DALLAS, Feb. 27, 2009 (GLOBE NEWSWIRE) -- The Flagship United Community Development Corporation (FUCDC) received a $500,000 Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Dallas (Bank) on behalf of Hancock Bank in Waveland, Mississippi.
The grant will be used for the construction of Oak Haven Apartments, a 80-unit duplex and four-plex apartment community for elderly residents. The community will provide a safe, accessible environment with various social and recreational programs. Preventative health care programs, transportation to nearby facilities and dining space will also be available to the residents. Of the 80 units, 41 will replace lost public housing and 39 will be available for rent to individuals who have incomes up to 50 percent of the area median income. The project is expected to be completed in fall 2009.
FUCDC was established after Hurricane Katrina to focus on areas substantially damaged by hurricanes. The FUCDC is fully operated by the Bay-Waveland Housing Authority.
"The Bay-Waveland Housing Authority suffered total loss with Hurricane Katrina, displacing over 700 children, adults and senior citizens dependant on quality affordable housing," said Art Schuldt of the Bay-Waveland Housing Authority. "The Oak Haven development is the first of a phased rebuilding effort incorporating green techniques with structural building components capable of withstanding a major Category 5 storm, all within the context of Gulf coast architectural design. Oak Haven is more than bricks and mortar, it is a holistic program of providing support and self-sufficiency for those in need. In redeveloping public housing, costs are extremely high. Having the AHP grant as part of our multi-leveraged project was what we really needed to close the gap."
The Federal Home Loan Bank of Dallas (Bank) allocates 10 percent of its earnings each year to the Affordable Housing Program (AHP), and the grants are used for rehabilitation and construction of housing for income-qualified families. In 2008, the Bank awarded $17.5 million in grants to assist 2,913 households. Mississippi received $5 million in AHP grants to create or renovate 670 housing projects in 2008.
About the Flagship United Community Development Corporation (FUCDC)
FUCDC is a nonprofit development company that was established shortly after Hurricane Katrina. The FUCDC partners with public housing authorities to develop affordable housing in low-income areas. The FUCDC primarily focuses on locations affected by Hurricane Katrina, and currently operates throughout Kansas, Louisiana, Mississippi, Oklahoma, and Texas.
About Hancock Bank
Hancock Bank offers comprehensive financial solutions through 164 banking and financial services offices across southern Mississippi, south central Louisiana, southern Alabama, and north Florida. Hancock Bank has evolved as a premier regional financial services leader and a catalyst for strategic Gulf South growth.
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. The Bank, with total assets of $78.9 billion as of December 31, 2008, is a member-owned cooperative that supports housing and community development by providing competitively priced loans 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 Bank's web site at fhlb.com.
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