LAUREL, MS (WDAM) - A $750,000 loan will help renovate a low-income housing development in Laurel. Trustmark National Bank and Federal Home Loan Bank of Dallas awarded the Affordable Housing Program grant to Home Again, Inc. to revamp Loan Oak Apartments--- a 100-unit complex.
The funds will be used to repair plumbing, electrical lines, heating, ventilation and air-conditioning, leaking roofs, outdated kitchens and bathrooms.
“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.”
With a need for renovation, officials say its been hard to acquire occupants. So, they hope the grant will change that thus reversing their low occupancy.
“For decades, I have seen properties like Lone Oak deteriorate, making it hard for residents to have a safe place to live,” said Kimberly Jones, community reinvestment officer for Trustmark. “We’re happy to be part of this initiative to improve housing opportunities for low-
income residents, as well as to help revitalize the Laurel community.”
Home Again, Inc, a nonprofit subsidiary of Hope Enterprise Corporation. has already received one grant from Trustmark National Bank making the $750, 000 grant their second.
“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. “We thank Trustmark National Bank for continuing to utilize the AHP locally in the state of Mississippi.”
The project is set to begin late spring and be complete by early 2020.