JACKSON, Miss., March 30, 2012 (GLOBE NEWSWIRE) -- Trustmark National Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) are pleased to announce they have awarded the Fiscal Integrity and Economic Development (FIED) Association a $500,000 Affordable Housing Program (AHP) grant to assist with necessary home repairs and modifications for very low-income, special needs homeowners.
This year, FIED is expanding its outreach to more communities in hopes of addressing the needs of a broad spectrum of very low-income residents. The grant funds will focus on heating and foundation repairs for 72 homes in rural communities across Mississippi, including Crystal Springs, Canton, Rolling Fork, Roxie, and Bolton.
"Within the last few years, Mississippi has had extremely cold winters with lots of snow and ice," said Marlene Solomon-Williams, executive director of FIED. "Our residents are not used to this type of weather, and many families do not have proper heating systems. Homes have burned down and families have died due to inadequate heating, such as using the stove to heat the home or dilapidated heating systems. Our main goal is to help families address this need, along with various other critical home repairs."
FIED will also focus on foundation repairs for qualified homes with pier and beam foundations. Ms. Williams said that many of the homes have holes in the floor, and a solid foundation can correct those issues, as well as other problems.
FIED was established in 2003, through the efforts of Ms. Williams, an economist, and Kayla Paul-Lindsey, a certified public accountant. The company works with local contractors and builders to make critical home repairs for very low-income, special needs families. FIED undertakes various projects, including roof repair and replacement, floorboard and foundation repair, upgrading threatening electrical systems, removal of mold and mildew, and repair and replacement of walls, sheetrock, and plumbing and sewage lines.
Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants issued through its member financial institutions, such as Trustmark National Bank, to assist in the development of affordable owner-occupied and rental housing for very low- to moderate-income households.
This is the second AHP grant awarded to FIED. Trustmark National Bank also facilitated its first AHP grant in 2010. FIED has received funding through other FHLB Dallas grant programs, such as the Partnership Grant Program, which provides grant funds to assist nonprofit organizations involved in affordable housing and economic development with operating expenses.
"There continues to be a growing need for quality, affordable housing for low-income Mississippi residents," said Steffani Jenkins, vice president and director of community development at Trustmark National Bank. "FIED has done tremendous work over the years, and takes great care in helping families in need. The AHP has provided continued support for this great organization, and Trustmark National Bank is proud to be a partner in FIED's efforts."
In 2011, FHLB Dallas awarded $11 million in AHP grants through its member institutions to 53 housing projects, which will help create or renovate 1,653 housing units across FHLB Dallas's five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. Of the $11 million awarded, more than $3 million was allocated to projects in Mississippi which will create or renovate 378 housing units within the state. FHLB Dallas has offered $7.5 million in AHP funds in 2012.
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 $33.8 billion as of December 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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