DALLAS, July 20, 2009 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) is pleased to announce it has awarded an $80,000 Affordable Housing Program (AHP) grant to The Neptune Group of Cedar Hill, Texas. The grant will assist with the rehabilitation of 10 homes for very low-income elderly and disabled occupants in Shelby, Mississippi. Funding was made available through Trustmark National Bank in Jackson, Mississippi.
Gerard Hankins, Vice President of Trustmark National Bank, said that each of the 10 selected homes will receive $8,000 for renovations. According to Mr. Hankins, the applicants were selected based on the number of occupants living in the home, total monthly income, the source of that income, and employment.
"We met with the City Council and with representatives from The Neptune Group and everyone was very excited about what we are getting ready to do," Mr. Hankins said. "It's amazing to get to work with The Neptune Group and to be in a position to fund this project. There is a lot of work to be done in Shelby, and this project is truly designed to help people who have a definite need to upgrade their property, and who wouldn't be able to do it themselves."
The funds are intended to improve the overall standard of living for elderly and disabled residents in Shelby by making any necessary home improvements. Rehabilitation will focus on basic interior and exterior repairs such as plumbing, electrical, roofing, and weatherization, and will even include energy-efficient upgrades. Through this activity, sub-standard units will be converted into safe, healthy, durable, affordable, and energy-efficient homes.
"We intend to revitalize the homes of people who are really in need of help. It's all about helping the community," said Eric Busby, contractor for The Neptune Group. "I'm very passionate about helping elderly and disabled citizens because those are the people that are usually left out or forgotten. A lot of them typically have a fixed income and therefore are not able to afford basic maintenance and repairs that come along with homeownership. This grant provides us with an opportunity to help them and to rebuild the city of Shelby."
Sharon Johnson, CEO of The Neptune Group, is working alongside Mr. Busby on the project. As a Shelby native, Ms. Johnson could not be more excited for the restoration that is about to take place in her hometown.
"Last year, I went home for the holidays and saw places that were spiraling downward. A lot of revitalization needed to take place," said Ms. Johnson. "I decided to form a team to come together and bring Shelby back. We talked to the mayor of Shelby, and he has been very supportive of our project and is willing to do whatever is needed to make it a success. We also received a ton of support from the community."
Each year, FHLB Dallas returns 10 percent of its profits to the communities served by member institutions in the form of AHP grants issued through its member financial institutions. In 2009, FHLB Dallas has awarded $5.4 million to projects within its five-state District, including nearly $1.3 million to projects in Mississippi, resulting in the creation or renovation of 136 housing units in the state.
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 $68.7 billion as of March 31, 2009, is a member-owned cooperative that supports housing and community development by providing competitively priced loans 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 web site at fhlb.com.
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