GULFPORT, MS – The redevelopment of North Park Estates, a planned 80-unit affordable housing community serving individuals and families with median incomes of 60 percent or less in Gulfport, Mississippi, laid the foundation on Thursday. The project was funded in part by a $ 500,000 Affordable Housing Program (AHP) grant from Peoples Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) in 2017.
The grant was given to the Gulf Coast Housing Partnership (GCHP) for the construction of the affordable housing estate. The South Mississippi Housing and Development Corp. (SMHD) has teamed up with GCHP to redevelop the shared apartment.
The 160-unit North Park Estates was established in 1959 as the former L.C. Jones public housing complex for the Mississippi Regional Housing Authority No. VIII (MRHA VIII). The location moved from MRHA VIII to SMHD in January 2008 to operate as an affordable shared apartment called North Park Estates.
The construction work is expected to be completed in summer 2021. In the first phase of the project, 92 units, an office and a maintenance room will be demolished. Of these 92 units, only 31 were habitable. 80 new units for families will be built in its place.
"We are grateful to Peoples Bank and the Federal Home Loan Bank of Dallas for their generosity," said Kathy Laborde, President and CEO of GCHP. "With funding from the Affordable Housing Program, GCHP can continue our mission to provide high quality, affordable housing to residents along the Gulf Coast."
Evelyn Herrington, senior vice president at The Peoples Bank, said the AHP was made possible through the partnership with FHLB Dallas.
"Our partnership with FHLB Dallas enables us to serve and benefit communities through the Affordable Housing Program," said Ms. Herrington. "Peoples Bank is honored to provide additional resources to GCHP to begin work on North Park Estates."
AHP funds are intended to assist FHLB Dallas members in financing the purchase, construction and / or refurbishment of condominium, rental or transitional housing and housing for the homeless in their community. AHP funds must be used to help households with incomes 80 percent or less of the median income in the region.
For 2019, FHLB Dallas awarded $ 17 million in grants to 35 affordable housing projects. The grants will help create 2,122 new or refurbished housing units. This includes grants of $ 4.6 million for 466 residential units in the state of Mississippi. Since AHP was founded in 1990, the FHLB Dallas has awarded more than $ 300 million in AHP and AHP decommissioning programs and assisted more than 53,500 households.
"The Affordable Housing Program is a great tool for organizations like GCHP, and we are honored to be working with The Peoples Bank to improve the Gulfport community," said Greg Hettrick, first vice president and director of community investment, FHLB Dallas. "We are excited to see the impact of this project in the years to come."