$1.15M in grant funds to build rental units

By HASKEL BURNS,

Hattiesburg is on the receiving end of $1.15 million in grant money from the Federal Home Loan Bank of Dallas that will fund 116 rental units in the city, part of $16.3 million in Affordable Housing Program grants to 34 projects in five states.

As a result of the funding, the Hub City will see the construction of 40 rental units from a $400,000 grant in conjunction with the Gulf Coast Housing Partnership, a FHLB Dallas sponsor. Another 76 rental units will be the result of a $750,000 partnership with FHLB Dallas member BancorpSouth Bank and the Hattiesburg Housing Authority.

Other Mississippi cities which will benefit from the grants include Canton, Meridian, Cleveland and Jackson. A total of $4.59 million in funding will result in the construction of 466 units throughout the state.

The $16.3 million also will be spread throughout Arkansas, Louisiana, New Mexico and Texas, creating or rehabilitating 2,057 housing units.

“The Federal Home Loan Bank of Dallas was created in 1932 to provide affordable housing opportunities to in-need communities and we are proud to continue to do so by offering $16.3 million in Affordable Housing Program funds through our members,” said FHLB Dallas President and CEO Sanjay Bhasin. 

FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions. AHP funding is utilized for 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. 

Since the AHP’s inception in 1990, FHLB Dallas has awarded more than $300 million in AHP and AHP set-aside programs, such as Homebuyer Equity Leverage Partnership and Special Needs Assistance Program, have assisted more than 53,500 households.

Arvest Bank has utilized the AHP and AHP set-aside programs since 2012, investing more than $3.6 million in its community.

“When we invest in our community, we invest in our future,” said Virgil Miller, group CRA director, group compliance, at Arvest Bank Operations. “The AHP enables so many of our community projects to come to fruition.”