Banks awards $750,000 to help build residential facility for recovery program | News

CONWAY, Ark.–(BUSINESS WIRE)–February 23, 2022–

A $750,000 Affordable Housing Program (AHP) grant to Renewal Ranch from BancorpSouth Bank, a division of Cadence Bank (NYSE: CADE), and Federal Home Loan Bank of Dallas (FHLB Dallas) will provide funding for the construction of a residential complex of 42 units. institution for convalescing men 21 and over.

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From left to right: David House, Chairman of the Board of Renewal Ranch; Tom Nelson, president, Conway, Arkansas, community bank at BancorpSouth Bank; Elizabeth Jewell, Senior Affordable Housing Analyst, FHLB Dallas; and James A. Loy, executive director of Renewal Ranch. (Photo: BusinessWire)

Yesterday, agency representatives gathered at a check presentation to celebrate the funds and Renewal Ranch’s 11th anniversary.

Renewal Ranch is a faith-based residential addiction recovery program for men ages 21 and older located on 116 acres near Conway, Arkansas.

“Addiction is rampant right now, and it’s tearing our families and communities apart,” said James A. Loy, executive director of Renewal Ranch. “The AHP award is a game-changer in funding for us. These funds will have a direct impact on our residents giving them a fresh start in life. We are very humbled and grateful to have received this $750,000 award which allows us to fight even stronger against drug addiction in our community.

Tom Nelson, president of Conway, Arkansas, community bank of BancorpSouth, a division of Cadence Bank, said funds for the project would go a long way.

“There is a great need for the services of Renewal Ranch at a time like today,” Nelson said. “This grant and the facility will have a lasting impact on the community. We are grateful to partner with FHLB Dallas to help build this facility for men in need in the Conway area. When the lives of these men improve, the lives of their respective family members also improve.

AHP funds are intended to help FHLB Dallas members finance the purchase, construction and/or rehabilitation of owner-occupied, rental or transitional housing, and housing for the homeless. The funds must be used to benefit households whose income is equal to or less than 80% of the region’s median income.

In 2021, FHLB Dallas awarded $18.5 million in grants to 26 affordable housing projects. The grants will help create 2,113 new or rehabilitated housing units, including $1.5 million for 102 units in Arkansas.

Between 1990 and 2021, FHLB Dallas awarded $344.6 million in AHP and Homeownership Set-Aside programs and helped nearly 60,000 households.

Greg Hettrick, senior vice president and director of community investment at FHLB Dallas, said the AHP is a useful tool for organizations like Renewal Ranch to expand their affordable housing options.

“This $750,000 grant to Renewal Ranch will help the organization expand its services for people struggling with addictions,” said Hettrick. “We are proud to partner and be part of this solution with BancorpSouth Bank through the AHP.”

For more information on the AHP, visit fhlb.com/ahp.

About Cadence Bank

Cadence Bank (NYSE: CADE) is a leading regional banking franchise with approximately $50 billion in assets and more than 400 branches in the South, Midwest and Texas. Cadence offers consumers, businesses and businesses a full range of innovative banking and financial solutions. Services and products include personal banking, consumer loans, mortgages, home equity lines and loans, credit cards, corporate and business banking, money management treasury, specialty lending, asset-based lending, commercial real estate, equipment financing, correspondent banking, SBA lending, foreign exchange, wealth management, investment and trust services, financial planning, plan management pensions and personal and commercial insurance. Cadence is committed to a culture of respect, diversity and inclusion both in its workplace and in communities. Cadence Bank, Member FDIC. Equal Housing Lender.

About Federal Home Loan Bank of Dallas

Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank system established by Congress in 1932. FHLB Dallas, with total assets of $63.5 billion as of December 31, 2021, is a cooperative owned by its members that supports housing and community development by providing competitively priced loans and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas . For more information visit our website at fhlb.com.

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CONTACT: Corporate Communications

Federal Home Loan Bank of Dallas

fhlb.com

(214) 441-8445

KEYWORD: ARKANSAS UNITED STATES NORTH AMERICA

KEYWORD INDUSTRY: OTHER PHILANTHROPY COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & REAL ESTATE FINANCE BANKING PROFESSIONAL SERVICES PHILANTHROPY RESIDENTIAL BUILDING & REAL ESTATE

SOURCE: Federal Home Loan Bank of Dallas

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PUBLISHED: 02/23/2022 12:24 PM / DISK: 02/23/2022 12:24 PM

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