Banks Award $100K Grant to Help Fund Construction of Homeless Shelter
FORT WALTON BEACH, Fla.--(BUSINESS WIRE)--Sep 20, 2018--One Hopeful Place takes a slightly different approach to tackling homelessness in Florida’s Okaloosa County. Executive Director Nathan Monk said that the 20-bed homeless shelter, which opened in 2016, seeks homeless individuals where they are, oftentimes in homeless encampments.
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One Hopeful Place received a $100,000 Affordable Housing Program grant from BancorpSouth Bank and FHLB Dallas to help build a homeless shelter in Okaloosa County, Florida. (Photo: Business Wire)
“It’s important for us to go out into the community and build relationships with them,” said Mr. Monk. “A lot of the people we serve are on their third, fourth and fifth chances and they seem to respond well to our holistic approach to their recovery.”
In 2015, BancorpSouth Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) awarded a $100,000 Affordable Housing Program (AHP) grant to Community Solutions, which helped fund the first phase of construction of the facility, which also provides employment, continuing education and housing skills. Bank and project representatives gathered yesterday for a check presentation to celebrate the grant.
“Food, shelter and safety are people’s most basic needs,” said Ron Moliterno, BancorpSouth’s president of community affairs in Destin, Florida. “We’re proud to help provide those needs to our community’s vulnerable residents in partnership with FHLB Dallas.”
FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions such as BancorpSouth Bank. AHP grants fund a variety of projects, including home rehabilitation and modifications for low-income, elderly and special-needs residents; down payment and closing cost assistance for qualified first-time homebuyers; and the construction of low-income, multifamily rental communities and single-family homes.
“The AHP was created for our members to address their communities’ affordable housing needs,” said Greg Hettrick, FHLB Dallas first vice president and director of Community Investment. “Our partnership with BancorpSouth Bank is the foundation upon which those solutions are built.”
In 2017, FHLB Dallas awarded $7 million in grants to 19 affordable housing projects. The grants will help create 1,108 new or rehabilitated housing units. Since the inception of the AHP in 1990, FHLB Dallas has awarded more than $261 million in AHP and AHP-funded grants to assist more than 48,500 families.
Mr. Monk said that construction of One Hopeful Place would have been difficult without the AHP grant.
“The AHP is tremendously important for communities to thrive,” said Mr. Monk. “Finding funding for projects such as this one can be difficult and it’s amazing that FHLB Dallas and BancorpSouth came together to support our mission.”
FHLB Dallas is making $14.4 million available through our member institutions in support of affordable housing. AHP funds recipients for 2018 will be announced in October.
About BancorpSouth Bank
BancorpSouth Bank (NYSE: BXS) is headquartered in Tupelo, Mississippi, with approximately $17 billion in assets. BancorpSouth operates approximately 280 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 www.bancorpsouth.com. Follow us on Facebook and 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 $75.9 billion as of June 30, 2018, is a member-owned cooperative that supports housing and community investment by providing competitively priced loans and other credit products to approximately 825 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.
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CONTACT: Federal Home Loan Bank of Dallas
Corporate Communications, 214-441-8445
KEYWORD: UNITED STATES NORTH AMERICA FLORIDA TEXAS
INDUSTRY KEYWORD: OTHER CONSUMER PHILANTHROPY OTHER PHILANTHROPY CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE CONSUMER FUND RAISING
SOURCE: Federal Home Loan Bank of Dallas
Copyright Business Wire 2018.
PUB: 09/20/2018 12:59 PM/DISC: 09/20/2018 12:59 PM