HATTIESBURG, Miss., June 24, 2011 (GLOBE NEWSWIRE) -- The Overlook Apartments on Campbell Drive in Hattiesburg, Mississippi, will receive a much needed facelift that will include interior and exterior renovations thanks, in part, to a $500,000 Affordable Housing Program (AHP) grant awarded by Trustmark National Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas).
Hope Enterprise Corporation (HOPE), one of the nation's leading nonprofit Community Development Financial Institutions, partnered with The Wishcamper Companies, Inc. to spearhead the renovation of the Overlook Apartments. The 120 unit, multifamily apartment community was originally built in 1980. It has maintained stable occupancy and is financially feasible for low-income families due to Section 8 contracting.
"Our goal is to rehabilitate an existing resource for the greater benefit of the community and the tenants that live in the Overlook Apartments," said Jason Spellings, vice president of southeast operations at The Wishcamper Companies. "This is a very green endeavor, and we are able to pull resources from partner organizations to get this project up and running. Once complete, the property will offer nice and safe housing while maintaining affordability for residents. Hattiesburg lacks long-term affordable housing, and we hope this project will entice similar projects to follow in our footsteps."
Phil Eide, senior vice president at HOPE, said he is thrilled to be working with The Wishcamper Companies on the Overlook Apartments' renovation. The two organizations have partnered on several projects over the years. Mr. Eide said the Overlook Apartments is just one of many projects that the two organizations are currently working on together.
"We enjoy working with The Wishcamper Companies," said Mr. Eide. "They have earned an excellent reputation over the last several decades for the high quality of work they provide, it's always top tier. Like us, they are in it for the long-haul, and together we intend to improve and better serve our community through projects like the Overlook Apartments."
The unit renovations will include new flooring, updated kitchens with new appliances, bathroom renovations, new balconies, light fixtures, insulation and tankless water heaters. New siding will replace the deteriorated exterior siding, and the community building will be renovated and enhanced with new computers, internet access, and printers.
Other property improvements will include landscaping, driveway and sidewalk repair, handicap accessibility, security cameras, an updated guardhouse at the property's entrance, new signage, perimeter fencing, and repair or replacement of plumbing and drainage. Added amenities will include new mail kiosks, an outdoor gazebo, two new playgrounds, and new dumpster enclosures.
Steffani Jenkins, vice president at Trustmark Bank, facilitated the AHP grant for HOPE and qualified them for the maximum amount in AHP funding.
Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants that are distributed through its member institutions, such as Trustmark Bank. AHP grants assist in the development or rehabilitation of affordable owner-occupied and rental housing for very low- to moderate-income households located primarily within FHLB Dallas's five-state District.
"This project is an excellent example of the public and private sectors coming together to improve an existing property so that it may continue to serve its original purpose within our community," said Ms. Jenkins. "The Overlook Apartments have provided affordable housing for more than 30 years. In order to prolong the life of this property, it needed some attention from someone willing to invest in it. I have no doubt that the collaboration between HOPE and The Wishcamper Companies will result in a fantastic outcome, and the renovations will enable the Overlook Apartments to continue to provide safe, quality, and financially feasible housing in Hattiesburg."
The renovations are expected to begin by late summer 2011.
In 2010, FHLB Dallas awarded $18.5 million in AHP grants through its member institutions, the largest amount in any single year since the program's inception in 1990. Approximately $6.2 million of the 2010 AHP funds were allocated to projects in Mississippi to assist in the development or renovation of 851 units within the state. In 2011, FHLB Dallas has offered $10.5 million in AHP grants. Recipients will be announced this summer.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $33.2 billion as of March 31, 2011, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to more than 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit the FHLB Dallas website at fhlb.com.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013