CANTON, MISSISSIPPI, – (RealEstateRama) — Fifty owner-occupied homes for elderly and disabled residents in Canton, Mississippi, will be rehabilitated thanks in part to a $500,000 Affordable Housing Program (AHP) grant from BankPlus and the Federal Home Loan Bank of Dallas (FHLB Dallas). The grant, issued in 2015, will fund Phase 3 of a four-year rehab project, spearheaded by Canton Housing Authority.
The nonprofit organization has previously received two AHP grants from BankPlus and FHLB Dallas; the first grant was awarded to Canton Housing Authority in 2012 and the second grant was awarded in 2013. The grants – each for $495,000 – assisted in rehabilitating 59 homes. Phase 2 of the rehabilitation project is expected to be complete in May 2016. Canton Housing Authority is currently finalizing the application review process and expects Phase 3 of the rehabilitation project to wrap up in late 2018.
“There is a desperate need for additional affordable housing and much-needed repairs for the existing housing in this area,” said Stanford H. Beasley Sr., executive director at Canton Housing Authority. “Most of the houses are aged and in need of repair. The grant helps us provide necessary repairs to assist the elderly and disabled residents, thus making their homes meet code requirements.”
Without the grant, Mr. Beasley said residents would not have been able to make the much-needed upgrades to their homes, as their income limitations prevent them from spending outside of their budgets. U.S. census figures show that more than 21.5 percent of Mississippi residents were living below the poverty level in 2014, making Mississippi the poorest state in the nation.
Mark Ouellette, first vice president and director of Affordable Housing at BankPlus, said that providing home rehabilitation services to Canton’s vulnerable population is one of the first steps in making a positive impact in the community.
“BankPlus applauds Canton Housing Authority’s efforts to actively improve the quality of life for Canton’s senior and disabled population,” he said. “We are proud to partner with FHLB Dallas in making such vital services available to residents who otherwise could not afford home repairs.”
In 2015, FHLB Dallas awarded $7.4 million in AHP grants to 32 projects that will result in 965 new or renovated housing units. Mississippi received $1.5 million for the construction or renovation of 188 units. In 2016, FHLB Dallas is offering $7.6 million in AHP funds. Recipients will be announced later this year.
Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas, emphasizes the need for the AHP in the Canton area.
“The Affordable Housing Program is designed to provide affordable housing opportunities to communities that need it most. FHLB Dallas is proud to continue to partner with BankPlus and Canton Housing Authority to rehab these 50 properties, and positively impact the community in this regard,” said Mr. Hettrick.
FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions such as BankPlus. AHP grants fund a variety of projects, including home rehabilitation and modifications for low-income, elderly, and special-needs residents; down payment and closing cost assistance for qualified first-time homebuyers; and the construction of low-income, multifamily rental communities, and single-family homes.
BankPlus, with total assets of more than $2.6 billion, has more than 60 banking offices in 34 Mississippi communities. BankPlus offices are located in Belzoni, 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, Tupelo, 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 11 district banks in the FHLBank system created by Congress in 1932. FHLB Dallas, with total assets of $42.1 billion as of December 31, 2015, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 850 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. Visit fhlb.com for more information.