LAUREL, MS (WDAM) - Two banks have partnered together to help bring low-income housing to Laurel.
The First, A National Banking Association and the Federal Home Loan Bank of Dallas awarded a $750,000 Affordable Housing Program grant to help with the demolition and construction of 124 new apartments. The grant was awarded to LHA Enterprise, which is a nonprofit that develops affordable housing by renovating Laurel Housing Authority’s public housing units and community enhancement projects.
The $17.4 million project consists of demolition of 124 units that were built in 1941 and replacing them with larger, more energy-efficient Triangle Homes. This project covers approximately 25 percent of LHA’s stock of housing units, according to a news release from the Federal Home Loan Bank of Dallas.
Construction is expected to begin in mid-2019 and be completed in 2020.
“This project represents hope for a more comfortable, decent home for many families and could not have happened without the AHP grant,” said Ailrick Young, executive director at LHA. “We’d like to thank all who put in the time and energy into securing funding for this project.”
Jerome Brown, senior vice president and director of Community Development at The First, said the Affordable Housing Program helps the bank make an impact in the community.
“Part of our role as community bankers is to ensure that residents in our community have access to safe, decent and affordable housing,” said Brown. “The AHP and our partnership with FHLB Dallas facilitate that role and we are very excited about The Triangle Homes project.”
“When you’ve got a larger-scale project such as The Triangles Homes, programs like the AHP can bring a lot more certainty to a timeline,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “This wouldn’t be possible without The First’s dedication to community development.”
Funds for the program are meant to benefit households with incomes at or below 80 percent of the median income of the area.