NEW ORLEANS, Aug. 28, 2015 /PRNewswire-USNewswire/
-- Community lenders along the Gulf Coast rose to a challenge
that began 10 years ago tomorrow, and at times, seemed
insurmountable — helping their communities rebound after two
hurricanes caused more than $150
billion in damages.
After crucial levees failed in New
Orleans, approximately 80 percent of the city was flooded,
leaving a huge financial burden on the city and a huge onus for
community financial institutions to fill the void.
Federal Home Loan Bank of Dallas
President and CEO Sanjay
Bhasin reflected on the collaborative work of FHLB Dallas
members to help the region.
"FHLB Dallas served as an important source of liquidity for
members in those affected areas. In such a time of turmoil, lenders
knew they needed to do all that they could to support their
communities," Mr. Bhasin said. "Member institutions from our
five-state District and beyond joined together to ensure
appropriate resources were available. The rebuilding and
restoration continues to this day. We are honored to have helped
alleviate suffering and bring about healing."
FHLB Dallas' District spans Arkansas, Louisiana, Mississippi, New
Mexico, and Texas.
Soon after Hurricane Katrina's landfall on August 29, 2005, FHLB Dallas established a
disaster relief grant program that provided $3 million in funding for housing across
Louisiana, Mississippi, and later Texas, after the impact of Hurricane Rita on
September 24, 2005.
Community lenders, like Fifth District Savings Bank, were able
to serve the greater New Orleans
area in its time of greatest need.
"We were able to help a lot of people with the funding that the
Federal Home Loan Bank put out," said Brian
North, senior vice president at Fifth District Savings Bank.
"We wouldn't be where we are today as a community without the
support of the Federal Home Loan Bank of Dallas and so many other
people and organizations who opened their hearts and wallets to
help."
In addition to the housing grants, an additional $1.3 million was provided to assist small
businesses, and a special allocation of $200,000 was awarded to nonprofits in the
affected areas.
"After 10 years, the most immediate thought for me and many here
is to express thanks to the many people, churches, and institutions
for the tremendous help extended to those in need," said
Robert Taylor, president of the
Louisiana Bankers Association. "Left only to ourselves, the
recovery would be very limited. Financial resources, and the
most critically needed item, hope, were generously given."
Funding for New Orleans and the
Gulf Coast has continued during the last decade through FHLB
Dallas' Affordable Housing Program (AHP). This program annually
awards 10 percent of FHLB Dallas' profits to affordable housing and
community investment projects for very low- to moderate-income
families. For example, from 2006 to 2008, scoring criteria of the
annual AHP competitive grants allowed more points to be awarded if
a project was located in an area eligible for FEMA Individual
Assistance due to either Hurricane Katrina or Rita.
"The members have really backed their colleagues and friends in
New Orleans and the region," said
Greg Hettrick, vice president and
director of Community Investment at FHLB Dallas. "It is incredibly
rewarding to work with professionals dedicated to doing the right
thing."
New Orleans has hosted a myriad
of programs, observances, parades in the weeks leading up to the
10th anniversary. On the day of Katrina's landfall a
decade ago — August 29 — New Orleans' Mayor Mitch Landrieu will convene a Day of Service to
pair volunteers with projects around the city, along with multiple
Katrina 10 events. President Barack
Obama visited with residents August
28 of the once-devastated Lower 9th Ward and
delivered a speech from a new community center there.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 11 district banks
in the FHLBank System created by Congress in 1932. FHLB Dallas,
with total assets of $42.6 billion as
of June 30, 2015, is a member-owned
cooperative that supports housing and community development by
providing competitively priced advances and other credit products
to approximately 865 members and associated institutions in
Arkansas, Louisiana, Mississippi, New
Mexico, and Texas.
Contact:
Corporate Communications
Federal Home Loan Bank of Dallas
www.fhlb.com
(214) 441-8445
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SOURCE Federal Home Loan Bank of Dallas