Photo Release -- Affordable Apartment Community for Seniors Celebrates Grand Opening


WAVELAND, Miss., Aug. 17, 2010 (GLOBE NEWSWIRE) -- The Flagship United Community Development Corporation (FUCDC), Bay Waveland Housing Authority, and Centerpointe Regional Housing Development Corporation are pleased to announce the official, grand opening of the Oak Haven Apartments.

A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7888

The 80-unit duplex and four-plex apartment community in Waveland, Mississippi, will serve very low-income elderly residents. The project was awarded a $500,000 Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Dallas (FHLB Dallas) and Hancock Bank that was used toward construction costs. The apartment community will provide an accessible environment with various social and recreational programs. Preventive health care programs, transportation to nearby facilities, and dining space will also be available to the residents. Of the 80 units, 41 will replace public housing that was lost because of damage from Hurricane Katrina, and 39 will be available for rent to very low-income individuals.

There will be a ribbon cutting at 11:00 a.m. (CDT) today at the apartments at 1200 Russell Drive, in Waveland.

FUCDC was established after Hurricane Katrina to assist areas substantially damaged by hurricanes. The FUCDC is fully operated by the Bay-Waveland Housing Authority. The organizations partnered with Centerpointe, which works with nonprofits and housing authorities across the southwest on development projects.

"The opening of Oak Haven means more than the availability of a roof over the head for residents. Oak Haven symbolizes a return home to community where families were raised in both happy, prosperous times and in tragedies such as Katrina," said Karen Ladner, executive director of Bay Waveland Housing Authority. "Our residents always overcome tragedy, and the opening today demonstrates their perseverance."

The AHP grant was issued through Hancock Bank, an FHLB Dallas member institution in Gulfport, Mississippi.

"Throughout our 110 year existence, we at Hancock Bank have valued our commitment to community involvement and development. We are pleased to have had a part, not only in funding quality, affordable housing for seniors, but also helping the Gulf South Region in its rebuilding efforts after the devastation that Hurricane Katrina caused," said Sam Sandoz, commercial relationship manager with Hancock Bank.

Each year, FHLB Dallas returns 10 percent of its profits, in the form of AHP grants made through its member institutions, to assist in developing affordable owner-occupied and rental housing for very low- to moderate-income families and individuals primarily throughout the Bank's five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. In 2010, FHLB Dallas awarded $18.5 million in grants to assist 2,632 households. Mississippi received more than $6.2 million in AHP grants to create or renovate 851 housing units in 2010.

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 more than 180 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 $57.1 billion as of June 30, 2010, 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 FHLB Dallas website at fhlb.com.

The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013

The photo is also available via AP PhotoExpress.



            
Federal Home Loan Bank of Dallas Logo $500K Affordable Housing Grant Assists in Construction of Senior Residences

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