Banks Partner to Award $750K for 75 Elderly and Special-Needs Housing Units

CANTON, Mississippi, March 21 -- The Federal Home Loan Bank of Dallas, a district bank in the Federal Home Loan Bank System, issued the following news release:

* * *

- BankPlus and FHLB Dallas Provide Funds to Assist in Community Rehabilitation

* * *

Seventy-five housing units for low-income elderly and disabled residents will be rehabilitated in Madison County, Mississippi, thanks to a $750,000 Affordable Housing Program (AHP) grant from BankPlus and the Federal Home Loan Bank of Dallas (FHLB Dallas). The Madison County rehabilitation project is managed by Canton Housing Authority (CHA). The estimated two-year project will help provide safe, decent and affordable housing.

CHA has received various other AHP grants within the last decade totaling about $1.2 million in 2012, 2013 and 2015 from BankPlus and FHLB Dallas for a three-phase project to rehabilitate homes across Canton, Mississippi. An additional $169,500 AHP grant was awarded in 2013 to create a homeowner program assisting low-income residents with down payment assistance.

"The funds are crucial to our organization in helping assist those who are less fortunate with their housing needs," said Stanford H. Beasley Sr., executive director at Canton Housing Authority. "The grant will help us sustain our homes to extend their useful life and provide affordable housing in an area with severe poverty levels."

According to data from the Greater Jackson Alliance Mississippi, 52 percent of Canton's population has incomes less than $24,999.

The Madison County rehabilitation project is expected to begin in March 2020 and be completed by early 2022.

BankPlus First Vice President and Director of Affordable Housing, Mark Ouellette, said the AHP has helped them create a positive impact on the community.

"We have used the AHP time and time again," said Mr. Ouellette. "The AHP and our partnership with FHLB Dallas enables BankPlus to get involved with our community and provide organizations such as Canton Housing Authority the support needed to carry out their mission and improve affordable housing."

FHLB Dallas awards AHP grants annually through members like BankPlus to support the creation or rehabilitation of affordable housing units, among other uses. In 2019, FHLB Dallas awarded $17 million in AHP grants to 35 projects that will result in 2,122 new or renovated housing units. Of that, $4.6 million was awarded to Mississippi projects, and will result in 466 new or rehabilitated housing units.

"It's great to see the AHP in action by helping those who truly need safe and affordable housing," said Greg Hettrick, FHLB Dallas' first vice president and director of Community Investment. "The Madison County rehabilitation project is a great example of how the AHP allows members like BankPlus to reinvest in its communities."