Banks Award $488K Grant to Rehab 72 Mississippi Homes

A $488,000 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 72 homes in Laurel, Mississippi. Local dignitaries yesterday joined bank and project representatives at a check presentation ceremony at the office of Laurel Mayor Johnny Magee to award the funds.

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FHLB Dallas and The First, A National Banking Association awarded a $488,000 Affordable Housing Program grant to Laurel Housing Authority to rehabilitate 72 homes. (Photo: Business Wire)

“Laurel is a small town with a rich history,” said Mayor Magee. “While it’s known as the town that timber built, I’d also like to recognize the partnerships that sustain this city. Thanks to this grant, 72 families will enjoy greater quality of life and for that we thank all parties involved, especially the Federal Home Loan Bank of Dallas and The First.”

Laurel Housing Authority Executive Director Ailrick D. Young said the AHP means a great deal to community-based organizations and communities.

“The grant provides for individuals who have worked their entire lives, own their own homes, yet their retirement funds don’t cover the costs of critical repairs,” said Mr. Young.

The repairs funded by the grant will range from major rehabilitation work to installation of wheelchair ramps, said Mr. Young.

“The community is strengthened through our partnership with FHLB Dallas,” said Jerome Brown, senior vice president and director of Community Development at The First. “We’re committed to community investment and are thankful to drive positive change in the community through the AHP.”

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.

“The AHP is part of FHLB Dallas’ mission to assist our members with providing affordable housing options to their communities,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “The key element to success is our partnership with The First.”

In 2017, FHLB Dallas awarded $7 million in grants to 19 affordable housing projects. The grants will help create 1,108 new or rehabilitated housing units. Mississippi received $1.5 million for the construction or renovation of 231 units. Since the inception of the AHP in 1990, FHLB Dallas has awarded more than $261 million in AHP and AHP-funded grants to assist more than 48,500 families.

Mr. Young said without the grant, the repairs most likely would not be possible.

“I cannot emphasize enough how vitally important public-private partnerships and grants like this are,” said Mr. Young. “When organizations work together like this and take the lead in providing funding, it’s a huge asset to the communities.”

Mayor Magee said there is a tremendous need for the AHP in the Laurel community.

“We are always looking to partner with organizations and people to improve the lives of our citizens,” he said. “We are just so appreciative to be a part of this.”

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 48 locations and assets exceeding $1 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 $66.4 billion as of September 30, 2017, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 840 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. Visit fhlb.comfor more information.

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