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For Immediate Release

**ISSUED ON BEHALF OF THE OFFICE OF COMMUNITY DEVELOPMENT**

STATE’S SMALL RENTAL PROPERTY PROGRAM JOINS WITH PARTICIPATING LENDERS TO PROVIDE SERVICES TO APPLICANTS

BATON ROUGE, La., May 23, 2007 – The Road Home Small Rental Property program and participating lenders are working together to provide a high level of service to 2,693 rental property owners who were conditionally awarded over $202 million in federal funds as a result of Round 1 of the program. Through this cooperative effort, program officials are committed to creating friendly and helpful resources for rental property owners as they begin to rebuild rental units in the most storm-damaged areas of Louisiana.

“We are committed to a quick turn-around of construction loans so that property owners can begin rebuilding our communities,” stated Louisiana Office of Community Development’s (OCD) Bob Barbor. The lenders are experienced in providing construction and permanent lending services and are dedicated to helping Small Rental Property program conditional award recipients complete their repairs.”

Applicants who are receiving an award from the program will first receive a conditional award letter. The applicant may bring this letter to one of 13 participating lenders located throughout the state to apply for a construction loan. An owner also may fund the cost of construction from their own resources if they do not wish to seek a loan from a participating lender.

“We are excited that both local and national lenders are committed to supporting The Small Rental Property program. The loans processed by participating lenders finance the repairs of storm-damaged rental properties in Louisiana,” said Louisiana Office of Community Development Rental Program Manager, Calvin Parker. “The Louisiana Office of Community Development will then approve the award amount and send a letter of commitment to the applicant.”

After the applicant in need of construction financing signs the letter of commitment and closes on their loan with the lender, they can then begin rebuilding their rental property in compliance with the conditions specified in the commitment letter. 

“The banking industry in Louisiana is a key participant in recovery of storm damaged areas of the state, said Bob Taylor, Executive Director of the Louisiana Banker’s Association.  “It is important for all members of the financial services industry to work together to help owners of rental properties bring their apartment properties back into operation for the work force of the state.”

Below is a list of the lending institutions that are participating in The Small Rental Property program:  

Metairie Bank and Trust Company 3344 Metairie Road Metairie, LA 70004 (504) 832-6330 www.metairiebank.com	Chase Bank 3501 North Causeway Blvd 7th Floor Metairie, LA 70002 (866) 213-0264 www.chase.com
First NBC Bank 210 Baronne Street New Orleans, LA 70112 (504) 566-8000 – Main telephone no. (504) 671-3398 – Construction loan program www.firstnbcbank.com	Whitney National Bank 1324 Carrollton Avenue Harahan, LA 70123 (800) 347-7272 www.whitneybank.com
Liberty Bank and Trust Company 6600 Plaza Drive, 6th Floor New Orleans, LA 70127 (504) 240-5133 www.libertybank.net	Capital One N.A. 1501 Veterans Memorial Boulevard Metairie, LA 70005 (504) 533-2163 www.capitalonebank.com
Mortgage Market, Inc. 3850 N. Causeway Boulevard, Suite 725 Two Lakeway Center Metairie, LA 70002 (504) 836-7050 or (800) 738-7389 www.mortgagemarket-online.com	Coastal Commerce Bank 1300 West Tunnel Boulevard Houma, LA 70361 (877) 580-2265 www.coastalcommerce.com
Hancock Bank 500 Veterans Boulevard Metairie, LA 70005 (504) 832-2951 www.hancockbank.com	Regions Bank 5353 Essen Lane Baton Rouge, LA 70809 (225) 767-9331 - Baton Rouge (504) 585-4569 - New Orleans www.regions.com
Central Progressive Bank 29092 Krentel Road Lacombe, LA 70445-3304 (985) 819-1242 www.cpb.com

The Road Home program is designed to help Louisiana residents affected by Hurricane Katrina or Rita get back into their homes. Working together, Governor Kathleen Babineaux Blanco, the Louisiana Recovery Authority, the Office of Community Development and the Louisiana Legislature created The Small Rental Property program. The program, designed for one- to four-unit rental properties, provides incentives to owners offering affordable work force rental housing for returning residents. 

For more information on The Small Rental Property program or to request an application, visit www.road2LA.org/rental or call 1.888.ROAD.2.LA (1.888.762.3252). TTY callers use 711 relay or 1.800.846.5277.

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