LAFAYETTE, La., Dec. 16, 2013 (GLOBE NEWSWIRE) -- Congressman Charles Boustany joined representatives from IBERIABANK and the Federal Home Loan Bank of Dallas (FHLB Dallas) today in presenting a $287,000 Affordable Housing Program (AHP) grant to Goodwill Industries of Acadiana Housing Corp.
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The AHP grant will allow the nonprofit to rehabilitate the Maison de Goodwill Apartments, a popular senior living apartment complex in Lafayette, Louisiana.
Congressman Boustany applauded the revitalization project.
"Today's event shows exactly why these housing grants are so important to communities across the country," said the Congressman. "The housing grant will be utilized to improve 41 residences for the elderly here in Lafayette. I was proud to be in attendance for this event and look forward to seeing how today's grant will pay tremendous dividends to our community here in South Louisiana."
AHP grants are awarded through FHLB Dallas member financial institutions, such as IBERIABANK. In 2013, FHLB Dallas awarded $11.3 million in AHP grants through its members, which will result in the creation of 1,654 new or rehabilitated housing units across FHLB Dallas' District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas.
"FHLB Dallas is pleased to partner with IBERIABANK in awarding this AHP grant to support much-needed, affordable senior housing," said Bre Chapman, senior vice president and director of corporate communications and external affairs at FHLB Dallas. "We are grateful for the support of the Congressman and his staff, who have always understood the important role that the Federal Home Loan Banks play in financing affordable housing and community development."
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 249 housing units.
"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."
Louisiana State Representative Joel C. Robideaux, who also attended today's event, discussed the importance of the project to the community.
"Maison de Goodwill has served our senior citizens for over 15 years," Representative Robideaux said. "Safe, affordable housing is the cornerstone of any successful community, and this grant will help to continue the great work of Goodwill Industries of Acadiana Housing Corp. I want to personally thank IBERIABANK and FHLB Dallas for recognizing the work of this great agency."
Lafayette Parish President Joey Durel lauded the AHP grant as evidence of Lafayette's strong community institutions.
"This grant from the Federal Home Loan Bank of Dallas is proof of the confidence in Lafayette's community institutions, and I am excited that Goodwill Industries of Acadiana Housing Corp. will be able to rehabilitate the popular Maison de Goodwill senior living apartment complex with these funds," said Parish President 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 funding has been invaluable to Goodwill Industries of Acadiana Housing Corp.
"Without it, we would have had to take out a mortgage on the property," said Jennifer Purgahn-Spell, director of housing at Goodwill Industries of Acadiana Housing Corp. "This grant will provide cost savings for years to come, and allow us to continue to provide safe and affordable housing for the elderly without putting the property under undue financial pressure."
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 houses individuals who are at least 62 years old and living at no more than 50 percent of the household area median income. The complex operates under the U.S. Department of Housing and Urban Development (HUD) Department's 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, 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.
The AHP grant will provide a new roof for the apartments, as well as fund the replacement of a privacy fence, repairs to the parking lot, and rehabilitation of exterior siding. In addition, some of the units will receive new, energy-efficient appliances and insulated doors.
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.
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