Banks Award $375K Grant to Rehab 38 Mississippi Homes
FHLB Dallas and The First, A National Banking Association Provided Funds
LAUREL, MISSISSIPPI, February 8, 2019 — (RealEstateRama) — A $375,000 Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Dallas (FHLB Dallas) and member institution, The First, A National Banking Association (The First), will rehabilitate 38 homes in Laurel, Mississippi. The grant was awarded to Laurel Housing Authority, which will provide repairs ranging from minor repairs and painting to substantial roof and structural repairs.
Laurel Housing Authority Executive Director Ailrick D. Young said the grant will make a significant impact on the community.
“This grant will help residents who have worked their entire lives to own their own homes, yet their retirement funds don’t cover the costs of critical repairs,” said Mr. Young. “The AHP grant will make life more comfortable for 38 families in an area that so desperately needs it.”
Senior Vice President and Director of Community Development at The First, Jerome Brown, said partnership and heart are the foundation of community investment.
“Our philosophy is rooted in our commitment to the community,” said Mr. Brown. “Community investment starts with a passion for paying it forward and utilizing the tools at hand. In this case, the tool we used is the AHP through our FHLB Dallas membership.”
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 The First. 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.
“We appreciate The First’s long-time use of the AHP,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “Many people will be positively affected by their commitment to the improvement of the community.”
In 2018, FHLB Dallas awarded $14 million in AHP grants to 29 projects that will result 1,853 new or renovated housing units. Of that, $6.2 million was awarded to Mississippi projects, and will result in 897 new or rehabilitated housing units. Since the inception of the AHP in 1990, FHLB Dallas has awarded more than $278 million in AHP and AHP-funded grants to assist more than 51,000 families.
Mr. Young said without the grant, the repairs most likely would not be possible.
“We are overjoyed to have received the funding for these repairs,” said Mr. Young. “I cannot emphasize how important programs such as the AHP are to our mission.”
Visit fhlb.com/ahp for more information on the AHP.
About The First, A National Banking Association
The First, A National Banking Association, headquartered in Hattiesburg, Mississippi, began as a dream on a back porch in South Mississippi. A group of local businessmen talked about creating a bank that would take care of business by taking care of people one customer at a time… and The First was born. Now, that dream has grown from a back porch to cities and towns all over South Mississippi, South Alabama, and Louisiana. The First is more than a bank… because it is still a group of friends building relationships and taking care of business one customer at a time! The First currently has 73 locations and assets of $3 billion.
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 $73.7 billion as of September 30, 2018, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 825 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. Visit fhlb.com for more information.
Federal Home Loan Bank of Dallas