Investar Bank Breaks Ground on Three New Homes in North Baton Rouge
Baton Rouge, La. – A year ago today, Investar Bank announced the purchase of land in north Baton Rouge and its unique approach to increasing homeownership in a historically underserved area. The Bank applied both intellectual and monetary resources to build multiple single family homes in low-to-moderate income areas. The Bank has been working with Mayor Broome and countless others to drive this initiative and will offer grants and provide access to new mortgage products. The groundbreaking ceremony for the three brand new homes was held today in Gracie Subdivision at the corner of Gayosa Street and North 18th Street in Baton Rouge. Construction of the first home is set to begin within weeks.
“Several years ago, the Mayor challenged local organizations to support and invest in the redevelopment of the Mid-City area. Our goal was to reinvent the way a bank could drive economic development in the community,” said John D’Angelo, President & CEO, Investar Bank. “We wanted to provide borrowers with an opportunity to achieve homeownership in historically underserved markets. The ability to make homeownership a possibility for families who never thought it could be possible is very satisfying,” continued D’Angelo.
The homes will have approximately 1,350 square feet of living space and approximately 1,766 total square feet. Each home is designed to have an open floor plan, 10’ ceilings, a covered two-car carport and a fenced in backyard. Construction on the first two homes should be complete and for sale by summer 2019.
Investar views homeownership as a critical way to change a life and create wealth. Affordable housing grants are available through the Federal Home Loan Bank of Dallas, Louisiana Housing Corporation and Investar. People interested in purchasing one of the homes should contact Rosalind Jones, NMLS# 110787, Investar Bank’s Community Development Officer at 225-300-8597.
Photo Caption: Color renderings of three new homes (corner of Gayosa St. & North18th St., Baton Rouge, La.)
Investar Holding Corporation (NASDAQ: ISTR), parent company of wholly-owned subsidiary Investar Bank, had total assets of approximately $1.8 billion as of December 31, 2018. Investar Bank is a full-service community bank headquartered in Baton Rouge, La. offering extensive banking products and services for individuals and businesses for over 10 years. The Bank serves several markets across South Louisiana with 21 branches: the Baton Rouge area (Baton Rouge, Central, Denham Springs, Port Allen, Gonzales, Prairieville, Jackson, Slaughter, St. Francisville, Zachary), Hammond, the Acadiana area (Lafayette, Ville Platte, Mamou, Pine Prairie) and the New Orleans area (Metairie, Elmwood, Mandeville). Investar Bank NMLS ID# 481188. Equal Housing Lender. Member FDIC. To learn more, visit www.InvestarBank.com.