YAZOO CITY, Miss., Dec. 6, 2012 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) is pleased to announce that it awarded a $460,000 Affordable Housing Program (AHP) grant through Bank of Yazoo City, one of its member institutions, to Gateway Community Development Corporation (Gateway CDC), an affiliated nonprofit of the Yazoo City Housing Authority. The grant will help fund the renovation of Magnolia Crossing, an 86-unit affordable housing apartment community for low-income families living in Yazoo City, Mississippi.
The renovations will improve both the interior and exterior of the complex. Families currently living in Magnolia Crossing will be relocated to offsite temporary housing, including other nearby Gateway CDC/Yazoo City Housing Authority properties. Renovations to each unit will include central heat and air conditioning, as well as energy improvements. The five-bedroom units will be converted into four-bedroom units, and most of the bedrooms of the other units will be resized.
The original Magnolia Crossing building was constructed in 1976, and an addition was built in 1986. Betty Reed, executive director at Gateway CDC/Yazoo City Housing Authority, said the renovations are long overdue for this complex.
"Yazoo City has a dire need for safe and decent affordable housing for very low- and low-income families," said Ms. Reed. "The renovations to Magnolia Crossing will bring life and a sense of security to the families living there. It will also breathe life into what is otherwise considered a dying neighborhood. Our hope is to improve the standard of living for our residents, and to take the first step in revitalizing this area of our community."
This is the first AHP grant awarded to Gateway CDC. Each year, a portion of FHLB Dallas's profits are set aside and made available to its member institutions in the form of AHP grants. AHP grants assist in the purchase, construction, and/or rehabilitation of single-family, transitional, and multifamily projects for very low- to moderate income families located across FHLB Dallas's five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas.
This year, $7.6 million in AHP funds were awarded to 27 affordable housing projects. Magnolia Crossing -- one of 13 projects in the state of Mississippi to receive an AHP grant -- will improve the living conditions for more than 80 families.
Bank of Yazoo City facilitated the funding for Gateway CDC. Vice President Daniel Pender said Magnolia Crossing was an ideal candidate for Bank of Yazoo to sponsor for the AHP, and the funding will improve the affordable housing market for the entire community.
"Magnolia Crossing is a well-known community for those seeking affordable housing in Yazoo City," said Mr. Pender. "Over the years, its appearance and amenities have deteriorated and this grant provides Gateway CDC the opportunity to renovate one of its most recognized properties."
The renovations are scheduled to begin in the spring of 2013, and the new and improved Magnolia Crossing hopes to reopen its doors by the end of the year.
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 $35.2 billion as of September 30, 2012, 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.
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