YAZOO CITY, Miss.--(BUSINESS WIRE)--Bank of Yazoo and the Federal Home Loan Bank of Dallas (FHLB Dallas) have awarded a $330,000 Affordable Housing Program (AHP) subsidy to Gateway Community Development Corp. (Gateway CDC) to help fund the $5.9 million Roberts Estates II development in Yazoo City, Mississippi.
“The plan is to create 33 new affordable rental housing units and expand the supply of affordable housing for very low- and low-income households,” said Gateway CDC CEO Alpresteon S. Billings. “The funds from Bank of Yazoo and FHLB Dallas will help pay for the construction costs. The board of directors and I are very appreciative of the assistance.”
The development will consist of 10 two-bedroom and 23 three-bedroom apartments. Construction is expected to begin in December and be completed in about two years. The development will include rental units for the disabled, the chronically homeless and persons with mental illness. It will also offer a variety of services to residents.
“This is a project that will help address the significant need for affordable rental housing in Yazoo City,” said Jamey Carter, senior vice president for Bank of Yazoo. “We are pleased to join with FHLB Dallas to support Roberts Estates II and the families whose lives will be greatly improved by having a safe, modern place to live with access to an assortment of services.”
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 $19.4 million in subsidies to 38 affordable housing projects. The subsidies will help create 2,749 new or rehabilitated housing units. Included in that total is $2.3 million for 231 units 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.
Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas, said that Bank of Yazoo has a history of supporting its communities in the Mississippi Delta.
“We applaud their support of this important project, and we are happy to join them in providing funds,” Mr. Hettrick said.
For more information about the AHP, visit fhlb.com/ahp.
About Bank of Yazoo
Bank of Yazoo 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 $61.1 billion as of March 31, 2021, 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.