Banks back plan to turn old FFH into senior housing

Franklin Mayor Eugene Foulcard called it at an April 27 St. Mary Business Luncheon: A company was looking at Franklin as the site for affordable housing for senior citizens.
And it came to pass Friday, when Home Bank and the Federal Home Loan Bank of Dallas announced a $750,000 Affordable Housing Program subsidy to New Orleans Restoration Properties to help renovate the former Franklin Foundation Hospital into a $25.7 million affordable senior living community.
At the Chamber luncheon, Foulcard said St. Mary Council on Aging Director Beverly Domengeaux introduced him to representatives with the company recently, and the mayor said he was grateful to her.
“We’ve been working diligently to address our senior housing concerns,” Foulcard said.
The vacant hospital property was built in the early 1950s and was expanded in 1966 and again in 1985. It occupies 7.5 acres on a large, tree-shaded block, the banks said in a news release. The interior hasn’t been altered since the hospital closed more than 10 years ago and includes original details such as hardwood floors and wainscoting.
New Orleans Restoration Properties says it will honor the building’s mid-century design in its renovation and said the property will be eligible for the National Register of Historic Places. Once complete, the property will have 60 rental units for older adults, the company said.
It will be renovated under Enterprise Green Communities’ national green building program of sustainable and healthy building practices for the affordable housing sector.
“The AHP provides important initial funding to move this project forward,” said Marseah Delatte, managing member of New Orleans Restoration Properties, in a press release. “Senior housing provides financial freedom for one of society’s vulnerable populations and supports independence and security that far too many families simply can’t achieve on their own income, without a helping hand.”
Kelvin Luster, Home Bank senior vice president and community development director, said in the press release that the restoration of a historically significant property adds interest to the project.
“I can’t wait to see what they accomplish with Franklin Foundation Hospital,” Luster said. “It’s a win-win for the community in that they’ll preserve history while also providing much-needed affordable housing.”
AHP funds are intended to assist FHLB Dallas members in financing the purchase, construction and/or rehabilitation of owner-occupied, rental or transitional housing, and housing for homeless individuals. The funds must be used to benefit households with incomes at or below 80 percent of the median income for the area.
Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas, said Home Bank is a strong proponent of affordable housing.
“Home Bank’s use of the AHP over the course of many years has made a sizable impact on the access to affordable housing in the communities it serves,” Hettrick said. “We commend Home Bank for that commitment.”