of Acadiana Housing Corp was one of two AHP grants totaling $787,000 awarded through IBERIABANK in 2013 to rehabilitate a total of 249 housing units. In 2013, $11.3 million in AHP grants will be awarded across FHLB Dallas' five-state District to support 36 affordable housing projects.
"At IBERIABANK's core is relationship-based banking, and one of our company's hallmarks is building relationships with our local nonprofit community and supporting the good work they do," said Jerry Vascocu, Acadiana president for IBERIABANK. "We are pleased to be a part of this important project, which helps provide affordable housing options and a safe place for the city's elderly community."
The funding has been invaluable to Goodwill Industries of Acadiana Housing Corp.
"This money is so important to us, mostly because we have such a dire need for a new roof," said Jennifer Purgahn-Spell, director of housing at Goodwill Industries of Acadiana Housing Corp.
According to Ms. Purgahn-Spell, putting a mortgage on the property or otherwise going into debt to pay for a new roof would have put the entire apartment complex under undue hardship. "This grant program is going to be able to extend the life of the project and allow us to be able to provide safe and affordable housing for our local elderly," she added.
The need for affordable senior housing in Lafayette is great. The 41-unit complex, which includes a single manager's unit, already has a three-year waiting list. The complex will be available to individuals that are least 62 years old and living at 50 percent of the household area median income. The complex operates under the U.S. Department of Housing and Urban Development Department's (HUD) Section 202 program, which is designed to provide affordable housing for the nation's very low-income elderly population. Residents pay 30 percent of their income toward their rent, with the remainder subsidized by HUD.
Built in 1998, the apartment complex's central Lafayette location places it near pharmacies, shopping, and bus routes, thus making it particularly attractive to senior citizens who may no longer drive and seek the convenience of public transportation and the nearby retail services, Ms. Purgahn-Spell said.
Besides providing for a new roof, the AHP grant will fund the replacement of a privacy fence, repairs to the parking lot, and rehabilitation of exterior siding. In addition, some of the units will also receive new energy efficient appliances and insulating doors.
AHP grants that fund projects like the Maison De Goodwill Apartments renovation are awarded through FHLB Dallas member financial institutions such as IBERIABANK. This year's funding will result in the creation or rehabilitation of 1,654 housing units across FHLB Dallas' District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas.
About IBERIABANK
IBERIABANK, founded in 1887, is a subsidiary of IBERIABANK Corporation. IBERIABANK Corporation is a financial holding company with 267 combined offices, including 170 bank branch offices in Louisiana, Arkansas, Tennessee, Alabama, Texas, and Florida, 21 title insurance offices in Arkansas and Louisiana, and mortgage representatives in 63 locations in 12 states. IBKC also has eight locations with representatives of IBERIA Wealth Advisors in four states, and one office of IBERIA Capital Partners, L.L.C.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $31.3 billion as of September 30, 2013, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas.