- June 15, 2018
Gap Funding Assisted in Construction of The Reserves of Gray Park
GREENVILLE, MISSISSIPPI, June 15, 2018 — The Reserves of Gray Park, a 42-unit apartment community in Greenville, Mississippi, is now open, thanks to a $224,000 Affordable Housing Program (AHP) grant from Planters Bank and Trust and the Federal Home Loan Bank of Dallas (FHLB Dallas). Local dignitaries and project representatives today attended a grand opening and check presentation to announce the funds.
The grant was awarded to the Greater Greenville Housing and Revitalization Association (GGHRA) for the construction of the apartment community. The grant provided gap financing for the affordable housing development.
The Reserves of Gray Park is a mixed use, mixed income, 'in-fill' housing development built on eight acres of land donated to GGHRA by the city in November of 2014. Hailed as the Delta's first sustainable, healthy community, the community consists of one-, two- and three-bedroom units.
The $4.4 million project is Greenville's largest single unit housing development in more than 30 years and serves individuals and families at or below 80 percent average median income, with 62.5 percent of the units reserved for very-low income residents.
"We don't have enough new quality affordable housing in the area so there is a great need for projects like these," said GGHRA Chief Executive Officer Daniel Boggs. "That's how we came to need this project."
FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions, like Planters Bank and Trust. 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.
"At Planters Bank and Trust, we are driven in part by a deep commitment to the communities we serve and are proud to utilize the AHP to benefit those communities," said Planters Bank and Trust First Vice President Parker England. "Our partnership with FHLB Dallas is the key."
According to the U.S. Census Bureau, the median year structures were built in Greenville is 1967, with less than 57 percent of the existing housing stock being constructed prior to 1969. According to the U.S. Department of Housing and Urban Development, Greenville maintains one of the highest concentrations of sub-standard housing within the state of Mississippi.
"FHLB Dallas' Affordable Housing Program opens the door for projects such as Ed Gray Park to come to fruition and we are proud to contribute to the betterment of the Greenville community in partnership with Planters Bank and Trust," said FHLB Dallas First Vice President and Director of Community Investment Greg Hettrick.
Mr. Boggs said the gap funding allowed the organization to build 10 additional units.
"The AHP grant was huge in making this project happen," said Mr. Boggs. "Without the funding from Planters and FHLB Dallas, we wouldn't have been able to build the 10 additional units."
About Planters Bank and Trust
Planters Bank and Trust Company opened its doors for business in 1920 in Ruleville, Mississippi. In July 1920, the bank had total assets of $268,000. As of December 31, 2017, the bank has $1.02 billion in assets and is headquartered in Indianola, Mississippi.
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 $65.1 billion as of March 31, 2018, is a member-owned cooperative that supports housing and community investment by providing competitively priced loans and other credit products to approximately 825 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.
Federal Home Loan Bank of Dallas