FOR IMMEDIATE RELEASE

Contact:
Larry Marshall
larry.marshall@fhlb.com
www.fhlb.com
(214) 441-8442

Federal Home Loan Bank of Dallas Awards $971,000 in Grants for Affordable Housing in Mississippi

Projects located in Corinth, Hattiesburg, Marks, Port Gibson, Rome, Tunica and Vicksburg

DALLAS, TEXAS. July 16, 2003 – The Federal Home Loan Bank of Dallas (FHLBank of Dallas) today announced more than $971,000 in affordable housing grants through its member financial institutions in the state of Mississippi. 

Grants will go to 10 projects that create 147 new housing units in the communities of Corinth, Hattiesburg, Marks, Port Gibson, Rome, Tunica and Vicksburg, and other states. Total development costs for the projects exceed $12.2 million.

Grants were awarded to the following projects:

• Affordable Housing Program (Vicksburg): $100,000 provided through BancorpSouth Bank, Vicksburg, for closing cost and down payment assistance for 20 very low- and low-income first-time homebuyers.
• Housing Preservation Program (Marks): $100,000 provided through Quitman/Tri-County Federal Credit Union, Marks, for rehabilitation of 10 single-families homes for very low-income homebuyers.
• Mutual Self-Help Housing Program (Corinth): $83,856 provided through Trustmark National Bank, Corinth, for down payment assistance for 16 very low- and low-income homebuyers.
• Port Gibson Apartment Homes (Port Gibson): $167,932 provided through United Mississippi Bank, Natchez, for construction of a 12-unit multi-family rental facility for very low- and low-income families.
• QCDO Homeownership Program (Marks): $50,000 provided through Quitman/Tri-County Federal Credit Union, Marks, for down payment assistance for five very low- and low-income families in rural Mississippi.
• Self-Help Housing (Tunica): $65,000 provided through Covenant Bank, Clarksdale, for down payment assistance for 13 very low- through moderate-income first-time homebuyers.
• Rome Apartment Houses (Rome): $59,571 provided through Planters Bank & Trust, Indianola, for construction of a 12-unit multi-family rental facility for very low- and low-income families in rural Mississippi.
• Randleman School Commons (Randleman, N.C.): $210,000 provided through First National Bank of Clarksdale, Clarksdale, for rehabilitation of a 30-unit multi-family rental in a vacant historic school building.
• Virginia Place (Shreveport, La.): $59,850 provided through BancorpSouth Bank, Vicksburg, for construction of a 14-unit rental unit for homeless adults diagnosed with mental ailments.
• Wofford Park (Hattiesburg): $75,000 provided through OmniBank, Jackson, for construction of a 15-unit multi-family rental facility targeted to low-income disabled individuals.

FHLBank of Dallas provides grants twice a year through its Affordable Housing Program (AHP). Member institutions partner with community organizations to apply for AHP funds that can be used for the purchase, construction and/or rehabilitation of single family, transitional and multi-family rental projects. Since the program’s inception, the FHLBank of Dallas has contributed nearly $134 million toward the completion of more than 31,000 housing units. For more information about the AHP program, visit FHLB.com.

The FHLBank of Dallas, established by Congress in 1932, is a $55 billion privately owned wholesale institution that provides low-cost funding and other credit products through member institutions located in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. FHLBank of Dallas is a member of the Federal Home Loan Bank System and is one of 12 regional FHLBanks providing funding for housing, small business, rural, and agricultural loans to more than 8,000 member institutions across the country.

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