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New Orleans $5M Shelter Opens Doors When $750K AHP Boost Closes Funding Gap
Fifth District Savings Bank and Federal Home Loan Bank of Dallas were special guests at the grand opening of a New Orleans, LA homeless shelter in gratitude of a $750,000 Affordable Housing Program subsidy they awarded to the organization.
The AHP funds offset the cost of retrofitting 2239 Poydras Street, which was purchased for $5 million in 2021 to become the new location of Ozanam Inn. The nearly 70-year-old program occupied Poydras in November and in early December began accepting women for overnight stays and into its residential program, something it couldn’t do in its prior building due to space constraints.
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.
- ◦Development
