$315K Grant to Help Refurbish 40 Affordable Rental Units in Jackson, Mississippi

BancorpSouth Bank and FHLB Dallas Award Affordable Housing Program Funds

JACKSON, Miss.--(BUSINESS WIRE)--BancorpSouth Bank (NYSE: BXS) and the Federal Home Loan Bank of Dallas (FHLB Dallas) have awarded a $315,000 Affordable Housing Program (AHP) grant to the Mississippi Housing Partnership to renovate 20 single-family and 20 multifamily rental units for low-income families.

At least one-fifth of these units will be set aside for families dealing with transitional or chronic homelessness.

“With this project, we will provide renovated, affordable housing to families in various areas of Jackson,” said Timothy Collins, executive director of Mississippi Housing Partnership. “We’ll be serving families, including the homeless and families of veterans, who simply cannot afford the rent of most commercial properties in the area. It is our hope that these 40 rental units will help improve neighborhood stability by addressing economic and quality-of-life concerns of our low-income families.”

Mr. Collins said he was grateful to BancorpSouth Bank and FHLB Dallas for funding the majority of the $362,000 project.

“This is a project that can substantially improve the lives of families in our Jackson community,” said Brad Maley, BancorpSouth Bank president – Jackson, Mississippi, market. “We are proud to support the Mississippi Housing Partnership and join with the Federal Home Loan Bank of Dallas to provide the bulk of the funding.”

FHLB Dallas awards AHP grants annually through members like BancorpSouth Bank to support the creation or rehabilitation of affordable housing units, among other uses. In 2019, FHLB Dallas awarded $17 million in AHP grants to 35 projects that will result in 2,122 new or renovated housing units. Of that, $4.6 million was awarded to Mississippi projects, and will result in 466 new or rehabilitated housing units.

“We are always happy to support projects like this one through our Affordable Housing Program because they have an undeniable impact on the community,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “By partnering with BancorpSouth, we are able to help Mississippi Housing offer these renovated units to low-income families at affordable rents. That’s a combination that is hard to beat.”

Visit fhlb.com/ahp for more information on the AHP.

About BancorpSouth Bank

BancorpSouth Bank (NYSE: BXS) is headquartered in Tupelo, Mississippi, with approximately $23 billion in assets. BancorpSouth operates approximately 310 full-service branch locations as well as additional mortgage, insurance, and loan production offices in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, including an insurance location in Illinois. BancorpSouth is committed to a culture of respect, diversity, and inclusion in both its workplace and communities. To learn more, visit our Community Commitment page at bancorpsouth.com; "Like" us on Facebook; follow us on Twitter@MyBXS; or connect with us through LinkedIn.

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 $75 billion as of June 30, 2020 is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. Visit fhlb.com for more information.