DALLAS, Sept. 15, 2011 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) is pleased to announce that more than $3 million in Affordable Housing Program (AHP) grants have been awarded to 13 low- to moderate-income housing projects throughout the state of Mississippi. These funds will go toward building or renovating 378 affordable housing units across the state.
AHP grants are awarded by FHLB Dallas through its member institutions to assist in financing the purchase, construction, or rehabilitation of very low- to moderate-income single-family, rental, transitional and multi-family housing units.
"Our agency knows how important affordable housing is to our fellow Mississippians," said Dianne Bolen, Executive Director of the Mississippi Home Corporation, the state's Housing Finance Agency. "We are excited that these projects received funding from the FHLB Dallas's AHP, and know they will help ease the affordable housing burden in Mississippi. FHLB Dallas continues to demonstrate its dedication to act as a valuable partner for affordable housing entities throughout the region."
Projects receiving AHP funding in Mississippi this year include an affordable multifamily apartment community for low-income residents who lost their homes in recent hurricanes, down payment and closing cost assistance for income-qualified, first-time homebuyers, and emergency home modifications and repairs for qualified very low-income and disabled homeowners.
"We know our members' communities depend on these funds to obtain safe affordable housing, and we're happy to be a part of the process," said FHLB Dallas President and CEO Terry Smith. "For more than 20 years, the AHP has provided the necessary funding that fills the funding gaps and propels many of these projects to completion."
About the Affordable Housing Program
Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants made through its member institutions to benefit residents of communities in the Bank's five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. Since 1990, the Bank, through its members, has assisted approximately 40,000 families with their affordable housing needs.
Below is a summary of the grants that were awarded to Mississippi projects, which total $3,062,284 for 378 units:
- Choctaw Housing Authority received $217,000 through Trustmark National Bank to construct 31 single family homes on tribal land in northeast Neshoba County.
- Community Students Learning Center received $308,000 through BankPlus to rehabilitate 44 low-income homes located throughout Holmes and Carroll Counties.
- Flagship United Community Development Corporation received $250,000 to assist in the construction of a 30-unit apartment community for low-income residents in Waveland.
- The FIED Association received $500,000 through Trustmark National Bank to rehabilitate 72 low-income, single-family homes in five counties across Mississippi.
- Greater Greenville Habitat for Humanity received $5,284 through Planters Bank & Trust Co. to construct a single family home for a low-income, first-time homebuyer in Greenville.
- GlobeSRV received $196,000 through BankPlus to rehabilitate 28 low-income, single-family homes in Jackson.
- Habitat for Humanity Metro Jackson received $400,000 through BankPlus to rehabilitate 40 low-income, single family homes in Jackson.
- Mountain of Faith Ministries received $390,000 through Trustmark National Bank to purchase and rehabilitate an existing facility to provide housing and transitional services to 30 homeless residents in Vicksburg.
- Northeast Mississippi Habitat for Humanity received $50,000 through Renasant Bank to construct five single-family homes for low-income, first-time homebuyers in Tupelo.
- Pontotoc County Habitat for Humanity received $21,000 through Renasant Bank to assist three families with down payment and closing costs on newly constructed homes in Pontotoc.
- RHA Affordable Housing II, Inc. received $500,000 through Wells Fargo Bank South Central to construct The Lodge at Olive Branch, a 64-unit senior living facility, in Olive Branch.
- Sacred Heart Catholic Mission received $200,000 through BancorpSouth to rehabilitate 25 low-income, single family homes in Camden.
- Starkville Habitat for Humanity received $25,000 through BancorpSouth Bank to assist five low-income, first-time homebuyers with down payments and closing costs on single-family homes in Starkville.
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 $31.4 billion as of June 30, 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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