- March 04, 2019
Trustmark National Bank and FHLB Dallas Awards Affordable Housing Program Funds
LAUREL, MISSISSIPPI, March 4, 2019 — Trustmark National Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) have awarded a $750,000 Affordable Housing Program (AHP) grant to Mississippi-based nonprofit, Home Again. Inc. The grant will be used toward renovating Lone Oak apartments, a low-income housing tax credit development (LIHTC) in Laurel, Mississippi.
Lone Oak apartments is a 100-unit development with an expanding list of renovation needs.
The project to rehabilitate the property, dubbed Lone Oak II, will revitalize the affordable housing community, correcting issues in areas such as plumbing, electrical lines, heating, ventilation and air conditioning, leaking roofs, outdated kitchens and outdated bathrooms. The apartments are currently experiencing low occupancy due to its depreciating conditions.
Fortunately, the rehab project will begin late this spring and is expected to be complete by early 2020.
Home Again, Inc., a nonprofit subsidiary of multi-state community support and development organization, Hope Enterprise Corporation, will manage the rehab project and oversee its construction. Home Again, Inc. was originally created in 2006 to support revitalization and recovery following Hurricane Katrina and developing affordable housing for low- and moderate-income families in Mississippi.
This is the second time that Home Again Inc. has received an AHP grant from Trustmark and FHLB Dallas.
"It couldn't have been done without the AHP funds," said Phil Eide, president of Home Again, Inc. "The existing development is in disrepair and even with its LIHTC credits, it wasn't enough to bridge the gap of needed repairs. We are glad that funds were available to this property."
AHP funds are intended to assist FHLB Dallas members, like Trustmark, in financing 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.
"For decades, I have seen properties like Lone Oak deteriorate, making it hard for residents to have a safe place to live," said Kimberly Jones, community reinvestment officer for Trustmark. "We're happy to be part of this initiative to improve housing opportunities for low-income residents, as well as to help revitalize the Laurel community."
In 2018, FHLB Dallas awarded $14 million in AHP grants to 29 affordable housing projects. In Mississippi alone, more than $6 million AHP grants were awarded, equaling to almost 900 units.
"The AHP is a fundamental resource for improving the affordable housing conditions in a community," said Greg Hettrick, first vice president and community investment director at FHLB Dallas. "We thank Trustmark National Bank for continuing to utilize the AHP locally in the state of Mississippi."
To learn more about the AHP, visit fhlb.com/ahp.
About Trustmark National Bank
Trustmark Corporation is a diversified financial services company headquartered in Jackson, Mississippi, with 200 locations in Alabama, Florida, Mississippi, Tennessee and Texas. Trustmark provides banking, wealth management and insurance solutions through its subsidiaries, including Trustmark National Bank, Trustmark Investment Advisors, Inc., and Fisher Brown Bottrell Insurance, Inc. Visit www.trustmark.com for more information.
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.
Federal Home Loan Bank of Dallas