FOR IMMEDIATE RELEASE
May 10, 2017
Federal Home Loan Bank of Dallas
Congressman Bennie Thompson Announces $180K in Grant Funds
BancorpSouth Bank and FHLB Dallas Provide Funds for 25 Home Renovations in Marcus Bottom
VICKSBURG, MISSISSIPPI, May 10, 2017 — U.S. Representative Bennie Thompson (MS-2) today joined local dignitaries, the city of Vicksburg, BancorpSouth Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) at a home dedication ceremony in the Marcus Bottom neighborhood of Vicksburg, Mississippi. BancorpSouth Bank and FHLB Dallas awarded $180,000 in Affordable Housing Program (AHP) funds to the city of Vicksburg for the repair and rehabilitation of 25 homes in the Marcus Bottom neighborhood. Twenty homes are completed.
"This is a great example of public and private partnerships, with incentives, working together toward making housing affordable," said Congressman Thompson. "I congratulate all parties involved for a job well done."
Other attendees included State Representative Oscar Denton, representing Mississippi's 55th district and Vicksburg Mayor George Flaggs Jr.
"This AHP grant from BancorpSouth and FHLB Dallas contributes to the city of Vicksburg's goal of ensuring the prosperity of the residents of the Marcus Bottom area," said Mayor Flaggs. "Grant programs like the AHP help residents enjoy a higher quality of life and I am thankful to all who make Vicksburg a great place to live."
Representative Denton praised Mayor Flaggs, his board, BancorpSouth Bank and FHLB Dallas for their work in the affordable housing sector.
"There is a great need for safe, decent and affordable housing in this area," he said. "Thanks to the partnership between public and private entities, 25 families will live more comfortably."
AHP grants are available annually through FHLB Dallas member institutions such as BancorpSouth Bank to assist in the development of affordable owner-occupied and rental housing for very low- to moderate-income households located across FHLB Dallas' five-state District of Arkansas, Louisiana, Mississippi, New Mexico and Texas. In 2016, FHLB Dallas awarded $7.8 million in AHP grants to 27 projects that will result in 1,499 new or renovated housing units.
After the home dedication ceremony, a trolley tour of neighborhood homes assisted by the AHP grant was available to event attendees.
Eighty-seven-year-old Marie Smith's home was one that received repairs. AHP grant funds helped repair the roof of her home, which had a leak. The exterior of her home was also painted, roof cable gaps were filled and her window seals were repaired, as well. Ms. Smith, a retired housekeeper now living on a fixed income, said she now pays less for utilities.
"My house is warmer, I pay less for utilities and the house looks pretty now," she said.
BancorpSouth Bank Vice President and Community Development Grant Specialist Evelyn Edwards said working with FHLB Dallas helps BancorpSouth Bank support the needs of our communities.
"Our efforts involve collaborating with partners like FHLB to help redevelop and revitalize neighborhoods such as Marcus Bottom," said Ms. Edwards.
She also said that the AHP helps families continue to live on land that has been passed down from generation to generation. "There's a lot of family-owned land that people maintain because it's been passed down from generation to generation," she said. "Through the AHP, we're helping them keep their dream and inheritance."
City of Vicksburg Housing Director Gertrude Young has partnered with FHLB Dallas member institutions to provide affordable housing to Vicksburg residents since 2014 and sees first-hand the positive impact the AHP has on the community.
"The AHP helps Vicksburg residents make repairs to their homes they otherwise cannot afford," she said. "Everybody deserves a safe place to live and we are committed to partnering with financial institutions that can make affordable housing accessible to our neighbors."
Since 1990, the AHP has awarded more than $254 million for more than 47,000 projects across FHLB Dallas' five-state District.
FHLB Dallas First Vice President and Director of Community Investment Greg Hettrick said it's an honor to help BancorpSouth Bank preserve homes in the Marcus Bottom neighborhood.
"The AHP was designed for projects such as this one," said Mr. Hettrick. "Not only are we helping our member preserve an area with a rich cultural history, we are also helping repair the homes of residents who really need the help."
Ms. Smith looks forward to making new memories in her house.
"My house is very old," said Ms. Smith. "I raised my son here. I've been here for about 40 years and now that my house is more comfortable, I think I'll stay another 40 years."
About BancorpSouth, Inc.
BancorpSouth, Inc. (NYSE: BXS) is a financial holding company headquartered in Tupelo, Mississippi, with $14.9 billion in assets. BancorpSouth Bank, a wholly-owned subsidiary of BancorpSouth, Inc., operates 234 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.
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 $57.5 billion as of March 31, 2017, is a member-owned cooperative that supports housing and community investment by providing competitively priced loans and other credit products to approximately 850 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.