Laurel Housing Authority Receives $750K for Affordable Housing Complex

Hope Federal Credit Union and FHLB Dallas Provide Funds for New Apartments

LAUREL, Miss.--(BUSINESS WIRE)--Hope Federal Credit Union (HOPE) and the Federal Home Loan Bank of Dallas (FHLB Dallas) have awarded a $750,000 Affordable Housing Program (AHP) subsidy to Laurel Housing Authority (LHA) to tear down and rebuild an affordable housing apartment complex in Laurel, Mississippi.

LHA will raze the Beacon Homes complex, which was built in 1942, to build a new complex in its place with the same name. It will have 78 units for very low- to low-income families and individuals. Triangle Homes, the first phase of the project, consisted of 124 units and is under construction.

“The funds from the Affordable Housing Program will be used to replace the previous Beacon Homes units with energy efficient units with modern amenities,” said Ailrick Young, LHA development partner. “Additions will include internet access, which is essential in the current environment we live in.”

Services such as budget counseling, a fire safety program, a drug and alcohol prevention program and a health fair/screening will also be provided.

HOPE Senior Vice President of Community and Economic Development Phil Eide said the credit union likes to support nonprofit organizations that provide the community with affordable housing options.

“HOPE’s success in providing affordable housing is directly related to strong partnerships – in this case, a highly qualified and seasoned developer and an equally successful local housing authority,” said Mr. Eide. “HOPE appreciates the ongoing commitment to creating and preserving affordable housing and is proud to be associated with this development.”

AHP funds are intended to assist FHLB Dallas members in financing the purchase, construction and/or rehabilitation of owner-occupied, rental or transitional housing and housing for homeless individuals. AHP funds must be used to benefit households with incomes at or below 80 percent of the median income for the area.

In 2020, FHLB Dallas awarded $19.3 million in subsidies to 38 affordable housing projects. The subsidies will help create 2,749 new or rehabilitated housing units. Included in that total are $2.3 million in subsidies for 231 units of housing in Mississippi.

Since the AHP’s inception in 1990, FHLB Dallas has awarded more than $323 million in AHP and Homeownership Set-Aside Programs and has assisted more than 57,000 households.

“The Federal Home Loan Bank of Dallas is pleased to partner with Hope Federal Credit Union on such an impactful project that will improve the daily lives of so many people by providing a safe and enjoyable place to live,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas.

For more information about the AHP, visit fhlb.com/ahp.

About Hope Federal Credit Union

HOPE (Hope Enterprise Corporation, Hope Credit Union and Hope Policy Institute) provides financial services; aggregates resources; and engages in advocacy to mitigate the extent to which factors such as race, gender, birthplace and wealth limit one’s ability to prosper. Since 1994, HOPE has generated more than $2.9 billion in financing that has benefited more than 1.7 million people in Alabama, Arkansas, Louisiana, Mississippi and Tennessee.

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 $64.9 billion as of December 31, 2020, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit our website at fhlb.com.