Affordable Housing Grant to Assist Low-Income Homeowners With Home Repairs

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CANTON, Miss., May 6, 2014 (GLOBE NEWSWIRE) -- The Housing Authority of the City of Canton (Housing Authority) has commenced with a project to assist 45 very low- to low-income homeowners in Canton, Mississippi, with critical home repairs.

The Federal Home Loan Bank of Dallas (FHLB Dallas), through BankPlus, an FHLB Dallas member institution, awarded the Housing Authority a $495,000 Affordable Housing Program (AHP) grant in 2013 to help fund the project.

AHP grants are used to assist in the development and/or rehabilitation of affordable owner-occupied and rental housing for very low- to moderate-income families. This grant is the second of two AHP grants that the Housing Authority was awarded for this project. In 2012, the Housing Authority was awarded another $495,000 AHP grant, which provided home repairs for 45 very low- to low-income homeowners.

"There are a lot of homes in our low-income neighborhoods that have overdue maintenance," said Stanford Beasley, executive director of the Housing Authority. "We expect to have the same or more interest in these funds as we did for the 2012 AHP grant."

AHP grants are awarded annually through FHLB Dallas member institutions, such as BankPlus.

"I am so excited about the AHP grants for the residents of Canton," said Mark Ouellette, BankPlus first vice president and director of affordable housing. "The Housing Authority staff has been working diligently to not just obtain repairs for Canton residents' homes, but to identify contractors who will provide quality work and address the long-term needs of homeowners. BankPlus is serious about being a good neighbor in our communities. FHLB Dallas has been a critical partner of ours for many years in helping us meet the needs of our communities."

In 2013, FHLB Dallas awarded $11.3 million in AHP grants through member institutions, including $745,000 through BankPlus to support the creation or rehabilitation of 70 housing units.

The Housing Authority has received more than 400 applications for assistance to date. The needs of the residents vary from homeowner to homeowner. Some of the repairs will include repairing or replacing dilapidated roofs, repairing foundation problems, dealing with water damage from leaky roofs, making bathrooms handicap-accessible, replacing heating and air conditioning units, and replacing doors and windows to make homes more energy efficient.

"We are so happy to have this additional AHP grant. The Housing Authority would not be able to do this project without these funds," said Mr. Beasley.

The Housing Authority hopes to complete the repairs for all 45 homeowners by June 2015.

About BankPlus

BankPlus, with total assets of more than $2 billion, has over 60 banking offices in 33 Mississippi communities. For additional information on BankPlus, please visit www.BankPlus.net.

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 $30.6 billion as of March 31, 2014, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit the FHLB Dallas website at fhlb.com.

CONTACT: Corporate Communications Federal Home Loan Bank of Dallas www.fhlb.com (214) 441-8445

Source:Federal Home Loan Bank of Dallas