HATTIESBURG, Miss., Nov. 9, 2012 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) and BancorpSouth are pleased to announce they have awarded a $147,000 Affordable Housing Program (AHP) grant to the University of Southern Mississippi Institute for Disability Studies (IDS). The grant will assist in IDS's efforts to provide down payment and closing cost assistance to qualified homebuyers through its Home of Your Own (HOYO) program.
The funds will provide 11 very low- and three low-income homebuyers with $10,000 each in down payment and closing cost assistance, and $500 for homebuyer pre-purchase counseling. Through HOYO, the AHP grant will target special needs households, rural community homebuyers, and homebuyers purchasing foreclosed properties in specific areas of the state.
"This grant allows our homebuyers to purchase decent and safe housing," said Cassie Hicks, coordinator of housing initiatives at IDS. "Also, the down payment assistance allows these families to have an affordable mortgage payment, which increases their chances of maintaining their housing indefinitely."
IDS has partnered with BancorpSouth since 2007 to utilize $564,500 in AHP funding. AHP grants are available through FHLB Dallas member institutions, such as BancorpSouth, to assist in the development of affordable, owner-occupied and rental housing for very low- to moderate-income households primarily across FHLB Dallas's five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas.
"Nothing adds to the quality of a person's life more than knowing they have a safe place to call their own," said Evelyn Edwards, BancorpSouth vice president of community reinvestment. "This is especially true for the work made possible through partnerships like BancorpSouth's with IDS and FHLB Dallas. Poverty already poses a significant barrier to many families in our state; add living with a disability to the equation, and the prospects for getting ahead can be next to impossible. These grants ensure that people who need help the most can make their homeownership dreams a reality. Likewise, empowering those who are disabled acts as an inspiration to others who may experience similar circumstances at some point in their lifetime. This is a win-win from every perspective. These homeowners work twice as hard to make sure this investment is a sound one for their families and for their lenders."
FHLB Dallas returns a portion of its profits to support the AHP. In 2012, FHLB Dallas awarded $7.6 million through its member institutions in the form of AHP grants, of which more than $3.2 million was awarded to projects in Mississippi to assist in the creation and/or rehabilitation of 476 housing units.
About the University of Southern Mississippi
The University of Southern Mississippi (USM), founded in 1910, is a comprehensive doctoral and research-extensive university fulfilling its mission of being a leading university in engaging and empowering individuals to transform lives and communities. In a tradition of leadership for student development, Southern Miss is educating a 21st century work force providing intellectual capital, cultural enrichment and innovation to Mississippi and the world. Southern Miss is located in Hattiesburg, Miss., with an additional campus and teaching and research sites on the Mississippi Gulf Coast. The Institute for Disability Studies has been located at USM for over 30 years and is part of a national network of 67 University Centers on Disabilities advancing policy and practice for and with individuals with disabilities, their families and communities. More information on IDS can be found at www.usm.edu/ids.
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 $35.2 billion as of September 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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