JACKSON, Miss.--(BUSINESS WIRE)--Thanks to a $175,000 Affordable Housing Program (AHP) grant from BankPlus and the Federal Home Loan Bank of Dallas (FHLB Dallas), Habitat for Humanity Mississippi Capital Area (HFHMCA) has rehabilitated and/or built 25 homes in the Jackson, Mississippi, area.
This grant was awarded to HFHMCA for the $2.3 million project. Other sources of funding came from homebuyer down payments, cash contributions and fundraising.
The AHP grant has helped the organization live up to its mission statement, “A Mississippi Capital Area where everyone has a decent place to live.” Thanks to HFHMCA’s efforts since 1986, more than 620 families in the Mississippi Capital Area have been able to afford their own homes. The AHP grant has provided the homeowners with down-payment assistance in the amount of $7,000 for each of the 25 homes, 10 of which are designated for those with special needs.
Jamie Bouie, land acquisition and community planning manager for HFHMCA, said that the Jackson community has already benefited greatly from these improvements.
“Thanks to the help of donors like FHLB Dallas and BankPlus, three homes have received down payment assistance so far,” said Ms. Bouie. “Two of the three were for families with special needs.”
Although all the homeowners are first-time homebuyers, only 10 of the homes will be newly constructed. To date, the grant has provided three of the 10 homes down payment assistance.
At least five of the 25 homes will be rehabilitated due to vacancy, abandonment or foreclosure. Home repairs will include new flooring, cabinets, paint, appliances, heating, ventilation, air conditioning, plumbing and electrical work.
HFHMCA builds and rehabilitates homes which are then sold at or below cost with a zero-interest mortgage to qualified low-income home buyers. With the no-interest mortgage payments offered by HFHMCA, the organization can fund more homes built in partnership with other families by helping build, then buy, their homes.
BankPlus First Vice President and Director of the Affordable Housing Program, Mark Ouellette, said he enjoys helping his community in any way he can.
“Partnering with FHLB Dallas helps us to further our community investment and be able to do more with organizations like Habitat for Humanity,” said Mr. Ouellette. “It is always a privilege to be able to give back to the community and have a meaningful and lasting impact.”
FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions, like BankPlus. 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.
The building and rehabilitation of all 25 homes is estimated to be complete on October 13, 2020.
“FHLB Dallas’ community investment programs allow us to help our members better serve their communities,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “BankPlus’ commitment to the community is what inspires us to keep doing what we do every day.”
BankPlus, with total assets of more than $2.7 billion, has more than 57 locations in 33 Mississippi communities. BankPlus is the largest certified Community Development Financial Institution in the United States. BankPlus offices are located in Belzoni, Bentonia, Brandon, Byram, Canton, Clinton, Durant, Flora, Flowood, Gluckstadt, Hernando, Holly Bluff, Horn Lake, Isola, Jackson, Lexington, Madison, Meridian, Newton, Olive Branch, Pearl, Picayune, Pickens, Poplarville, Quitman, Ridgeland, Shubuta, Southaven, Stonewall, Tchula, Tupelo, Waynesboro and Yazoo City. For additional information on BankPlus, please visit BankPlus.net.
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 $65.1 billion as of March 31, 2018, is a member-owned cooperative that supports housing and community investment by providing competitively priced loans and other credit products to approximately 825 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.