Hancock Resource Center receives $ 400,000 for Rehab 40 Homes
WAVELAND, Miss – (BUSINESS WIRE) – The First, a National Banking Association (The First), and the Federal Home Loan Bank of Dallas (FHLB Dallas) awarded a $ 400,000 Affordable Housing Program (AHP) grant to the Hancock Resource Center (HRC) to rehabilitate 40 homes owned primarily by older adults with special needs as well as low-income residents of rural Hancock and Harrison counties over the next two years.
The project started almost 10 years ago when the organization received its first AHP grant. Recent storms along the Gulf Coast have created an influx of residents unable to repair their homes and live in a safe environment.
Rhonda Rhodes, Executive Director of HRC, said the AHP is a great opportunity to serve individuals and families who cannot afford home repairs.
âProviding accessible housing is something we do,â said Ms. Rhodes. âThe AHP allows us to fund repairs in our community to help improve the safety and appearance of those who cannot afford them. We have worked with The First and the FHLB Dallas for a long time and we really appreciate this partnership.
Jerome Brown, executive vice president and director of community development at The First, said the AHP is a great tool for community banks.
“AHP benefits community banks by enabling them to participate in innovative projects in their communities,” said Mr. Brown. âIt has been an honor to work in partnership with FHLB Dallas to assist low-income elderly residents with special needs in Hancock and Harrison counties.â
AHP funds are intended to help FHLB Dallas members finance the purchase, construction and / or rehabilitation of owner-occupied, rental or transitional housing and housing for people who are homeless. AHP funds should be used to benefit households with incomes equal to or less than 80 percent of the region’s median income.
For 2020, FHLB Dallas has awarded $ 19.4 million in grants to 38 affordable housing projects. The subsidies will make it possible to create 2,749 new or rehabilitated housing units. That total includes nearly $ 2.3 million in grants for 231 housing units in Mississippi.
Since the inception of the AHP in 1990, the FHLB Dallas has awarded more than $ 323 million in AHP and dedicated homeownership programs and has assisted more than 57,000 households.
âThe former is a great advocate for AHP and its benefits,â said Greg Hettrick, senior vice president and director of community investment at FHLB Dallas. âThey have been a great partner and have leveraged the AHP in a multitude of projects over the years.â
For more information on AHP, visit fhlb.com/ahp.
About The First Bancshares Inc.
The First Bancshares, Inc., headquartered in Hattiesburg, Mississippi, is the parent company of The First, A National Banking Association. Founded in 1996 near Hattiesburg, Mississippi, The First has grown rapidly in southern Mississippi, southern Alabama, Louisiana, Florida and Georgia, offering competitive services to those of large regional banks . The company’s shares are traded on the Nasdaq Global Market under the symbol FBMS. Information is available on the company’s website www.TheFirstBank.com.
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 established by Congress in 1932. FHLB Dallas, with total assets of $ 61.1 billion as of March 31, 2021, is a co-operative owned by its members which supports housing and community development by providing competitively priced loans and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information visit our website at fhlb.com.