Cadence Bank and FHLB Dallas Celebrate Opening of Affordable Apartments at Renewal Ranch

Rhea-AI Summary

Cadence Bank and the Federal Home Loan Bank of Dallas provided a $750,000 Affordable Housing Program (AHP) subsidy to assist with the opening of two new residential buildings on the Renewal Ranch campus in Houston, Arkansas. The facilities will house 40 men in the final phase of Renewal Ranch's rehabilitation program. FHLB Dallas awarded nearly $17.2 million in AHP subsidies in 2022.

Banks Provided $750K Subsidy to the $3.3 Million Residential Development

HOUSTON, Ark.--(BUSINESS WIRE)-- Representatives from Cadence Bank (NYSE: CADE) and the Federal Home Loan Bank of Dallas (FHLB Dallas) were joined by local dignitaries as they celebrated the opening and dedication of two new residential buildings on the Renewal Ranch campus in Houston, Arkansas. Renewal Ranch is a faith-based residential addiction recovery program for men ages 21 and older. FHLB Dallas provided a $750,000 Affordable Housing Program (AHP) subsidy via its member Cadence Bank to assist with gap funding.

Renewal Ranch Executive Director James Loy is joined by Cadence Bank executives Tom Nelson and Tammie Davis as they celebrate the opening of new residential buildings on the Renewal Ranch campus that received a $750,000 subsidy from the Federal Home Loan Bank of Dallas. (Photo: Business Wire)

The new facilities will house 40 men who have advanced to the final phase of Renewal Ranch’s rehabilitation program and provide resources to overcome substance abuse issues. Built on the existing campus, the new facilities will replace the previous apartments located several miles away.

“The generosity of donors like Cadence Bank and FHLB Dallas allows us to provide vulnerable men with a high-quality rehabilitation program at no cost,” said James Loy, executive director of Renewal Ranch. “With our program, 50 percent of the men who enter Phase Two are successfully rehabilitated, and with the new buildings, we look to improve on our efforts.”

FHLB Dallas members use AHP funds to finance the purchase, construction or rehabilitation of owner-occupied, rental or transitional housing based on the evolving needs of their communities.

“We would like to thank FHLB Dallas for committing to causes that deeply matter to our communities,” said Tom Nelson, community bank president for Cadence Bank. “Renewal Ranch is at the forefront of the fight against addiction, and it is reassuring to have the backing of FHLB Dallas as we lend our support.”

In 2022, FHLB Dallas awarded nearly $17.2 million in AHP subsidies to 26 projects, through members within its five-state District of Arkansas, Louisiana, Mississippi, New Mexico and Texas. The 2023 awards will be announced this quarter.

“As a trusted partner of the AHP since the early ’90s, Cadence Bank has helped bring our vision of affordable housing to life by channeling funds to meet the most pressing needs of the community,” said Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas. “The new Phase Two buildings at Renewal Ranch will build on our list of shared successes.”

For more information about 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 branch locations across the South, Midwest and Texas. Cadence provides consumers, businesses and corporations with a full range of innovative banking and financial solutions. Services and products include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and business banking, treasury management, specialized lending, asset-based lending, commercial real estate, equipment financing, correspondent banking, SBA lending, foreign exchange, wealth management, investment and trust services, financial planning and retirement plan management. Cadence is committed to a culture of respect, diversity and inclusion in both its workplace and communities. Cadence Bank, Member FDIC. Equal Housing Lender.

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 $147.6 billion as of September 30, 2023, is a member-owned cooperative 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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Corporate Communications

Federal Home Loan Bank of Dallas

fhlb.com

(214) 441-8445

Source: Federal Home Loan Bank of Dallas

FAQ

Who provided the subsidy for the residential development in Houston, Arkansas?

Cadence Bank and the Federal Home Loan Bank of Dallas provided the $750,000 subsidy.

What is Renewal Ranch?

Renewal Ranch is a faith-based residential addiction recovery program for men ages 21 and older.

How many men will the new facilities house?

The new facilities will house 40 men in the final phase of Renewal Ranch's rehabilitation program.

How much did FHLB Dallas award in AHP subsidies in 2022?

FHLB Dallas awarded nearly $17.2 million in AHP subsidies in 2022.

What is the Affordable Housing Program (AHP)?

The Affordable Housing Program (AHP) provides funds to finance the purchase, construction, or rehabilitation of housing based on the needs of communities.