[StBernard] State's Small Rental Property Program Joins with Participating Lenders

[Westley Annis]

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 <http://www.metairiebank.com/>  		

Chase Bank
3501 North Causeway Blvd
7th Floor
Metairie, LA 70002
(866) 213-0264
www.chase.com <http://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 <http://www.firstnbcbank.com/>  		

Whitney National Bank
1324 Carrollton Avenue
Harahan, LA 70123
(800) 347-7272
www.whitneybank.com <http://www.whitneybank.com/> 	
			
Liberty Bank and Trust Company
6600 Plaza Drive, 6th Floor 
New Orleans, LA 70127
(504) 240-5133
www.libertybank.net <http://www.libertybank.net/>  		

Capital One N.A.
1501 Veterans Memorial Boulevard
Metairie, LA 70005 
(504) 533-2163
www.capitalonebank.com <http://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 <http://www.mortgagemarket-online.com/> 		

Coastal Commerce Bank
1300 West Tunnel Boulevard
Houma, LA 70361
(877) 580-2265
www.coastalcommerce.com <http://www.coastalcommerce.com/> 	
			
Hancock Bank
500 Veterans Boulevard
Metairie, LA 70005
(504) 832-2951
www.hancockbank.com <http://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 <http://www.regions.com/> 	
			
Central Progressive Bank
29092 Krentel Road
Lacombe, LA 70445-3304
(985) 819-1242
www.cpb.com <http://www.cpb.com/>  			

To download State's Small Rental Property Porgram Joins with Participating Lenders to Provide Services to Applicants <http://www.roadcommunications.com/assets/docs/rental%5Flenders%5F5%2D23%2D07.doc>  (Word/152k)

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