BILOXI, Miss.--(BUSINESS WIRE)--Thanks to an $84,000 Affordable Housing Program (AHP) grant from Community Bank Coast and the Federal Home Loan Bank of Dallas (FHLB Dallas), 12 families in George and Greene counties in Mississippi will receive significant upgrades to their homes.
The grant was awarded to George/Greene Habitat for Humanity (George/Greene HFH), which is spearheading the rehabilitation of the 12 homes. The project will benefit low-income families, many of whom have special needs. The scope of the rehabilitation work includes roofing and HVAC cleaning and installation, which is important, according to George/Greene HFH Executive Director Sue Trosclair, as most of the homes do not have air conditioning.
Ms. Trosclair also said grants like the AHP are the lifeblood of projects such as this.
“We are a rural Mississippi affiliate with no major industry in our network,” she said. “We have to raise our own funds so this grant is very important to us.”
FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions, like Community Bank Coast. 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.
“For rural areas such as this, AHP grants are vital,” said Harry Piascik, vice president at Community Bank Coast. “In many instances, AHP grants are the only source of funding so we are glad to be able to provide liquidity to our customers through the AHP.”
Since 1990, the AHP has awarded more than $254 million for more than 47,000 projects across FHLB Dallas’ five-state District.
“The AHP is often used as a source of gap funding for affordable housing projects,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “In this case, the grant is providing 100 percent of the funding so these projects can happen. It would not be possible without the support of our member, Community Bank Coast.”
Ms. Trosclair said the projects would not have happened without the grant.
“Our organization serves about 50,000 people in two counties,” she said. “All we can do is help one family at a time and make a difference in as many lives as we can. Community Bank Coast has been so helpful as a member of FHLB Dallas and I appreciate the partnership that has developed between us.”
Rehabilitation on the homes began in November 2016 and is expected to be completed in December 2017.
About Community Bancshares of Mississippi, Inc.
Community Bancshares of Mississippi, Inc., formerly Farmers and Merchants Bank, started more than 100 years ago in a small timber community in east central Mississippi and has grown by employing a unique approach to one of America’s most routine industries. From 1995 until today, with few acquisitions, Community Bancshares has grown from $200 million in assets and a couple of offices to more than $2.8 billion in assets, 44 offices and over 700 employees in four states.
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 $57.5 billion as of March 31, 2017, is a member-owned cooperative that supports housing and community investment by providing competitively priced loans and other credit products to approximately 850 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.