JACKSON, Miss., July 14, 2010 (GLOBE NEWSWIRE) -- Local and state leaders will join area residents and representatives of the Jackson Medical Mall Foundation (Foundation), the Federal Home Loan Bank of Dallas (FHLB Dallas), the Mississippi Development Authority (MDA), and the Department of Housing and Urban Development, to celebrate the groundbreaking of the Foundation's first affordable housing endeavor.
Located east of the Jackson Medical Mall, the approximately $3 million project will include 24 affordable and green-friendly, single-family homes ranging from two to five bedrooms. MDA provided $2.6 million in funding through the American Recovery and Reinvestment Act (ARRA), and Trustmark National Bank and FHLB Dallas awarded a total of $260,000 in two Affordable Housing Program (AHP) grants to the project.
"The Federal Home Loan Bank of Dallas is proud to partner with Trustmark National Bank in support of this project," said Greg Hettrick, vice president and director of community investment for FHLB Dallas. "This is an exciting time and we look forward to attending the ceremony and visiting the site of the future development. We appreciate the Foundation's efforts to address the affordable housing needs of this area, and believe that this project will have a significant impact on the neighborhood and the Jackson community."
Steffani Jenkins, vice president and director of community development at Trustmark National Bank, said she is thrilled to see construction begin on this project. She said the Foundation was a perfect candidate for the AHP program and believes this development will help to further their mission to serve very low- and low-income residents in the Jackson community.
"Trustmark is pleased to be a part of the Jackson Medical Mall Foundation's efforts to provide much needed affordable housing to the area surrounding the mall," said Ms. Jenkins. "This is just one of the ways Trustmark National Bank can stay involved and give back to the communities we serve."
The new development will target very low to low-income, first-time homebuyers, and will be constructed with structural insulated panels that are more environmentally friendly and will significantly cut down on energy costs for the homeowners. The funding provided by MDA and FHLB Dallas will assist with the construction costs of the project, and a portion of the FHLB Dallas funds will assist the homebuyers with down payment and closing costs.
"It is important that we do not set our new homeowners up for failure by placing them under heavy financial obligations," explains Kelli Sharpe, director of development and government affairs for the Foundation. "The additional funds will help us eliminate high mortgage costs on the front-end by providing down payment and closing cost assistance to new homeowners."
After almost 15 years in business, the Foundation decided to take a different approach to promote health and wellness in the Jackson community by taking on this affordable housing development. The organization hopes it will revitalize the area surrounding the Jackson Medical Mall and attract more housing projects as well as new business.
"The area around the Jackson Medical Mall has deteriorated over the past several decades," said Primus Wheeler, executive director of the Foundation. "With this project, we are going to revitalize the neighborhood in hope that it will uplift the area and encourage further redevelopment and a new vitality for the community as a whole."
The groundbreaking ceremony begins at 10:00 a.m. on Thursday, July 15, at the corner of Prosperity and East Street, which is off of Woodrow Wilson Drive and east of the Jackson Medical Mall. Harvey Johnson Jr., Mayor of the City of Jackson, will be in attendance, as well as representatives from each organization, the Foundation staff, and area residents and future first-time homebuyers. The ceremony will mark the beginning of the construction stage for this much anticipated project.
Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants that are issued by its member financial institutions, such as Trustmark National Bank. In 2009, FHLB Dallas awarded $10.5 million in AHP grants to 48 affordable housing projects within its five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas, of which $3.5 million was awarded in Mississippi and will result in the creation or renovation of 425 affordable housing units in the state. In 2010, FHLB Dallas will offer up to $18.6 million in AHP grants.
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 $58.7 billion as of March 31, 2010, is a member-owned cooperative that supports housing and community development by providing competitively priced advances 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 web site at fhlb.com.
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