GREENVILLE, Miss., July 14, 2011 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) and Planters Bank & Trust Co. are pleased to announce that a $112,000 Affordable Housing Program (AHP) grant was awarded to Greater Greenville Housing to assist in the rehabilitation of 16 homes in Washington County.
Greater Greenville Housing's home rehabilitation program began in 2008, and targets low-income, elderly residents that need emergency home repairs in order to improve the safety and livability of their home. Executive Director Fredrick L. Spencer said many of the homes are dilapidated and threaten the safety of the residents. Because most of the residents live on a fixed income, the problems are never addressed and the homes continue to deteriorate. Renovations include new roofing, flooring, windows, electrical and plumbing repair, exterior siding repair, and various handicap modifications.
"We basically do everything to restore the homes back to standard condition," said Mr. Spencer. "There is a dire need in our community for this type of work. When we began the program, we had 166 applicants, and three years later, we are still working our way through this list in an effort to assist as many people as we can each year. We greatly appreciate and applaud the support of both Planters Bank & Trust and FHLB Dallas for their support. Without the AHP funds, we would not be able to continue this program."
Approximately $7,000 in AHP funds is allocated to each home, but periodically more funding is required and Greater Greenville Housing leverages the AHP funds with funding from various other sources. This partnership allows Greater Greenville Housing to maximize the funds available and complete each project adequately.
AHP funds are available through FHLB Dallas member institutions, such as Planters Bank & Trust Co., to 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. Planters Bank & Trust Chief Executive Officer James H. Clayton said Greater Greenville Housing is a prime candidate for the AHP program, and has assisted the organization in obtaining three AHP grants to support its home rehabilitation efforts.
"There is quite a shortage of quality affordable housing in the Mississippi Delta, and the AHP grant funds enable Greater Greenville Housing to help elderly citizens stay in their homes and enjoy a better quality of life," said Mr. Clayton. "Planters Bank & Trust is proud to partner with Greater Greenville Housing in such a worthwhile project. They have been a good customer of our bank since 1992, and continue to improve the affordable housing stock in the Mississippi Delta."
Greater Greenville Housing hires local contractors to work on the selected homes. Mr. Spencer said the program is a win-win situation for everyone, including the homeowner receiving the repairs, the community for restoring a dilapidated home and improving the look and property value of the neighborhood, and the local contractors and vendors that earn income by providing the labor and supplies for these homes.
"This program definitely benefits our community in more ways than one," said Mr. Spencer. "It improves the lives of the homeowners, the look of the neighborhood, and stimulates the economy by providing jobs. It is very rewarding to see the impact our organization has on the community as a whole."
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.
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