The First and FHLB Dallas Award Grant to Assist in the Construction of an Affordable Housing Community in Waveland


WAVELAND, Miss., Sept. 13, 2011 (GLOBE NEWSWIRE) -- The Flagship United Community Development Corporation (Flagship) will soon begin construction on a new affordable housing community for low-income families in Waveland thanks to a $250,000 Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Dallas (FHLB Dallas) and The First, A National Banking Association (The First).

The new housing community, Camille Court, will offer 30 detached, single-family homes, designed to help address Hancock County's significant need for affordable housing units after the destruction caused by recent hurricanes. To that end, the homes will be designed to protect against hurricane force winds, with exterior walls constructed of insulated concrete with veneer siding.

Each home will come fully equipped with all the necessities, including: a high efficiency central air conditioning and heating system, washer and dryer, fully equipped kitchen including a dishwasher, stove, oven, and frost-free refrigerators, as well as mini blinds, a patio, ceiling fans, and a carport. Twenty of the units will offer two bedrooms, and 10 units will have three bedrooms. Extensive property landscaping will also compliment the community.

Flagship is the nonprofit affiliate of the Bay Waveland Housing Authority. After Hurricane Katrina, the Waveland and Bay St. Louis Housing authorities merged in order to streamline operations and better serve low-income families in Hancock County affected by the hurricane. To date, the organization has received three AHP grants from the FHLB Dallas.

"This grant is a significant resource that will help us bring affordable housing units back online for low-income families in the Mississippi Gulf Coast region," said Janine Lee, executive director of Flagship. "This project will do wonderful things for the area and for the families that will live in Camille Court. It is like no other affordable housing community. It will be top of the line and offer amenities that are often unavailable to low-income housing communities. We are truly grateful for the support of The First and FHLB Dallas in making this community possible."

The community will offer a central community center where residents can take advantage of computer training classes, social and recreational programs, health screenings, workshops and financial literacy courses.

Jerome Brown, vice president and director of community development at The First, visited the property site for Camille Court, and said he is excited for The First to be a part of this project.

"Hancock County is continuously trying to rebuild and restore its community, and benefits greatly from affordable housing projects like Camille Court," said Mr. Brown. "Any time an organization wants to put forth affordable housing to assist the community at large, especially for low-income families, it is a win-win situation for everyone involved. We are proud to be a part of this project, and look forward to building Camille Court from the ground up."

Flagship is one of 53 projects that received a portion of the $11 million FHLB Dallas awarded in AHP funding in 2011. Thirteen projects in Mississippi received a total of more than $3 million in AHP grants, which will assist in the creation or rehabilitation of 378 housing units within the state. 

Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants which are available through FHLB Dallas member institutions, such as The First. AHP grants provide financing for the purchase, construction, or rehabilitation of single-family, rental, transitional, and multifamily housing projects for very low- to moderate-income individuals and families. 

About The First

The First Bancshares, Inc., headquartered in Hattiesburg, Miss., is the parent company of The First, A National Banking Association. Founded in 1996, The First provides services competitive to those found at larger regional banks. The First has approximately $540 million in assets and currently has 10 locations operating in Hattiesburg, Laurel, Purvis, Picayune, Pascagoula, Bay St. Louis, Wiggins, and Gulfport, Miss. The First announced on May 17, 2011 it entered into an agreement with Whitney National Bank and Hancock Bank of Louisiana to acquire seven Whitney branches located on the Mississippi Gulf Coast and one branch in Bogalusa, Louisiana. The acquisition is expected to close on September 16, 2011. The company's stock is traded on Nasdaq Global Market under the symbol FBMS. Information is available on the company's website thefirstbank.com.

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 $31.4 billion as of June 30, 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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