TUPELO, Miss., Feb. 16, 2012 (GLOBE NEWSWIRE) -- Renasant Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) awarded Pontotoc County Habitat for Humanity (Pontotoc County Habitat) a $21,000 Affordable Housing Program (AHP) grant to provide three families with down payment and closing cost assistance on newly constructed Habitat homes.
The three recipients have already been selected, and Pontotoc County Habitat is in the process of completing the homes. Each family will earn sweat equity hours by providing approximately 350 hours in work labor on other Habitat homes, as well as complete homebuyer counseling and education courses. Pontotoc County Habitat plans to have all three homes complete and the families moved in by the end of the year.
"We are very fortunate to have the support of Renasant Bank," said Barbara Carter, executive director of Pontotoc County Habitat. "They have been essential to our success, and have continuously supported us for various projects. This AHP funding will give us the boost we need to efficiently get these deserving families into their new homes."
Renasant Bank also partnered with FHLB Dallas and three other local financial institutions to award a total of $20,000 in Partnership Grant Program (PGP) funds in 2011 to complete renovations of a warehouse building, which will soon serve as Pontotoc County Habitat's new home office. Ms. Carter said the renovations are nearly complete, and she hopes to be moved into the new facility as early as next month.
"Renasant Bank is a community lender, and we continuously strive to serve the needs of organizations working for the betterment of our community," said Phyllis Drope, executive vice president at Renasant Bank. "Habitat is a leader in providing affordable and quality housing to our community, and Renasant Bank is proud to be a partner in their efforts."
Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants issued by its member financial institutions, such as Renasant Bank, to assist in the development of affordable owner-occupied and rental housing for very low- to moderate-income households.
In 2011, FHLB Dallas awarded $11 million in AHP grants through its member institutions to 53 housing projects, which will help create or renovate 1,653 housing units across FHLB Dallas's five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. Of the $11 million awarded, more than $3 million was allocated to projects in Mississippi which will create or renovate 378 housing units within the state.
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 September 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 web site at fhlb.com.
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