$147K AHP Grant For Mississippi Home Buyers

Posted by Orb Staff on November 12, 2012 No Comments
Categories : Residential Mortgage

12725_flag_of_mississippi.svg $147K AHP Grant For Mississippi Home Buyers The Federal Home Loan Bank of Dallas (FHLB Dallas) and BancorpSouth have awarded a $147,000 Affordable Housing Program (AHP) grant to the University of Southern Mississippi Institute for Disability Studies (IDS). The grant will assist in IDS's efforts to provide down payment and closing cost assistance to qualified home buyers through its Home of Your Own (HOYO) program.

The funds will provide 11 very low- and three low-income home buyers with $10,000 each in down payment and closing cost assistance, and $500 for home buyer pre-purchase counseling. Through HOYO, the AHP grant will target special needs households, rural community home buyers, and home buyers purchasing foreclosed properties in specific areas of the state.

‘This grant allows our home buyers to purchase decent and safe housing,’ said Cassie Hicks, coordinator of housing initiatives at IDS. ‘Also, the down payment assistance allows these families to have an affordable mortgage payment, which increases their chances of maintaining their housing indefinitely.’

IDS has partnered with BancorpSouth since 2007 to utilize $564,500 in AHP funding. AHP grants are available through FHLB Dallas member institutions, such as BancorpSouth, to assist in the development of affordable, owner-occupied and rental housing for very low- to moderate-income households primarily across FHLB Dallas's five-state district of Arkansas, Louisiana, Mississippi, New Mexico and Texas.

‘These grants ensure that people who need help the most can make their homeownership dreams a reality,’ says Evelyn Edwards, BancorpSouth vice president of community reinvestment. ‘Likewise, empowering those who are disabled acts as an inspiration to others who may experience similar circumstances at some point in their lifetime. This is a win-win from every perspective. These homeowners work twice as hard to make sure this investment is a sound one for their families and for their lenders.’

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