BancorpSouth, FHLB Dallas offering grants

by MBJ Staff

Published: July 12,2011

Tags: banking and finance, Banks, community development, financial institutions, grants, homebuyers, homes, houses, real estate

TUPELO — BancorpSouth Bank recently joined with the Federal Home Loan Bank of Dallas (FHLB Dallas) to provide a $175,000 Affordable Housing Program (AHP) grant to the Neighborhood Development Corporation (NDC) in Tupelo to provide low-income, first-time homebuyers with down payment and closing costs assistance.

NDC has offered financial and educational support for low-income, first-time homebuyers since 2007. This AHP grant will enable NDC to provide $7,000 to 25 qualified homebuyers to use toward purchasing a home in Lee, Itawamba, Monroe, Union, Prentiss and Chickasaw counties. The grants will be distributed to 20 rural households and five urban households. Five of the grants are reserved for special needs families.

Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants that are distributed through its member institutions, such as BancorpSouth. AHP assists in the development of affordable, owner-occupied and rental housing for very low- to moderate-income households located primarily within FHLB Dallas’s five-state District of Arkansas, Louisiana, Mississippi, New Mexico and Texas.

BancorpSouth has been a partner in NDC’s efforts for many years. BancorpSouth vice president Chip Ashford of Tupelo worked to facilitate the funding for the AHP grant.

Source: BancorpSouth

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