FOR IMMEDIATE RELEASE
March 21, 2019
Federal Home Loan Bank of Dallas
Banks Partner to Award $750K for 124 Low-Income Housing Units
Affordable Housing Program Funds Will Assist in Demolition and Construction
LAUREL, MISSISSIPPI, March 21, 2019 – A $750,000 Affordable Housing Program (AHP) grant from The First, A National Banking Association (The First) and the Federal Home Loan Bank of Dallas (FHLB Dallas) will assist with the demolition and construction of 124 new apartment units in Laurel, Mississippi.
The grant was awarded to LHA Enterprise Development (LHA), a nonprofit that develops affordable housing projects by renovating Laurel Housing Authority's portfolio of public housing units and community enhancement projects. This is the organization's first AHP grant.
The Triangle Homes will provide new, modern and affordable housing for 124 families. The $17.4 million project includes the demolition of 124 existing units originally built in 1941 and new construction of larger, more energy-efficient units. The Triangle Homes project covers approximately 25 percent of Laurel Housing Authority's stock of housing units. Construction for the apartment units will begin in mid-2019 and be completed in 2020.
"This project represents hope for a more comfortable, decent home for many families and could not have happened without the AHP grant," said Ailrick Young, executive director at LHA. "We'd like to thank all who put in the time and energy into securing funding for this project."
Jerome Brown, senior vice president and director of Community Development at The First said the AHP has enabled the bank to make an impact on the communities it serves.
"Part of our role as community bankers is to ensure that residents in our community have access to safe, decent and affordable housing," said Mr. Brown. "The AHP and our partnership with FHLB Dallas facilitate that role and we are very excited about The Triangle Homes project."
In 2018, the AHP, offered through FHLB Dallas member institutions, awarded $14 million in grants to 29 affordable housing projects. Since the program's inception in 1990, more than $278 million in AHP funds were awarded to assist 51,000 households.
"When you've got a larger-scale project such as The Triangles Homes, programs like the AHP can bring a lot more certainty to a timeline," said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. "This wouldn't be possible without The First's dedication to community development."
AHP funds are intended to assist FHLB Dallas members in financing the purchase, construction and/or rehabilitation of owner-occupied, rental or transitional housing for homeless individuals in their community. Funds for the program are targeted to benefit households with incomes at or below 80 percent of the median income of an area.
Visit fhlb.com/ahp for more information on the AHP.
About The First, A National Banking Association
The First, A National Banking Association, headquartered in Hattiesburg, Mississippi, began as a dream on a back porch in South Mississippi. A group of local businessmen talked about creating a bank that would take care of business by taking care of people one customer at a time... and The First was born. Now, that dream has grown from a back porch to cities and towns all over South Mississippi, South Alabama, and Louisiana. The First is more than a bank...because it is still a group of friends building relationships and taking care of business one customer at a time! The First currently has 73 locations and assets of $3 billion.
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 $72.8 billion as of December 31, 2018, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 825 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. Visit fhlb.com for more information.