WAVELAND, Miss., Feb. 3, 2016 /PRNewswire-USNewswire/ -- Hancock Resource Center (HRC) has been awarded a $240,000 Affordable Housing Program (AHP) grant from The First, A National Banking Association and the Federal Home Loan Bank of Dallas (FHLB Dallas). The funds will assist 30 low-income, elderly and/or special-needs homeowners living in substandard conditions to make critical home repairs.
"To be considered 'standard condition,' homes must meet the minimum standards of building codes and the home must be safe and sound," said Rhonda Rhodes, HRC president. "We are talking about critical areas, not cosmetic or maintenance work. These are things like structural integrity, energy consumption, and home resiliency. We are so thankful for this AHP grant. Without this program, these homeowners would be living in housing that is not safe and sound. Not only does it improve the quality of life for the homeowner, but it improves the neighborhood and the community."
C. Jerome Brown, senior vice president and director of Community Development at The First, A National Banking Association, said the AHP grant directs needed resources to a population struggling to make ends meet.
"An estimated one-third of Gulf Coast residents live below the poverty line, and of those who own homes, the maintenance and upkeep is cost-prohibitive," Mr. Brown explained. "The AHP grant will help 30 of these families to make badly needed repairs to their homes. We are honored to be part of the solution through FHLB Dallas."
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, A National Banking Association. 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.
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. The 2016 AHP funds will be announced later this quarter.
"Helping individuals and families repair their homes is a great step in reducing substandard housing," said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. "FHLB Dallas is proud to support The First, A National Banking Association and Hancock Resource Center in their efforts to improve the quality of life in this part of the state."
About The First, A National Banking Association
The First, 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 31 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 $43.0 billion as of September 30, 2015, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 865 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. Visit fhlb.com for more information.
Federal Home Loan Bank of Dallas
SOURCE Federal Home Loan Bank of Dallas