BAY ST. LOUIS, Miss., Dec. 1, 2011 (GLOBE NEWSWIRE) -- Representatives from Whitney Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) joined the Flagship United Community Development Corporation (Flagship) Wednesday for the grand opening of the Bay Pines Apartments, an affordable housing community in Bay St. Louis, Mississippi.
A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=11174
Bay Pines contains 100 apartments in Bay St. Louis, Mississippi, for very low- to low-income residents. Whitney Bank and FHLB Dallas awarded the project a $500,000 Affordable Housing Program (AHP) grant in 2010 to assist with construction.
"Before Hurricane Katrina, Hancock County experienced a shortage of decent affordable housing for people with low incomes. Today, for many families, finding an affordable home is still the first step in rebuilding their lives," said Sunada Pool Brookins, vice president and community affairs officer at Whitney Bank's New Orleans headquarters. "We at Whitney Bank have been honored to work with the Bay Waveland Housing Authority and FHLB Dallas to secure the grant for Bay Pines, help revitalize the Gulf Coast, and facilitate opportunities for people in our Hancock County communities."
The original Bay Pines development was constructed in 1970 as 65 public housing units configured in single, duplex and quad-plex buildings. All the buildings were either destroyed or not suitable for residents following Hurricane Katrina. The buildings were demolished in December 2009, and a plan to develop single units and duplex units was established. The complex also contains a 4,312-square-foot community building that will serve as the location for the housing authority office headquarters.
"Partnering with the Bay Waveland Housing Authority on the Bay Pines Housing development represents our latest commitment to the post Hurricane Katrina redevelopment efforts of the Bay Waveland Housing Authority," said Art Schuldt, a partner at Centerpointe Regional Housing Development LLC, which has assisted Flagship in developing the complex. "Today's ground breaking is proof that by working together with talented and committed organizations, we can make a better future."
Bay Pines Apartments has been 100 percent occupied since September 30, 2011, with the first tenant moving in on May 2, 2011.
"Bay Pines is great because, while there are a lot of tax credit units here in the Bay St. Louis and Waveland area, we meet a population of people who really cannot even afford tax credit units. But because we are public housing and use section 8, we meet a need in the community that was not being met. The very low and low-income residents in our community now have a nice, affordable place to live," said Janine Lee, president of Flagship, and executive director of the Bay-Waveland Housing Authority.
Flagship was established after Hurricane Katrina to assist areas substantially damaged by hurricanes. Flagship is fully operated by the BayWaveland Housing Authority.
The opening of Bay Pines restores 100 housing units that were lost to Hurricane Katrina.
"I can't say enough about the leadership and tireless effort of the Flagship United Community Development Corporation which effectuated this wonderful project," said Bay St. Louis Mayor Les Fillingame. "The partnerships that were created were the missing link to this great opportunity to provide affordable housing to our less fortunate citizens, which will restore a part of their dignity. Thanks to Whitney Bank and the Federal Home Loan Bank of Dallas for providing an important source of funds for these homes that we are so proud of."
About the Flagship United Community Development Corporation (FUCDC)
FUCDC is a nonprofit development company that was established shortly after Hurricane Katrina. The FUCDC partners with public housing authorities to develop affordable housing in low-income areas. The FUCDC primarily focuses on locations affected by Hurricane Katrina, and currently operates throughout Kansas, Louisiana, Mississippi, Oklahoma, and Texas.
About Hancock Holding Company
With $20 billion in assets, Hancock Holding Company (Nasdaq:HBHC) is the parent company of Hancock Bank and Whitney Bank. The company operates almost 300 full-service bank branches and nearly 400 ATMs across a Gulf South corridor spanning Mississippi, Louisiana, Alabama, Florida, and Texas and includes Hancock Investment Services, Inc.; Hancock Insurance Agency and its divisions of J. Everett Eaves and Ross King Walker; Magna Insurance Company; Southern Coastal Insurance Agency, Inc.; corporate trust offices in Gulfport and Jackson, Miss., New Orleans and Baton Rouge, La., and Orlando; and Harrison Finance Company. More information is available at www.hancockbank.com and www.whitneybank.com.
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 $31.4 billion as of September 30, 2011, 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.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013
The photo is also available via AP PhotoExpress
