$250K FHLB Dallas Subsidy Helps Convert Historic New Orleans Building
NEW ORLEANS — A $250,000 Affordable Housing Program subsidy awarded to the Leona Tate Foundation for Change from Home Bank and the Federal Home Loan Bank of Dallas in 2019 has helped convert a historic school building in the Lower 9th Ward into 25 affordable apartments for very low-income seniors and a center for anti-racism training.
Representatives from the organizations gathered for a May 4 ribbon-cutting ceremony and grand opening celebration to celebrate the newly renovated building, which was previously McDonogh 19 Elementary School, the first New Orleans school integrated by court order of a U.S. District Court judge.
“This historic building will play a critical role in helping our organization live our mission to promote civil rights and anti-racism education, while also providing affordable housing opportunities,” said Leona Tate, executive director of the Leona Tate Foundation for Change, in a press release. “We are grateful to have received the funds from Home Bank and FHLB Dallas and to complete this project for our residents.”
Home Bank Senior Vice President and Community Development Director Kelvin Luster said he’s excited for the future of the Tate Etienne and Prevost Center.
“It’s such an honor to be part of this project,” he said. “Not only is it reviving a piece of history, but it also creates affordable housing for seniors in New Orleans.”
George Dupuy, senior commercial relationship manager at Home Bank, said this project will be very rewarding to the community.
“A lot of heart went into this process,” said Dupuy. “We are excited to see the culmination of everyone’s hard work come to fruition with the Tate Etienne and Prevost Center, and it could not have happened without the tremendous efforts of so many people and organizations.”
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% of the median income for the area.
In 2021, FHLB Dallas awarded $18.5 million in subsidies to 26 affordable housing projects. The subsidies will help create 2,113 new or rehabilitated housing units, including $3 million for 323 units in Louisiana.
Between 1990 and 2021, FHLB Dallas has awarded $344.6 million in AHP and Homeownership Set-Aside Programs and has assisted nearly 60,000 households.
“We are thrilled to join Home Bank in celebrating the grand opening of the Tate Etienne and Prevost Center,” said Greg Hettrick, first vice president and director of community investment at FHLB Dallas. “I commend Home Bank for the support and commitment to affordable housing and the Leona Tate Foundation for Change for the work it is doing in the New Orleans community.”
For more information about the AHP, visit fhlb.com/ahp.