March 14, 2005
NEW ORLEANS HOUSING AUTHORITY RECEIVES $1.2 MILLION IN GRANTS THROUGH FEDERAL HOME LOAN BANK, JPMORGAN CHASE PARTNERSHIP
Funds help build affordable housing at Fischer, Guste and Desire developments
NEW ORLEANS - Officials from the Chicago Federal Home Loan Bank (FHLB) and its member bank, JPMorgan Chase, formally awarded $1,265,000 in grants to the Housing Authority of New Orleans (HANO) for new housing construction at the Fischer, Guste and Abundance/Desire communities.
"Chicago and New Orleans - two divergent cities have come together for a great cause - affordable housing," said HUD Assistant Secretary Michael Liu, who accepted the funding on behalf of the housing authority. "Chicago FHLB and JPMorgan demonstrate how Federal Home Loan Banks, and their member financial institutions, can lend a hand to local public housing authorities across the country to create more affordable housing opportunities."
Eldridge Edgecomb, Senior Vice President and Community Investment Officer for the Chicago FHLB was in New Orleans to present the funding to Liu as city leaders and HANO officials joined them at the Fischer public housing development. HUD assumed control of HANO in 2002 when it found gross mismanagement within the housing agency.
HANO received the funding from the Chicago FHLB's Affordable Housing Program (AHP), which provides grants and subsidized loans to its member banks working with affordable housing providers, such as public housing authorities, to finance the development of affordable housing for low- and moderate-income households.
JPMorgan Chase, a member of the Chicago FHLB, applied for the grants for HANO. Only member banks are eligible applicants of FHLB funds. The FHLB's Community Investment Group administers the AHP and other grant and loan programs that promote affordable housing and community economic development.
HANO will use this and other funding to construct 278 affordable housing units, including public housing units, in Fischer, Guste and Abundance/Desire communities.
HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development as well as enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet and espanol.hud.gov.