Renewal Ranch receives $750,000 from BancorpSouth and FHLB Dallas

CONWAY, Ark.–(BUSINESS WIRE)–BancorpSouth Bank, a division of Cadence Bank (NYSE: CADE), and the Federal Home Loan Bank of Dallas (FHLB Dallas) have awarded a $750,000 Affordable Housing Program (AHP) grant to Renewal Ranch to help build a $1.9 million residential facility. on its campus.

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

“The men in our second phase of recovery are reintegrating into society and working, but we don’t have enough housing for them on campus, so we’ve had to rent units in an apartment complex in Conway. “said John Berry, director of operations at Renewal Ranch. “AHP funding will allow us to build a residential facility that will have 42 rooms. This will allow us to house all of the men in our on-campus programs with caring, caring staff on-site.

Tammie Davis, president of Central Arkansas Market for BancorpSouth, said the bank has been disbursing funds through AHP since the early 1990s.

“We are honored to use AHP funding to help Renewal Ranch expand its residential accommodations,” Ms. Davis said. “We are strong believers in this program and appreciate the opportunity to partner with FHLB Dallas to provide affordable housing in the many communities we serve.”

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 AHP provides a way for its members to support vulnerable populations such as those seeking recovery from alcohol abuse. and drugs.

“This AHP funding will allow Renewal Ranch to expand its accommodations to provide supportive residential care to its program participants,” Mr. Hettrick said. “We are proud to join BancorpSouth Bank in this endeavor.”

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 consumer 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 $60.2 billion as of September 30, 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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