New Gulf Coast Housing Project Awarded Affordable Housing Program Funds

The Peoples Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) awarded $500,000 in Affordable Housing Program (AHP) funding toward the redevelopment of North Park Estates, an affordable housing community located in Gulfport, Mississippi. Representatives from the institutions joined the South Mississippi Housing and Development Corp. (SMHD) and Gulf Coast Housing Partnership (GCHP) to celebrate the grand opening.

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Representatives joined to celebrate the grand opening of North Park Estates, an affordable housing development in Gulfport, Mississippi, that received a $500,000 subsidy from The Peoples Bank and the Federal Home Loan Bank of Dallas. (Photo: Business Wire)

North Park Estates was originally built in 1959 under the name L.C. Jones Public Housing. The public housing development had 166 units on 37 acres. In 2008, SMHD assumed ownership of North Park Estates and over time, many of the existing units became uninhabitable due to the age of the property.

“It is part of The Peoples Bank mission to serve our communities,” said The Peoples Bank President and CEO Chevis Swetman. “This is one housing development where we saw great needs and wanted to be involved in the rehabilitation process. It is extremely fulfilling to have watched its progress over the years to become the beautiful development it is today. Thank you FHLB Dallas for allowing our community investment to go further.”

The $17.9 million project now hosts families in one-, two- and three-bedroom apartments across 80 units designated for families at 60 percent of the area median income and below. The new apartments feature individual patios and washer and dryer units. Residents also have new community amenities to enjoy, including a business and computer center.

“North Park Estates is a community that has played a significant role in providing affordable housing for Gulfport residents over the years,” said Kathy Laborde, GCHP President and CEO. “This neighborhood is a great example of how GCHP works with partners to provide families across the Gulf Coast with quality affordable housing while investing in residents’ overall wellbeing with access to supportive services and community amenities.”

AHP funds are intended to assist FHLB Dallas members in financing the purchase, construction and/or rehabilitation of owner-occupied, rental or transitional housing and housing for homeless individuals. The funds must be used to benefit households with incomes at or below 80 percent of the median income for the area.

“FHLB Dallas members are tremendous advocates for their communities, and this is a meaningful project for dozens of families,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “We appreciate our partnership with The Peoples Bank and its dedication to affordable housing.”

In 2022, FHLB Dallas awarded $17.2 million in subsidies to 26 affordable housing projects. The subsidies will help create 2,022 new or rehabilitated housing units. For more information about the AHP, visit fhlb.com/ahp.

About The Peoples Bank

Founded in 1896, with $864 million in total assets as of June 30, 2022, The Peoples Bank operates 18 branches along the Mississippi Gulf Coast in Hancock, Harrison, Jackson and Stone counties. In addition to offering a comprehensive range of retail and commercial banking services, the Bank also operates a trust and investment services department that has provided customers with financial, estate and retirement planning services since 1936.

About the Federal Home Loan Bank of Dallas

The Federal Home Loan Bank of Dallas (FHLB Dallas) is one of 11 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $77.7 billion as of June 30, 2022, serves approximately 800 members and associated institutions across our five-state District of Arkansas, Louisiana, Mississippi, New Mexico and Texas. FHLB Dallas provides financial products and services including advances (loans to members) and grant programs for affordable housing and economic development. For more information, visit our website at fhlb.com.

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