JACKSON, Miss., May 12, 2011 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) and Trustmark National Bank (Trustmark Bank) are pleased to announce they have awarded an $84,000 Affordable Housing Program (AHP) grant to the West Jackson Community Development Corporation (West Jackson CDC) to provide 10 low-income, first-time homebuyers with down payment and closing cost assistance in the Bon Air subdivision.
Bon Air is a 35-lot subdivision in Jackson, Mississippi, that is targeted for low-income homebuyers. The property is located just miles from downtown Jackson and Jackson State University. The site previously contained dilapidated housing until the city of Jackson cleared the land and West Jackson CDC acquired the deed. The idea to construct a new, single-family subdivision on the property was conceived in 2008.
West Jackson CDC has worked diligently to create a safe, quality subdivision that is affordable for low-income families. Ten families have moved into the new subdivision, and 13 homes have been completed. As construction continues in Bon Air, the AHP grant will provide an additional 10 families with down payment and closing cost assistance.
Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants that are distributed through its member institutions, such as Trustmark National Bank. AHP assists in the development of affordable, owner-occupied and rental housing for very low- to moderate-income households located primarily within FHLB Dallas's five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas.
In 2010, FHLB Dallas awarded $18.5 million in AHP grants through its member institutions, the largest amount in any single year since the program's inception in 1990. Approximately $6.2 million of the 2010 AHP funds were allocated to projects in Mississippi to assist in the development or renovation of 851 units within the state. In 2011, FHLB Dallas has offered $10.5 million in AHP grants. AHP grant recipients will be announced this summer.
"Our beneficiaries are low-income families that cannot qualify to purchase a home on their own," said West Jackson CDC Executive Director Linda Carter. "It is very important that we have support in raising funds for first-time homebuyers so that these families have a chance for a stable and, more importantly, affordable life."
West Jackson CDC worked with Steffani Jenkins, vice president at Trustmark National Bank, to apply for the AHP grant. Since the grant was awarded, several families have already benefited from the funds.
"With the assistance of the AHP grant, Trustmark Bank is able to provide funding to truly deserving families," Ms. Jenkins said. "We are proud to be able to make such a huge impact on the lives of families in one of the many communities we serve."
The Bon Air homes offer varying floor plans, each of which includes three bedrooms, two bathrooms, living room space, and a two-car garage. Each home has a brick exterior and consists of about 1,800 square feet of living space. In addition, each home offers front and back yards. The remaining homes are scheduled to be completed by fall 2012.
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 $33.2 billion as of March 31, 2011, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to more than 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit the FHLB Dallas website at fhlb.com.
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CONTACT: Corporate Communications Federal Home Loan Bank of Dallas www.fhlb.com (214) 441-8445
