Washington, D.C. – U.S. Representative Charles W. Boustany, Jr., R-Lafayette, announced the awarding of more than $700,000 in affordable housing grants by the Federal Home Loan Bank of Dallas.  The grants are earmarked for five projects and will create affordable home ownership in Calcasieu and Evangeline Parishes.

"This grant is a great step forward for residents of Southwestern Louisiana," Boustany said.  "I'm pleased that the Federal Home Loan Bank of Dallas offers capital to give the people of my district the chance to purchase a home they otherwise may not have been capable of purchasing."
 
Grant recipients include:

•    Calcasieu Council on Aging will receive $104,000 towards a 14 unit apartment development located in Iowa, for very low-income elderly persons, with funds made available through Washington State Bank.

•    Calcasieu Parish Housing Development will receive $35,000 towards down payment assistance and closing costs, with funds made available through First Federal Bank of LA.

•    Greater Southwest Louisiana Community Housing Development Corporation will receive $341,000 towards The Whispering Oaks Apartments project, a 58 unit multi-family rental apartment development for the very-low and low-income frail and at risk elderly in Lake Charles, with funds made available through Washington State Bank.

•    Seventh District Pavilion, Inc. will receive $228,000 towards Southern Place Apartments, a 38 unit multi-family rental development located in Ville Platte. The units will be for very low- and low-income families and individuals, including units designed for the physically disabled with special needs.  The funds have been made available through Evangeline Bank & Trust.

The Federal Home Loan Bank of Dallas invests 10 percent of its earnings each year in Affordable Housing Program (AHP) grants provided through member financial institutions.  The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank System created by Congress in 1932. The Bank, with total assets of $53.1 billion as of March 31, 2007, 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 Bank’s website at www.fhlb.com.