Thursday, May 30, 2024

$750K from Red River Bank and FHLB Dallas to Help Fund Construction of Louisiana Homeless Shelter

by BIZ Magazine

ALEXANDRIA, La.–(BUSINESS WIRE)–A homeless shelter will be built to serve women, children and men in Alexandria, Louisiana, with the help of a $750,000 Affordable Housing Program (AHP) subsidy provided by the Federal Home Loan Bank of Dallas (FHLB Dallas) through its member, Red River Bank.

The funding, celebrated in a ceremonial check presentation today, will assist The Salvation Army of Central Louisiana (The Salvation Army CENLA) in developing a 19,250-square-foot multifamily homeless shelter and support facility with 32 beds. Completion of the $5.7 million project is expected by July 2023.

“We are grateful for the funding support provided by Red River Bank and FHLB Dallas,” said Major Tim Williford, corps officer, The Salvation Army CENLA. “Thanks to their generous investment, more people in Alexandria will have an option for emergency shelter.”

Only men can stay at The Salvation Army CENLA’s current emergency shelter, which isn’t large enough to serve women and children.

“Partnering with FHLB Dallas will allow us to provide critically needed housing for women and their children,” said Jannease Seastrunk, Red River Bank senior vice president, community relations and CRA officer.

The funds will be used toward filling the financing gap to help The Salvation Army CENLA expand its capacity to serve homeless women and families through the new facility.

AHP funds are intended to assist FHLB Dallas members in financing the purchase, construction and/or rehabilitation of owner-occupied, rental or transitional housing and housing for homeless individuals. The funds must be used to benefit households with incomes at or below 80 percent of the median income for the area.

“Red River Bank has long been a leader in investing in the communities they serve, and we support them in that effort,” said Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas.

In 2022, the Bank approved a total of $17.1 million to fund 26 AHP applications, which will lead to the creation, renovation or acquisition of 2,022 housing units. For more information about the AHP, visit fhlb.com/ahp.

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