CANTON, Miss., May 13, 2014 (GLOBE NEWSWIRE) -- Two Canton, Mississippi, families are in the process of purchasing new homes, thanks to down payment assistance from an Affordable Housing (AHP) grant.
The Federal Home Loan Bank of Dallas (FHLB Dallas) and Trustmark National Bank awarded the Housing Authority of the City of Canton (Housing Authority), a $169,500 AHP grant to assist 18 low- to moderate-income homebuyers in Canton, Mississippi.
"The down payment assistance helps people qualify to purchase homes that they would not have otherwise been able to afford, as it reduces their monthly mortgage payments," said Stanford Beasley, executive director of the Housing Authority. "We are anxious to help future homeowners in our city."
The Housing Authority worked closely with Trustmark National Bank to obtain the AHP grant to support its first-time homebuyer program. AHP grants are awarded through FHLB Dallas member financial institutions, such as Trustmark National Bank, to assist in the development of affordable, owner-occupied and rental housing for low- to moderate-income households.
"Trustmark National Bank is pleased to sponsor the Housing Authority's AHP grant. This grant will address a tremendous need in Canton, as there are many low-income residents who desire to be homeowners, but do not have the funds for the down payment," said Steffani Jenkins, Trustmark National Bank director of community development. "This project enables these residents to make one of life's most important purchases."
The Housing Authority is committed to making homeownership a reality for these low-income families.
"Once we make the official announcement of this program, there will be a great demand for the down payment assistance," said Mr. Beasley.
In 2013, FHLB Dallas awarded $11.3 million in AHP funding to 36 projects across its five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. The funding will result in the creation or rehabilitation of 1,654 housing units across the District.
Of this funding, more than $3.3 million in AHP funds were awarded to projects in Mississippi to support 488 affordable housing units. FHLB Dallas has made available $11 million in AHP grants for 2014.
About Trustmark National Bank
Trustmark National Bank is a financial services company providing banking and financial solutions through over 200 offices in Alabama, Florida, Mississippi, Tennessee and Texas.
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 loans 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