WAVELAND, Miss.--(BUSINESS WIRE)--The First, a National Banking Association (The First) and the Federal Home Loan Bank of Dallas (FHLB Dallas) have awarded a $400,000 Affordable Housing Program (AHP) subsidy to Hancock Resource Center (HRC) to rehabilitate 40 homes owned primarily by older and special-needs adults as well as low-income residents in rural Hancock and Harrison counties over the next two years.
The project started almost 10 years ago when the organization received its first AHP subsidy. The recent storms along the Gulf Coast have created an influx of residents that are unable to make repairs to their home and live in a safe environment.
Rhonda Rhodes, executive director at HRC, said the AHP is a great opportunity to serve individuals and families who can’t afford to make home repairs.
“Providing accessible housing is something we do,” Ms. Rhodes said. “The AHP allows us to fund repairs in our community to help improve safety and appearance for those folks who can’t afford them. We have worked with The First and FHLB Dallas for a long time, and we really appreciate the partnership.”
Jerome Brown, executive vice president and director of Community Development at The First, said the AHP is a great tool for community banks.
“AHP benefits community banks by allowing them to participate in innovative projects in their communities,” said Mr. Brown. “It’s been an honor to partner with FHLB Dallas to benefit low-income older and special-needs residents across Hancock and Harrison counties.”
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.
For 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 almost $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 First is a great advocate for AHP and its benefits,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “They’ve been a great partner and have leveraged the AHP in a multitude of projects over the years.”
For more information about the AHP, visit fhlb.com/ahp.
About The First Bancshares Inc.
The First Bancshares, Inc., headquartered in Hattiesburg, Mississippi, is the parent company of The First, A National Banking Association. Founded in 1996 near Hattiesburg, Mississippi, The First has grown rapidly through South Mississippi, South Alabama, Louisiana, Florida and Georgia providing services competitive to those found at larger regional banks. The company’s stock is traded on Nasdaq Global Market under the symbol FBMS. Information is available on the company’s website www.TheFirstBank.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.