JACKSON, Miss., March 24, 2016 /PRNewswire-USNewswire/ -- The Jackson Housing Authority (JHA) will be able to assist an additional 35 families with the help of $250,000 in Affordable Housing Program (AHP) grant funds from BankPlus and the Federal Home Loan Bank of Dallas (FHLB Dallas).
With an estimated 30 percent of Jackson, Mississippi, residents at or below the poverty line, according to the most recent U.S. Census Bureau data, the organization has been busy serving low-income residents of the Mississippi state capital.
The Jackson Housing Authority received two AHP grants in 2015 as part of $7.4 million in AHP funding awarded through FHLB Dallas member institutions, like BankPlus.
One AHP grant of $112,125 will assist 15 income-qualified, low-income homebuyers, providing each with $7,000 in down-payment assistance. A second AHP grant of $140,000 will help 20 low-income households with home rehabilitation. Of these households, 60 percent will qualify as elderly or disabled.
"The Jackson Housing Authority is a groundbreaker in our community, supporting affordable new construction and facilitating critical structural and safety-related repairs to existing homes," said Mark Ouellette, vice president and director of Community Investment at BankPlus. "We are honored to partner with them in service to the Jackson metro area."
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.
Jackson Housing Authority Executive Director Allison Cox said the AHP grants will support the housing authority's core purpose.
"Our mission is to be the community leader in providing quality affordable housing," she said. "Equally important to our mission is that JHA maintains a safe environment supported by programs and services that encourage economic improvement, personal empowerment, and homeownership. These AHP grants will assist us in accomplishing that. Thank you, BankPlus and FHLB Dallas!"
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. FHLB Dallas will award $7.6 million in 2016 AHP grants. Recipients will be announced later this year.
"We are pleased to continue our partnership with BankPlus in service to low-income residents of Mississippi," said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. "Their commitment to affordable housing aligns well with our core mission."
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.
Federal Home Loan Bank of Dallas
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SOURCE Federal Home Loan Bank of Dallas