Trustmark National Bank and the Federal Home Loan Bank of Dallas have awarded a $750,000 Affordable Housing Program grant to Mississippi-based nonprofit, Home Again. Inc. The grant will be used toward renovating Lone Oak Apartments on Hoy Road, a low-income housing tax credit development in Laurel.
Lone Oak apartments is a 100-unit development with an expanding list of renovation needs.
The project to rehabilitate the property, dubbed Lone Oak II, will revitalize the affordable housing community, correcting issues in areas such as plumbing, electrical lines, heating, ventilation and air conditioning, leaking roofs, outdated kitchens and outdated bathrooms. The apartments are currently experiencing low occupancy due to its depreciating conditions.
The rehab project will begin late this spring and is expected to be complete by early 2020.
Home Again, Inc., a nonprofit subsidiary of multi-state community support and development organization, Hope Enterprise Corporation, will manage the rehab project and oversee its construction. Home Again, Inc. was originally created in 2006 to support revitalization and recovery following Hurricane Katrina and developing affordable housing for low- and moderate-income families in Mississippi.
This is the second time that Home Again Inc. has received an AHP grant from Trustmark and FHLB Dallas.
“It couldn’t have been done without the AHP funds,” said Phil Eide, president of Home Again, Inc. “The existing development is in disrepair and even with its LIHTC credits, it wasn’t enough to bridge the gap of needed repairs. We are glad that funds were available to this property.”
AHP funds are intended to assist FHLB Dallas members, like Trustmark, 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.
In 2018, FHLB Dallas awarded $14 million in AHP grants to 29 affordable housing projects. In Mississippi, more than $6 million AHP grants were awarded, equaling to almost 900 units.
“The AHP is a fundamental resource for improving the affordable housing conditions in a community,” said Greg Hettrick, first vice president and community investment director at FHLB Dallas.