FOR IMMEDIATE RELEASE
September 25, 2019
Federal Home Loan Bank of Dallas
$31K Grant Awarded to Mississippi Housing Partnership
BancorpSouth Bank, BankPlus and FHLB Dallas Award Funds
JACKSON, MISSISSIPPI, September 25, 2019 — BancorpSouth Bank, BankPlus and the Federal Home Loan Bank of Dallas (FHLB Dallas) awarded $31,000 in Partnership Grant Program (PGP) funds to the Mississippi Housing Partnership (MHP), which helps with the revitalization and stabilization of neighborhoods in the city of Jackson through financing, rehabilitation and development of housing targeted for low- and moderate-income families. Representatives from the banks joined the organization at a check presentation yesterday in Jackson. A representative from Congressman Bennie Thompson's office was also in attendance.
Timothy Collins, executive director of MHP, said the funds will go toward the organization's operating costs including employee salaries, educational programming and fundraising efforts.
"We are so grateful for BancorpSouth, BankPlus and FHLB Dallas whose partnership will help us go directly into the community and meet low- to moderate-income individuals right where they are to work through their goals, desires and satisfy their housing needs," Mr. Collins said.
This is MHP's first PGP grant. BancorpSouth Bank and BankPlus encouraged Mr. Collins to apply for the PGP grant in addition to the Affordable Housing Program (AHP) funds he was applying for at the time. AHP funds are awarded annually by FHLB Dallas through its member institutions to fund the purchase, construction and/or rehabilitation of owner-occupied, rental or transitional housing, as well as housing for homeless individuals in communities. AHP funds are targeted toward households with incomes at or below 80 percent of the median income for the area.
"BankPlus is committed to supporting initiatives focused on the improvement of living conditions for Jackson residents," said Mark Ouellette, first vice president and director of the affordable housing program for BankPlus. "The PGP's partnership feature helps us extend the assistance even more."
Evelyn Edwards, vice president and corporate community development grant specialist for BancorpSouth Bank, said the funds are vital to nonprofits like MHP.
"There is a need for affordable housing for low- and moderate-income families in the Jackson area," Ms. Edwards said. "Our partnership with FHLB Dallas makes it possible to address the need and support affordable housing to improve living conditions for community residents."
With the PGP, FHLB Dallas member institutions like BancorpSouth Bank and BankPlus contribute $500 to $4,000 to a community-based organization (CBO), which FHLB Dallas matches at a 3:1 ratio. This year, FHLB Dallas awarded $300,000 in PGP funds through 25 member institutions to assist 27 CBOs. Combined with FHLB Dallas member contributions, a total of $442,500 has been awarded to the organizations.
"BancorpSouth Bank and BankPlus have done a lot of great work in the community investment sector," said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. "We're proud to provide a conduit through which they can maximize their outreach."
To learn more about the PGP, visit fhlb.com/pgp.
About BancorpSouth Bank
BancorpSouth Bank (NYSE: BXS) is headquartered in Tupelo, Mississippi, with approximately $20 billion in assets. BancorpSouth operates more than 300 full-service branch locations as well as additional mortgage, insurance, and loan production offices in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, including an insurance location in Illinois. BancorpSouth is committed to a culture of respect, diversity, and inclusion in both its workplace and communities. To learn more, visit our Community Commitment page at www.bancorpsouth.com; "Like" us on Facebook; follow us on Twitter@MyBXS; or connect with us through LinkedIn.
BankPlus, with total assets of more than $2.9 billion, has more than 55 locations in 32 Mississippi communities. BankPlus is one of the largest certified Community Development Financial Institutions in the United States. BankPlus offices are located in Belzoni, Bentonia, Brandon, Byram, Canton, Clinton, Durant, Flora, Flowood, Gluckstadt, Hernando, Holly Bluff, Horn Lake, Isola, Jackson, Lexington, Madison, Meridian, Newton, Olive Branch, Pearl, Picayune, Pickens, Poplarville, Quitman, Ridgeland, Shubuta, Southaven, Stonewall, Tchula, Tupelo, Waynesboro and Yazoo City. For additional information on BankPlus, please visit BankPlus.net.
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 $74.5 billion as of June 30, 2019, is a member-owned cooperative that supports housing and community investment by providing competitively priced loans and other credit products to approximately 810 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.