YAZOO CITY, Miss.--(BUSINESS WIRE)--A $750,000 Affordable Housing Program (AHP) grant from Bank of Yazoo City (Bank of Yazoo) and the Federal Home Loan Bank of Dallas (FHLB Dallas) will assist Yazoo City Housing Authority (YCHA) in renovating six low-income apartment complexes in Yazoo City, Mississippi.
Established in 1952 in accordance with state and federal law, YCHA manages Gateway Affordable Communities, a portfolio of apartments throughout Yazoo County consisting of senior communities and multifamily properties. YCHA operates a variety of programs designed to provide affordable housing solutions to Yazoo County residents and to promote community and economic development.
The renovations will improve living conditions for the 1,200 low- to very low-income residents who call Gateway home.
“This comprehensive rehabilitation is a strip-to-studs renovation that will place all units in a like-new condition,” said Art Schuldt, president of Housing Solutions Alliance, LLC, managing member of this rehab project. “This effort is all about transforming lives in the wake of dwindling external funds and securing a financial footing for Yazoo City Housing Authority for years to come.”
A portion of the $750,000 AHP grant will be earmarked for such improvements as added insulation, replacement of interior doors and frames, windows, ceilings and floors, painting, kitchen and bathroom fixtures and new heating, ventilation and air conditioning systems. The water and sewer infrastructure will also be replaced and additional parking and a new laundry facility will be added.
Construction started in January, and the project is scheduled for completion in two years. Aside from the renovations, a portion of the grant will be applied toward gap funding.
Prior to this revitalization initiative, more than 70 units had been deemed uninhabitable, according to Mr. Schuldt.
This is the second AHP grant for YCHA.
AHP funds are intended to assist FHLB Dallas members like Bank of Yazoo in financing the purchase, construction and/or rehabilitation of owner-occupied, rental or transitional housing, as well as housing for homeless individuals in communities. AHP funds are targeted toward households with incomes at or below 80 percent of the median income for the area.
“This rehab project is such a huge undertaking,” said Van Ray, president, CEO and chief lending officer of Bank of Yazoo. “For us to partner with FHLB Dallas and contribute something to this initiative that we know will affect hundreds of residents means a lot to our bank.”
In 2018, FHLB Dallas awarded $14 million in AHP grants to 29 affordable housing projects. In Mississippi alone, more than $6 million AHP grants were awarded, affecting approximately 900 units.
“We deeply admire Bank of Yazoo’s commitment to quality affordable housing in the Mississippi Delta,” said Greg Hettrick, first vice president and Community Investment director at FHLB Dallas.
To learn more about the AHP, visit fhlb.com/ahp.
About Bank of Yazoo City
Bank of Yazoo City was founded in 1876 and currently operates in Madison, Rankin and Yazoo Counties in Mississippi. Bank of Yazoo is an Equal Housing Lender which provides traditional banking products and services and understands the importance of giving back to the community and supporting the financial needs of the communities in which it operates. For more information, visit bankofyazoo.com.
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 $72.8 billion as of December 31, 2018, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 825 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. Visit fhlb.com for more information.
