FOR IMMEDIATE RELEASE
November 18, 2016
Federal Home Loan Bank of Dallas
$250K Grant from FHLB Dallas and The First, A National Banking Association Supports Camille Court Apartments
30-Unit Complex Replaces Affordable Housing Lost in Hurricane Katrina
WAVELAND, MISSISSIPPI, November 18, 2016 – Camille Court Apartments, a 30-unit complex for low-income families, recently celebrated its grand opening. The project was helped by a $250,000 Affordable Housing Program (AHP) grant in 2014 from the Federal Home Loan Bank of Dallas (FHLB Dallas) and The First, A National Banking Association, which was used for construction costs.
Developed by the Bay Waveland Housing Authority and its nonprofit affiliate, the Flagship United Community Development Corporation (Flagship UCDC), the 15-building complex replaces affordable housing destroyed 11 years ago by Hurricane Katrina.
"This community endures," said Janine Lee, executive director at Flagship UCDC. "We have seen hard times and persevered to arrive at this new day for Waveland and Hancock County. These apartments bring hope and stability, so families are able to better focus on their lives. We are appreciative of FHLB Dallas and The First for backing this critical project."
The 20 one-bedroom and 10 two-bedroom units feature high-efficiency heating and air conditioning, washers and dryers, fully equipped kitchens with dishwasher, microwave, range, oven, and refrigerator. The complex also includes a community building with a business and training center.
FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions, like The First, A National Banking Association. AHP grants fund a variety of projects, including home rehabilitation and modifications for low-income, elderly, and special-needs residents; down payment and closing cost assistance for qualified first-time homebuyers; and the construction of low-income, multifamily rental communities and single-family homes.
"The AHP provides important gap funding for developments like Camille Court," said Bruce Hatton, vice president and Affordable Housing Program manager at FHLB Dallas. "Undertakings of this size and scope often require the cooperation of many organizations. Working with dedicated individuals on this project has brought it to fruition. It's a new day in Waveland, and FHLB Dallas appreciates this opportunity to invest in the future through our member, The First."
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 $58.4 billion as of September 30, 2016, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 850 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. Visit fhlb.com for more information.