DALLAS, Sept. 18, 2009 (GLOBE NEWSWIRE) -- An Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Dallas (FHLB Dallas) and Whitney National Bank assisted elderly New Orleans homeowner Yvonne Hutton with rehabilitating her home after Hurricane Katrina.
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FHLB Dallas awarded a $150,000 grant, which was issued through Whitney National Bank, to the Neighborhood Housing Services of New Orleans (NHS). NHS New Orleans distributes the funds in the form of grants to help eligible elderly homeowners with repairs and rehabilitation of their homes.
Whitney National Bank has been using FHLB Dallas's AHP since 1999.
"The AHP grants have been an immense help to Louisiana residents, especially in the wake of Hurricane Katrina when so many people have been in need of assistance to repair their homes," said Brandy Blankenship, Community Development Assistant at Whitney National Bank. "The partnership with FHLB Dallas and NHS New Orleans has been able to provide 15 homeowners with $10,000 each toward the cost of their home repairs and rehabilitation."
Ms. Hutton's home was badly damaged by Hurricane Katrina in 2005. When she returned after the storm, she found her home in shambles.
"I was devastated. I did not believe that water had gotten up to my ceiling. I didn't believe that everything I had was gone," she said. "Everything was soaked. Things smelled horrible. I was the photographer of the family; all of that was gone. Nothing could be found. The clothes were drenched with slime or mold. There was nothing salvageable."
Ms. Hutton received a $10,000 grant, which was used to install vinyl windows, vinyl siding, some electrical wiring, and kitchen cabinets.
"At my age, I was surprised I was able to get anything at all," Ms. Hutton said.
Dan Tolley, a Construction Specialist for NHS New Orleans, said Ms. Hutton's home underwent a complete rehabilitation, and the AHP funds were used to complete it.
"She was very, very tight on funds, so the grant helped her get back into her house," Mr. Tolley said.
Each year, FHLB Dallas returns 10 percent of its profits to the communities served by member institutions in the form of AHP grants issued through its member financial institutions. Through August 31, 2009, FHLB Dallas has awarded $8.3 million through its AHP housing grant programs in support of affordable housing projects and first-time homebuyers within its five-state District, including more than $2.5 million to projects in Louisiana, which will assist 387 households with their housing needs.
For more information about FHLB Dallas programs, contact the Corporate Communications Department at 214.441.8445.
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 $72.1 billion as of June 30, 2009, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to more than 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit the FHLB Dallas web site at fhlb.com.
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