updated 10/25/2010 7:45:57 AM ET 2010-10-25T11:45:57

DALLAS, Oct. 22, 2010 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) is pleased to announce that it has awarded $6.2 million in Affordable Housing Program (AHP) grants, through certain of its member institutions, to help fund the purchase, construction, or renovation of 851 housing units in Mississippi.

A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8194

The grants are part of the $18.5 million in AHP grants FHLB Dallas awarded in 2010. AHP grants are used to purchase, construct, or rehabilitate single-family, transitional, and multifamily projects for very low- to moderate-income households. A majority of the 2010 AHP funding – nearly $12 million – was awarded to rental housing projects across FHLB Dallas's five-state District. This year marks the 20th anniversary of AHP, and the $18.5 million represents the largest amount FHLB Dallas has awarded in any single year of the program.

The Mississippi projects receiving AHP funding this year range from a transitional housing facility for homeless veterans, to down payment and closing cost assistance for income-qualified, first-time homebuyers, as well as emergency modifications and repairs for qualified very low-income homeowners, some of which are disabled. 

"For the past 20 years, FHLB Dallas has been committed to addressing the affordable housing needs of the communities served by its members," said FHLB Dallas President and CEO Terry Smith. "This year, by awarding a record-breaking $18.5 million in AHP grants, FHLB Dallas will continue to support the efforts of its members and community-based organizations through the creation, renovation, and expansion of affordable housing opportunities."

Representatives of FHLB Dallas recently joined the Mississippi Development Authority (MDA) and The First: A National Banking Association (The First), for a ground breaking of the first phase of Savannah Pines, LLC, which will include 178 newly constructed homes for low- to moderate-income families. Savannah Pines was awarded a $500,000 AHP grant from FHLB Dallas and The First to provide 91 qualified, low-income homebuyers with down payment and closing cost assistance. Once complete, Savannah Pines will consist of more than 300 homes with amenities such as walking trails, a playground, swimming pool, and onsite day-care. The groundbreaking ceremony took place at the Savannah Pines construction site in St. Martin on September 30, 2010.

"The mission of Savannah Pines is to provide safe and quality housing to those living on the Mississippi Gulf Coast that lost everything due to Hurricane Katrina," said Jerome Brown, Community Reinvestment Act officer at The First. "Many families in the area suffered a complete loss, and The First was fortunate to have access to AHP funding to assist these families with purchasing a new home in Savannah Pines. We hope to assist more organizations like Savannah Pines LLC, in order to continue to help with the rehabilitation efforts along the Mississippi Gulf Coast."

Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants made through its member institutions to benefit residents of communities in the Bank's five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. The AHP grants assist with the development of affordable owner-occupied and rental housing for very low- to moderate-income families and individuals. Since 1990, the Bank, through its members, has assisted more than 38,000 families with their affordable housing needs.

Below is a summary of the grants that were awarded to Mississippi projects in 2010, which total $6,232,704 for 851 units:

  • Cade Development Corporation received $500,000, issued through Trustmark National Bank, toward the construction of a three-story, 41-unit apartment community for low-income seniors.
  • The City of Vicksburg received $198,000, issued through BancorpSouth, to provide down payment and closing cost assistance for 18 low-income, first-time homebuyers.
  • Flagship United Community Development Corporation was awarded $500,000, issued through Whitney National Bank, toward the construction of a 100-unit apartment community for low-income residents.
  • Greater Greenville Housing received $112,000, issued through Planters Bank & Trust, to assist with necessary rehabilitation and modifications for 16 very low- to low-income homeowners in Washington County. 
  • International Relief and Development US received $276,704, issued through Whitney National Bank, to rehabilitate 40 homes of low-income homeowners that were damaged by Hurricane Katrina or other subsequent storms.
  • The Institute for Disability Studies at the University of Southern Mississippi received $220,000, issued through BancorpSouth, and $330,000, issued through BankPlus, in two AHP grants to provide down payment and closing cost assistance to special needs, first-time homebuyers in various areas across Mississippi. 
  • McComb Housing Authority was awarded a total of $364,000 in two AHP grants, issued through Trustmark National Bank, to assist with the construction of 52 duplex rental units for low-income residents in Pike County. 
  • Neighborhood Development Corporation received $175,000, issued through BancorpSouth, to provide 25 income-qualified, first-time homebuyers with down payment and closing cost assistance in Lee, Itawamba, Monroe, Union, Pontotoc, Prentiss, and Chickasaw counties.
  • North Midtown Community Development Corporation (NMCDC) received $50,000, issued through BankPlus, to assist five low-income, first-time homebuyers with down payment and closing costs on newly constructed or renovated homes in Jackson. 
  • Pine Belt Mental Healthcare Resources was awarded $168,000, issued through BancorpSouth, to assist with the construction of a 24-unit apartment facility for homeless veterans. 
  • Recover, Rebuild, Restore Southeast Mississippi (R3SM) received $500,000, issued through BancorpSouth, to rehabilitate 30 cottages for low- to moderate-income homebuyers in Forrest County.  
  • Sacred Heart Catholic Mission received $175,000, issued through BancorpSouth, to assist with necessary modifications and renovations to 25 homes in northeast Madison County. 
  • Savannah Pines LLC received $500,000, issued through The First: A National Banking Association, to provide 91 low- to moderate-income families with down payment and closing cost assistance.  
  • South Central Community Action Agency received $500,000, issued through BankPlus, to assist with emergency repairs for 72 very low-income families in south central Mississippi. 
  • Southern States Housing Group received $500,000, issued through Trustmark National Bank, toward down payment and closing cost assistance to qualified, low-income families in Gulfport.
  • Voices of Calvary Ministries, Inc. received $280,000, issued through BancorpSouth, and $300,000, issued through BankPlus, in two AHP grants to provide income-qualified families, including those with special needs, down payment and closing cost assistance. 
  • West Jackson Community Development Corporation received $84,000, issued through Trustmark National Bank, to assist with down payment and closing costs for five low-income families purchasing homes in the Bon Air subdivision in Jackson. 
  • The Wishcamper Companies, Inc. received $500,000, issued through Trustmark National Bank, to renovate a 120-unit multi-family rental facility that will serve low-income families in Hattiesburg. 

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The photo is also available via AP PhotoExpress.

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