TUPELO, Miss., Aug. 17, 2012 (GLOBE NEWSWIRE) -- As a school teacher, Jerrion Smith knows the value of education. So when she decided to buy a house, she turned to a homebuyers program offered by the city of Tupelo, Mississippi, that teaches attendees everything they need to know about becoming homeowners.
The city's Neighborhood Development Corporation (NDC) provides educational assistance in support of the revitalization and redevelopment of deteriorating neighborhoods in Tupelo and throughout Lee County. Peggy Woods, community coordinator for the city of Tupelo, manages the program.
Participants are required to attend eight hours of homebuyer education classes where they learn about the financial requirements associated with buying a house, how to work with a realtor, how to apply for and receive a mortgage, and how to create and adhere to a budget.
"I was fortunate because when I called I was told that the next class would start the following Saturday," Ms. Smith said. "So I was able to get in right away. The classes prepare you for what is to come."
Ms. Smith also received down payment and closing cost assistance through an Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Dallas (FHLB Dallas) and BancorpSouth Bank to NDC.
"BancorpSouth has been partnering with FHLB Dallas for several years to assist organizations in our communities with creating opportunities for families to have access to affordable housing," said BancorpSouth Bank Vice President Chip Ashford. "Through this AHP grant, we will help 25 families achieve homeownership, which is great for the families and great for the communities."
Ms. Smith couldn't be happier with her home.
"I was able to get a good price on a four-bedroom, two-bath house with a two-car garage. There's even a lake behind the house," Ms. Smith said.
Saving the money for the down payment and closing costs would have taken her a long time, but because she received the assistance from the AHP grant, Ms. Smith and her children -- 7-year-old son, Lundin, and 6-month-old daughter, Kortlyn -- now live in what Ms. Smith describes as a tranquil and safe neighborhood.
"Now I have something I can leave my kids," she said.
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 BancorpSouth Bank. AHP grants also assist in the development of affordable, owner-occupied and rental housing for very low- to moderate-income households located primarily within FHLB Dallas's five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. In 2012, FHLB Dallas awarded $7.6 million in AHP grants, including more than $3.2 million to support housing projects in Mississippi.
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 $34.7 billion as of June 30, 2012, 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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