AHP Grant Assists With Revitalization Efforts for Historic Jackson Neighborhood

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JACKSON, Miss., June 10, 2013 (GLOBE NEWSWIRE) -- Midtown Partners, Inc. is continuing with efforts to revitalize the 215-acre Midtown neighborhood located just north of downtown Jackson, Mississippi. The organization was awarded a $175,000 Affordable Housing Program (AHP) grant in 2012 by the Federal Home Loan Bank of Dallas (FHLB Dallas) and BankPlus to rehabilitate 25 homes in the neighborhood. To date, 20 of the recipient homeowners have been selected and Midtown Partners is working to select the remaining five recipients.

For 18 years, Midtown Partners, Inc. has worked to rehabilitate the historic and once vibrant Midtown neighborhood, which includes approximately 885 housing units, many of which are vacant and in sub-par living condition. The organization has partnered with residents, community stakeholders, and funding providers to create a new vision for the neighborhood to ensure it is a healthy and sustainable community in which to live, work, and raise families. Midtown Partners, Inc. is working to expand affordable housing opportunities; establish sustainable healthcare, education, and recreation; create a mixed-use neighborhood with new ecological planning and zoning; and provide heightened security and public safety for the residents.

The AHP funding will provide 25 families with critical home repairs and modifications that will improve their quality of life and increase the value of their home. Midtown Partners, Inc. has contracted with the Jackson Housing Authority to conduct all initial and final home inspections, and licensed and insured contractors will complete the rehabilitation work. The homeowners are required to complete homeowner counseling courses.

"This AHP grant will make a tremendous impact both on the recipient families and on the overall revitalization of the neighborhood," said Kristi Hendrix, executive director at Midtown Partners, Inc. "Our goal is that these renovations will help increase property values and improve vacant and uninhabitable structures to attract new life and business to the neighborhood."

Midtown Partners, Inc. partnered with BankPlus to obtain the AHP grant. BankPlus is a proud partner of the organization's efforts and has helped the organization obtain two AHP grants since 2010.

"Midtown Partners, Inc. is an organization truly concerned about fulfilling its mission and meeting the needs of the community it serves," said Mark Ouellette, first vice president at BankPlus. "BankPlus has worked with Midtown Partners, Inc. for many years and through our recent grant award from the Federal Home Loan Bank of Dallas, I believe Midtown Partners is poised to continue making strides in the revitalization of the Midtown area."

AHP grant funds are available through FHLB Dallas member institutions, such as BankPlus, to assist in the development of affordable, owner-occupied and rental housing for very low- to moderate-income households primarily across FHLB Dallas's five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. Each year, FHLB Dallas returns 10 percent of its profits to support the AHP. FHLB Dallas awarded $8.3 million in AHP grants in 2012 to support 31 affordable housing projects, including more than $3.6 million to Mississippi projects. The 2013 AHP grant recipients will be announced this summer.

About BankPlus

BankPlus, with total assets of more than $2 billion, has over 60 bank offices in 33 Mississippi communities. BankPlus offices are located in Belzoni, Bentonia, Brandon, Byram, Canton, Clinton, D'Iberville, Durant, Flora, Flowood, Gluckstadt, Hernando, Holly Bluff, Horn Lake, Isola, Jackson, Lexington, Madison, Meridian, Newton, Olive Branch, Pearl, Picayune, Pickens, Poplarville, Quitman, Ridgeland, Shubuta, Southaven, Stonewall, Tchula, Waynesboro and Yazoo City. 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 $31 billion as of March 31, 2013, 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