AHP Grant Provides Mississippi Homeowners With Necessary Repairs in Hopes They Qualify for Additional Funding
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JACKSON, Miss., March 10, 2010 (GLOBE NEWSWIRE) -- The Fiscal Integrity and Economic Development (FI&ED) Association was awarded a $425,225 Affordable Housing Program (AHP) grant from Trustmark National Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas). The funds will assist with necessary home repairs and modifications for very low- to low-income homeowners.
The grant funds will help revive 73 homes in rural regions across Mississippi in hopes that the homeowners can then qualify for Weatherization Program assistance enacted through the 2009 American Recovery and Reinvestment Act. The current condition of most of the 73 homes disqualifies them from Weatherization Program assistance.
"The current housing situation in Mississippi is very sad, especially in rural areas," said Marlene Solomon-Williams, executive director of FI&ED. "We are trying to help in every way that we can to prop up these homes in order to help them qualify for further assistance. FI&ED is the first stepping stone in getting these homes back to a safe and healthy condition."
FI&ED began operations in 2003, through the efforts of Ms. Williams, an economist, and CFO Kayla Paul-Lindsey, a certified public accountant. The company works with local contractors and builders to get their jobs completed. FI&ED undertakes a broad spectrum of projects, including roof repair and replacement, floorboard and foundation repair, upgrading threatening electrical systems, removal of mold and mildew, repair and replacement of walls and sheetrock, and repair and replacement of plumbing and sewage lines.
"Each home is different," said Ms. Williams. "You never know what you're getting into until you start the project."
This is the first AHP grant awarded to FI&ED, and Trustmark National Bank was able to obtain the funding.
"Trustmark is pleased to be a partner in our community's effort to provide affordable housing," said Steffani Jenkins, vice president and director of community development at Trustmark National Bank. "Housing is a vital issue in today's economy, and it's especially difficult for those with little income."
Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants issued through its member financial institutions. In 2009, FHLB Dallas awarded $10.5 million in AHP grants to 48 affordable housing projects in its five-state District, including more than $3.5 million in Mississippi, which will result in the creation or renovation of 425 affordable housing units in the state.
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 $65.1 billion as of December 31, 2009, is a member-owned cooperative that supports housing and community development by providing competitively priced advances 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 web site at fhlb.com.
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