DALLAS, June 28, 2007 (PRIME NEWSWIRE) -- The Federal Home Loan Bank of Dallas (Bank) awarded $8 million in Affordable Housing Program (AHP) grants to 54 projects located in Arkansas, Louisiana, Mississippi, New Mexico and Texas. The AHP grants will help create or renovate 1,259 housing units.
AHP grants are used to purchase, construct or rehabilitate single-family, transitional and multi-family projects for very low- to moderate-income families.
"The Bank recently awarded $8 million in affordable housing grants, which are awarded twice a year to our member institutions, enabling them to make a positive impact in their local communities. We have now awarded over $169 million in affordable housing grants since the program began in 1990," commented Bruce Hatton, Vice President, Director of Community Investment.
AHP GrantAwarded to West Jackson Community Development Corporation
The mission of West Jackson Community Development Corporation (CDC) is to facilitate the redevelopment of the West Jackson area surrounding the campus of Jackson State University (JSU) through the development of programs and activities that address the rapid increase of unemployment, drug use, teen pregnancy, and the physical decay of the area. Their vision for a positive change in the community is being realized through its partnership with BankPlus, a local member bank.
Through BankPlus, the Federal Home Loan Bank of Dallas awarded a $336,000 AHP grant for West Jackson CDC's program to improve the local area through housing renovations. The AHP grant awarded to West Jackson CDC will be used to rehabilitate 24 existing properties in the JSU campus area that have deteriorated over the past several decades. The properties to be rehabilitated include 12 owner-occupied homes in need of major repairs, and 12 homes donated by JSU.
Linda Carter, Executive Director for West Jackson CDC stated, "We are grateful to BankPlus for its dedication and hard work which resulted in the Federal Home Loan Bank of Dallas AHP grant. Their commitment to making decent, safe and affordable housing available to low- to moderate-income families really made the difference in earning this grant, which will greatly impact dozens of families' lives in Jackson."
BankPlus' commitment to the revitalization effort is recognizable by its newly constructed full-service bank facility located adjacent to the JSU campus. The new BankPlus branch serves both the campus and local community through its affordable housing, minority business and community development personnel and also encourages student traffic by providing an internet lounge.
"We are excited about the opportunity to partner with West Jackson CDC and the Federal Home Loan Bank of Dallas. By utilizing our individual strengths, we can collectively make a major difference in the lives of the families in our community. Homeownership is the backbone of a strong community and this rehabilitation grant will not only assist in strengthening housing, but more importantly in strengthening families," remarked Mark D. Ouellette, Vice President and Director of Affordable Housing for BankPlus.
West Jackson CDC is one of many community success stories that the Federal Home Loan Bank of Dallas has assisted through its member institutions. Thus far in 2007, the Bank has awarded the following amounts in affordable housing grants, listed by state:
Summary by State
* Arkansas: $1,191,288 for 197 housing units * Louisiana: $1,706,900 for 242 housing units * Mississippi: $1,647,202 for 195 housing units * New Mexico: $661,000 for 98 housing units * Texas: $2,800,000 for 527 housing units
By statute, the Bank returns 10 percent of its profits each year to the communities served by member institutions in the form of AHP grants. In 2006, the Bank awarded $17.5 million in grants to 123 projects that created or renovated 3,523 housing units and has awarded more than $169 million in grants since the program began in 1990. Information about the program is available in the Community Investment section of the Bank's website at www.fhlb.com/community/ahp/.
About 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. The Bank, with total assets of $53.3 billion as of March 31, 2007, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit the Bank's website at www.fhlb.com.
The Federal Home Loan Bank of Dallas logo is available at http://www.primezone.com/newsroom/prs/?pkgid=3013
About West Jackson Community Development Corporation
The West Jackson Community Development Corporation (West Jackson CDC) is a 501(c)(3) non-profit organization, which serves as an entity for community-based leadership and the revitalization of the community surrounding Jackson State University.
About BankPlus
BankPlus, with total assets of more than $1.8 billion, has 61 banking offices in 34 Mississippi communities. In addition to its Belzoni Main Office, other BankPlus offices are located in Bentonia, Brandon, Byram, Canton, Clinton, D'Iberville, Durant, Flora, Flowood, Gluckstadt, Hernando, Holly Bluff, Horn Lake, Isola, Jackson, Lexington, Madison, Meridian, Newton, Ocean Springs, Olive Branch, Pearl, Picayune, Pickens, Poplarville, Quitman, Ridgeland, Shubuta, Southaven, Stonewall, Tchula, Waynesboro and Yazoo City.