$390K Grant Helps Fund Major Repairs for Low-Income Apartments in Mississippi

Business Wire 15-Mar-2019 9:19 AM

BancorpSouth and FHLB Dallas Award Affordable Housing Program Funds

BancorpSouth Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) have awarded a $390,000 Affordable Housing Program (AHP) grant to renovate Walter Vinson apartments, a low-income multifamily development in Bolton, Mississippi.

The grant was awarded to the Town of Bolton Development Corporation (TBDC), an organization that works to improve social and economic conditions in Bolton by providing affordable housing, nutrition, employment, case management and community mobilization.

The AHP grant will be used to address critical repairs for the apartments, including appliance replacements, rewiring electrical lines, repaving its parking lot, addressing Americans with Disabilities (ADA) compliance and installing a property-wide security system. A U.S. Housing and Urban Development (HUD) Capital Needs Assessment conducted on the property in 2017 revealed the areas that needed repairs. Without renovations, TBDC would not be able to continue serving the low-income tenants that currently occupy the 40 units.

"We are looking forward to giving our residents a renewed sense of home, where everyone is involved and can flourish," said TBDC board member Willie E. Robinson. "The AHP funds will allow us to make needed renovations without deferring needed maintenance items."

Built about 40 years ago, Walter Vinson has failed two HUD-REAC (Real Estate Assessment Center) physical inspections. Despite having a reserve account to help fund repairs, neither savings nor the rental income could cover the expanding maintenance costs.

Thanks to the awarded funds, renovations have already started on the property.

AHP funds are intended to assist FHLB Dallas members, like BancorpSouth, in financing the purchase, construction and/or rehabilitation of owner-occupied, rental or transitional housing, as well as housing for homeless individuals in communities. AHP funds are targeted toward households with incomes at or below 80 percent of the median income for the area.

"The Walter Vinson apartments were in dire need of repairs. Thanks to the AHP grant, TBDC is able to provide some of the most critical of repairs needed for the health and safety of the residents," said Evelyn Edwards, vice president and corporate community development grant specialist for BancorpSouth. "The AHP will provide so many solutions for the property managers who try their best to keep up with maintenance."

In 2018, FHLB Dallas awarded $14 million in AHP grants to 29 affordable housing projects. In Mississippi alone, more than $6 million AHP grants were awarded, equaling to almost 900 units.

Greg Hettrick, first vice president and community investment director at FHLB Dallas, said the AHP continues to redefine what it means to invest in communities.

"BancorpSouth is a longtime partner that is extremely committed to improving housing conditions in the states it serves," said Mr. Hettrick. "We're pleased to assist in funding this worthwhile community initiative."

To learn more about the AHP, visit fhlb.com/ahp.

About BancorpSouth Bank

BancorpSouth Bank (NYSE:BXS) is headquartered in Tupelo, Mississippi, with approximately $18 billion in assets. BancorpSouth operates approximately 285 full service branch locations as well as additional mortgage, insurance, and loan production offices in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, including an insurance location in Illinois. BancorpSouth is committed to a culture of respect, diversity, and inclusion in both its workplace and communities. To learn more, visit our Community Commitment page at bancorpsouth.com; "Like" us on Facebook; follow us on Twitter@MyBXS; or connect with us through LinkedIn.

About the Federal Home Loan Bank of Dallas

The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank system created by Congress in 1932. FHLB Dallas, with total assets of $72.8 billion as of December 31, 2018, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 825 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. Visit fhlb.com for more information.

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