Mississippi Apartment Complex Moves from Dream to Reality, Thanks in Part to an Affordable Housing Grant

BATESVILLE, Miss., Nov. 3, 2014 /PRNewswire-USNewswire/ -- A 102-unit apartment community has been rehabilitated, thanks in part to a $500,000 Affordable Housing Program (AHP) grant. The Federal Home Loan Bank of Dallas (FHLB Dallas), through its member institution Hope Credit Union, provided the grant. A ribbon-cutting ceremony was held at Skyview Apartments today, and Mississippi Governor Phil Bryant praised the project.

"This is a great day for the city of Batesville, cutting the ribbon on the first healthcare zone master-planned community," Governor Bryant said. "This is exactly the type of project we envisioned when we asked developers to submit these healthcare master plans, and I know this is only the first success story of many to come around Mississippi. These developments will provide workforce housing for families to raise their children in a safe place and pursue the American dream."

The Skyview Apartment complex was originally developed in 1978 and was in desperate need of rehabilitation. Hope Credit Union stepped in to help, securing the AHP grant for the ambitious project. The project also benefited from an allocation of Low Income Housing Tax Credits from Mississippi Home Corporation and other funding.

"Regardless of your socio-economic status, you shouldn't have to worry about not having a secure roof over your head," noted Bill Bynum, CEO of Hope Credit Union. "We are so excited to have been a part of this worthwhile project that is making safe and affordable housing available to our community's most vulnerable."

Greg Hettrick, vice president and director of Community Investment with FHLB Dallas, attended today's event, and said it is a great example of what can be accomplished when we pull our resources together. 

"Our member institutions are committed to being a viable partner in resolving affordable housing concerns in the communities they serve, and at FHLB Dallas, we support their efforts through our many grant programs," said Mr. Hettrick.

According to Vonnie Carroll, property manager for Skyview Apartments, the 102-unit complex is fully occupied by low-income families and elderly residents. The development consists of 18 residential buildings. There are 24 one-bedroom units, 26 two-bedroom units, 28 three-bedroom units, and 24 four-bedroom units.

"This property had aged over the years, and we are so thankful to Hope Credit Union, FHLB Dallas, and others who pulled together to turn this project from a dream into a reality," said Ms. Carroll. 

About Hope Credit Union

Hope Credit Union was organized in 1995, by the members of Anderson United Methodist Church as Mississippi's only church-sponsored credit union. In February 2000, the credit union expanded its field of membership to include several groups that share a mission of community development. Hope Credit Union has continued to expand, and now has locations in Arkansas, Louisiana, Mississippi and Tennessee.

About the Federal Home Loan Bank of Dallas

The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank system created by Congress in 1932. FHLB Dallas, with total assets of $37.5 billion as of September 30, 2014, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas.

Contact:

Corporate Communications
Federal Home Loan Bank of Dallas
www.fhlb.com
(214) 441-8445

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SOURCE Federal Home Loan Bank of Dallas

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