Thirty-unit Apartment Community Coming to Fruition, Thanks in Part to an Affordable Housing Grant

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Dec 02, 2014, 03:18 ET

WAVELAND, Miss., Dec. 2, 2014 /PRNewswire-USNewswire/ -- A 30-unit apartment community developed by the Bay Waveland Housing Authority and its non profit affiliate Flagship United Community Development Corporation will come to fruition thanks in part to a $250,000 Affordable Housing Program (AHP) grant. The Federal Home Loan Bank of Dallas (FHLB Dallas), through its member institution, The First – A National Banking Association (The First), provided the grant.

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"Our member institutions are vested in the communities they serve, and they demonstrate that commitment through their involvement in initiatives such as this," says Greg Hettrick, vice president, director of Community Investment with FHLB Dallas. "At FHLB Dallas, we support their efforts through our many grant programs, and we are honored to be a part of this ambitious project."

According to Janine Lee, executive director of Flagship United Community Development Corporation, the development will consist of 15 residential buildings. There will be 20 two-bedroom units and 10 three-bedroom units. These units will replace units that were destroyed previously by Hurricane Katrina. Ms. Lee says the new construction will be able to withstand Category 5 hurricanes.

The complex will also feature a club house/leasing center, and carports. The community center will include a large club room with a warming kitchen, as well as a business center and training room for use by residents.

"We are very excited about the business center and training room features," notes Ms. Lee. "The business center will include computer and internet access, and a color printer and copier. In the training room, we will be able to offer our residents a number of services, including computer training and financial literacy workshops."

Jerome Brown, senior vice president and director of Community Development with The First, says they are proud to support a project that is not only providing shelter to a segment of the population in great need, but is also empowering residents to enhance their knowledge and skills.

"Sometimes people just need to know that there is someone out there who cares about them. By giving them a hand-up, we are setting them up for success," notes Mr. Brown. "This is truly a collaborative initiative, and we are proud to work with Flagship United Community Development Corporation on this project. We are also deeply appreciative of FHLB Dallas for their support."

Construction on the complex is expected to begin in January 2015. Ms. Lee says they already have a waiting list, and they will select qualifying tenants once construction has begun.

About The First – A National Banking Association

The First – A National Banking Association ("The First") is owned by the holding company, The First Bancshares, Inc. Incorporated on June 23, 1995, the holding company is located in Hattiesburg, Mississippi. The First began operating on August 5, 1996 from its main office in the Oak Grove community in Hattiesburg. The First has aggressively expanded since its beginning with the acquisition of First National Bank of Wiggins in 2006, the acquisition of eight Whitney Bank branches in 2011, the de novo expansion in Ocean Springs in 2013, the acquisition of First National Bank of Baldwin County in 2013, the acquisition of Bay Bank in Mobile, Alabama in 2014 and the de novo expansion in Baton Rouge, Louisiana in 2014. The Bank currently has 31 offices in Mississippi, Louisiana, and Alabama.

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 $37.5 billion as of September 30, 2014, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas.

Contact:

Corporate Communications
Federal Home Loan Bank of Dallas
www.fhlb.com
(214) 441-8445

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SOURCE Federal Home Loan Bank of Dallas