BAY SAINT LOUIS, Miss., March 23, 2010 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) and BancorpSouth awarded Habitat for Humanity Bay-Waveland Area a $350,000 Affordable Housing Program (AHP) grant. The grant will provide 35 qualified first-time homebuyers in Hancock County with down payment and closing costs assistance to purchase a new home.
Hancock County was the hardest hit Mississippi gulf coastal region and suffered the most physical damage from Hurricane Katrina. Since then, building materials, labor, and insurance premiums have skyrocketed, making the creation of affordable housing quite a challenge. Habitat for Humanity Bay-Waveland Area is dedicated to providing safe, affordable, and quality housing to those in the most need. The grant funds will provide qualified, very low- to moderate-income recipients with $10,000 each to assist with the initial costs of buying a home, which will in turn reduce their overall monthly mortgage payment.
Habitat for Humanity Bay-Waveland Area has received a total of $1,050,000 in three AHP grants from FHLB Dallas since 2007. All three grants have been facilitated through BancorpSouth.
"There is still so much need in Hancock County for affordable housing," said Evelyn Edwards, vice president at BancorpSouth. "Even though it has been five years since Hurricane Katrina, it is important for BancorpSouth to continue to collaborate with nonprofit organizations and assist with the rebuilding efforts."
All 35 homes are expected to be completed in 2010. Habitat is in the process of selecting recipients, and currently has a waiting list of applicants.
"We are so grateful on behalf of all of the families we serve for the support from BancorpSouth and Federal Home Loan Bank of Dallas," said Wendy McDonald, executive director of Habitat for Humanity Bay-Waveland. "We are all very appreciative and thankful that we can offer this program and help those in our area get into new homes."
Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants issued through its member financial institutions. In 2009, FHLB Dallas awarded $10.5 million in AHP grants to 48 affordable housing projects in its five-state District, including more than $3.5 million in Mississippi, which will result in the creation or renovation of 425 affordable housing units in the state. In 2010, FHLB Dallas will offer up to $18.6 million in AHP grants.
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 $65.1 billion as of December 31, 2009, 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 web site at fhlb.com.
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