AHP Grant Assists Voice of Calvary Ministries in Rehabilitating 28 Jackson Homes


JACKSON, Miss., July 1, 2011 (GLOBE NEWSWIRE) -- A $280,000 Affordable Housing Program (AHP) grant was awarded to Voice of Calvary Ministries, Inc. (VOCM) by BancorpSouth and the Federal Home Loan Bank of Dallas (FHLB Dallas). The grant will provide additional capital to assist VOCM's Dream Builders Program in rehabilitating 28 vacant or foreclosed homes and reselling them to income-qualified homebuyers.

The Mississippi Development Authority (MDA) and the city of Jackson were awarded funding by the U.S. Department of Housing and Urban Development (HUD), and both entities partnered with VOCM to assist with the acquisition and renovation of the 28 properties. The AHP grant will enable eligible, first-time homebuyers to purchase the homes through down payment and closing cost assistance and first-time homebuyer education courses.

"The AHP funding provides a huge opportunity for low-income families to break the cycle of poverty and purchase their own home," said VOCM President Phil Reed. "With all of the financial support from MDA, HUD, and FHLB Dallas, we are able to transform vacant properties into high quality homes. In addition, the subsidies we can offer because of the AHP grant means that the homeowners will be getting an exceptionally good deal. Our goal is to rehabilitate dilapidated homes to like-new condition, so that the homeowners don't have to worry about large and expensive repairs for many years."

Most of the prospective homes are located in south Jackson, with two properties located in the northern region of Jackson. VOCM works with local, private contractors to make renovations such as new roofing, foundation repair, upgraded electrical systems, new plumbing, installing heating/cooling units, interior and exterior painting, and landscaping.

Eligible homebuyers include both low- and moderate-income, first-time homebuyers. Ten homes are reserved for families living on less than 50 percent of the area median income (AMI), and 18 homes are designated for families living on incomes up to 120 percent of the AMI. VOCM hopes to have all of the homes renovated and sold by the end of the year.

BancorpSouth played a critical role in obtaining the AHP grant for this project. AHP funds are available through FHLB Dallas member institutions, such as BancorpSouth, to assist in the development or rehabilitation of affordable owner-occupied and rental housing for very low- to moderate-income households located primarily within FHLB Dallas's five-state District. 

Evelyn Edwards, BancorpSouth vice president of community reinvestment, worked diligently with VOCM to help the organization receive the AHP funding. VOCM has utilized AHP funds since 1991, with several of the grants awarded through BancorpSouth.

"BancorpSouth could not pass on the opportunity to assist VOCM in its pursuit to restore community pride in the inner city of Jackson," said Ms. Edwards. "We believe in restoring neighborhoods one family, one household at a time. This project helps families obtain the dream of homeownership in tough economic times. Through this project, BancorpSouth is successful in its efforts to reinvest in the communities in which we serve. The AHP subsidy helps make the homes more affordable, which is an essential component to ensure that all of Jackson rises together."

In 2010, FHLB Dallas awarded $18.5 million in AHP grants through its member institutions, the largest amount in any single year since the program's inception in 1990. Approximately $6.2 million of the 2010 AHP funds were allocated to projects in Mississippi to assist in the development or renovation of 851 units within the state. In 2011, FHLB Dallas has offered $10.5 million in AHP grants. Recipients will be announced this summer.

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 $33.2 billion as of March 31, 2011, 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



            

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