JACKSON, Miss., March 7, 2012 (GLOBE NEWSWIRE) -- GlobeSRV, Inc. (GlobeSRV) was established in 2010 as a charitable organization in partnership with Pinelake Church to assist rehabilitation and development efforts in communities in need, both at home and abroad. Since its inception, GlobeSRV had operated solely on donations by individuals, but in 2011, the organization was able to expand their efforts thanks to a $196,000 Affordable Housing Program (AHP) grant through BankPlus and the Federal Home Loan Bank of Dallas (FHLB Dallas). The organization will use the grant funding to assist very low-income, elderly, and special needs homeowners with critical home repairs.
The AHP grant will enable GlobeSRV to assist 28 homeowners with various home repair and modification needs, such as bathroom and kitchen modifications, handicap accessibility, roof replacement, ramp construction, and flooring and sheetrock repair. GlobeSRV serves residents in the city of Jackson as well as its surrounding rural areas.
"We are very excited to receive this grant funding, as it will enable us to expand our services to more families than we ever have before," said David Hardin, consultant for GlobeSRV. "We have served families all over the world, but recognize the critical needs of homeowners in our own city. So many more families will be touched by this grant, and we greatly appreciate the support of BankPlus and FHLB Dallas in our efforts."
Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants issued by its member financial institutions, such as BankPlus, to assist in the development of affordable owner-occupied and rental housing for very low- to moderate-income households.
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.
"I'd been hearing wonderful things about GlobeSRV for quite some time," said Mark Ouellette, director of affordable housing at BankPlus. "When I saw some of their work first-hand, it became apparent to me why so many were praising the organization and why BankPlus should contribute to their efforts. Because of the amount of highly skilled volunteer labor they bring to a project, GlobeSRV has the ability to make a tremendous impact at a fraction of the cost that might be incurred otherwise. I've been excited about this grant since the day we began talking about it, and I am proud that BankPlus has helped bring it to fruition."
Approximately $7,000 in grant funds will be allocated for each qualified home. GlobeSRV is already in the process of selecting the recipient families and visiting the homes that will soon be rehabilitated. GlobeSRV also partners on occasion with other community organizations to maximize its materials and skilled labor resources, and hopes to have all 28 homes completed by 2013.
About BankPlus
BankPlus, with total assets of more than $2 billion, has over 60 bank offices in 33 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, Olive Branch, Pearl, Picayune, Pickens, Poplarville, Quitman, Ridgeland, Shubuta, Southaven, Stonewall, Tchula, Waynesboro and Yazoo City. For additional information on BankPlus, please visit BankPlus.net.
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 web site at fhlb.com.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013