FOR IMMEDIATE RELEASE
December 17, 2014
Federal Home Loan Bank of Dallas
Homeless Disabled Veterans Soon to Move into New Homes, Thanks in Part to Affordable Housing Grant
BILOXI, MISSISSIPPI, December 17, 2014 – Back Bay Mission’s six-unit housing project that will provide affordable housing for homeless veterans has come to fruition, and today, an open house was held for HomePort II. The Peoples Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) provided a $60,000 Affordable Housing Program (AHP) grant for the project.
“We are just tickled to death that the project has been completed,” said Chevis Swetman, president of The Peoples Bank. “Back Bay Mission does exceptional work, and we are happy to do anything we can to support them and their efforts.”
HomePort II features six, one-bedroom, one-bath apartments at 600 square feet each. They are all fully furnished, come with a fully equipped kitchen, and are ENERGY STAR-rated. The apartment complex is located on a bus route and is in close proximity to a grocery store and hospital.
“The funding from The Peoples Bank and FHLB Dallas was critical to the successful completion of HomePort II,” said Everett Lewis, associate for housing initiatives at Back Bay Mission. “Back Bay Mission and Gulf Coast Housing Initiative consider The Peoples Bank and FHLB Dallas important strategic partners to our work in affordable housing. We look forward to working with them on future affordable housing projects.”
According to Derek Eady, community relations director with the 92-year-old Bay Back Mission, the organization is looking beyond HomePort II.
“We aren’t stopping with HomePort II. We fully expect there to be a phase three,” Mr. Eady said. “Our goal is to provide housing to every homeless veteran in South Mississippi.”
AHP grants are awarded through FHLB Dallas member financial institutions, such as The Peoples Bank, to assist in the development of affordable, owner-occupied and rental housing for very low- to moderate-income households.
This year, FHLB Dallas awarded $9.8 million in AHP funding to 33 projects, primarily within its five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. The 2014 grants will result in the creation or rehabilitation of 1,586 housing units.
Since the program’s inception in 1990, FHLB Dallas has awarded more than $228 million in AHP grants to help approximately 42,000 families obtain safe, affordable, and quality housing.
“Our military veterans have served our country with courage and honor, and we are proud to partner with The Peoples Bank in support of Back Bay Mission’s efforts to provide our veterans with safe, affordable housing,” noted Greg Hettrick, FHLB Dallas vice president and director of Community Investment.
About The Peoples Bank
The Peoples Bank was organized in April of 1896 to address the increasing need for banking services. The first Peoples Bank building was erected on the northwest corner of Howard and Lameuse Streets in Biloxi, Mississippi. The bank officially opened for business on April 15, 1896. Today, The Peoples Bank operates 18 branches along the Mississippi Gulf Coast in Hancock, Harrison, Jackson and Stone counties.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $37.5 billion as of September 30, 2014, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas.