JACKSON, Miss., Nov. 4, 2011 (GLOBE NEWSWIRE) -- Representatives of The Fiscal Integrity and Economic Development (FI&ED) Association, Inc. gathered on Thursday, November 3, 2011, to accept a $4,000 Partnership Grant Program (PGP) award given by Trustmark National Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas). The grant funds will assist the nonprofit organization with utility bills and everyday operating expenses.
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FI&ED was established in 2003 through the efforts of Executive Director Marlene Solomon-Williams, an economist, and Chief Financial Officer Kayla Paul-Lindsey, a certified public accountant, to rehabilitate low-income housing for qualified urban and rural residents in the Jackson area. Many of the homes FI&ED works with are in such disrepair that the main goal is to restore them to a condition that may qualify for further assistance through the 2009 American Recovery and Reinvestment Act.
FI&ED works with local contractors and builders for a broad variety of home improvement tasks, including roof replacement and repair, floor and foundation repair, upgrades to electrical systems, removal of mold and mildew, and repair and replacement of walls, sheetrock, plumbing, and sewage lines. In 2010, the organization rehabilitated 73 homes and hopes to complete as many as 72 homes this year.
"The partnership grant funds will help us with everyday expenses," said Ms. Solomon-Williams. "As a private nonprofit, we rely on donations and grant funds to operate, and this is a welcomed gift that will help us continue to serve the housing needs of our area. The current housing situation in Mississippi is very sad, especially in rural areas, and we are trying to help in every way we can to prop up these homes in order to help them qualify for further assistance. FI&ED is the first stepping stone in getting these homes back to a safe and healthy condition."
PGP grants are awarded through FHLB Dallas member institutions, such as Trustmark National Bank, to assist with the operational needs of nonprofit, community-based organizations involved in affordable housing and community development. Partnership grants are based on cash contributions of $500 to $5,000 made by FHLB Dallas member institutions, which FHLB Dallas matches at a 3:1 ratio. FHLB Dallas awarded $225,000 in PGP grants this year.
Trustmark National Bank has been a long-time supporter of FI&ED and has facilitated multiple grants through FHLB Dallas's grant programs to support its efforts.
"Trustmark has developed a tremendous relationship with FI&ED over the years, and FHLB Dallas's grant programs have played a vital role in providing them capital to continue their rehabilitation and affordable housing efforts for low-income families in our community," said Steffani Jenkins, vice president and director of community development at Trustmark National Bank. "This partnership grant is unique in that it will help FI&ED with everyday expenses, such as paying utility bills or purchasing office supplies, so that they can delegate more funding to assist needy families.
Yesterday's check presentation honored FI&ED and its continued efforts to serve the Jackson community. To date, FI&ED has completed 35 homes this year, and 41 additional applicants are at various stages of the qualification process.
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 $31.4 billion as of September 30, 2011, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to more than 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit the FHLB Dallas website at fhlb.com.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013
The photo is also available via AP PhotoExpress.
