New Affordable Housing Development Receives Grant Funding From BancorpSouth and FHLB Dallas
March 16 2011 - 2:36PM
The city of Calera has long awaited an affordable housing
subdivision to accommodate its rapidly growing population, but
until now, the need has not been properly addressed. With
assistance from a $98,000 Affordable Housing Program (AHP) grant
through BancorpSouth and the Federal Home Loan Bank of Dallas (FHLB
Dallas), Greater Birmingham Habitat for Humanity (Birmingham
Habitat) will complete the development of Shiloh Creek, one of the
city's first affordable housing subdivisions.
Calera is a small, rural city in Shelby County, located 30 miles
south of Birmingham, Alabama, with a population of more than 10,000
residents. Calera has had tremendous growth in the past decade,
growing from a one-stoplight town to a city with restaurants,
hotels, and retail development. Affordable housing in Calera
has been an ongoing issue as the city has grown, but with expansion
of Birmingham Habitat into the area, the new subdivision will
provide approximately 30 new, affordable, and quality homes.
Birmingham Habitat, which was established in 1987, originally
served only Jefferson County, but has since expanded its reach to
incorporate Shelby County after its Habitat affiliate
dissolved. Birmingham Habitat purchased the Shiloh Creek
subdivision after it was foreclosed upon and left unfinished by the
developer. Three homes were under construction when the
property was foreclosed, and approximately 30 lots were cleared and
ready for construction. Birmingham Habitat will rehabilitate
and complete the existing homes, and construct new homes on the
remaining lots to sell to Habitat homebuyers. Paved roads,
sidewalks, and plumbing lines already exist in the subdivision,
making it a bit easier for Birmingham Habitat to complete the
work.
"We are very excited to have such a significant project in
Shelby County," said Beth Jerome, vice president of marketing and
development at Birmingham Habitat. "Birmingham Habitat has had
strong ties to Jefferson County, and we are trying to strengthen
our ties as we expand into Shelby County. There is a
significant need for quality affordable housing in that area, and
we are happy to take advantage of an opportunity that will have a
significant impact in Shelby County."
Birmingham Habitat is one of the largest Habitat affiliates in
the country, serving an area with a population of more than 1
million residents. In 2010, Birmingham Habitat constructed 47
new homes and rehabilitated 30 homes for resale.
Buffy Murphy, assistant vice president of community affairs and
compliance at BancorpSouth, has worked closely with Birmingham
Habitat since 2004 by serving on its family selection committee.
Ms. Murphy said Birmingham Habitat has had a tremendous impact on
the community, and strives to address the affordable housing needs
across the metropolitan and rural areas.
"Working with Birmingham Habitat on the Shiloh Creek development
gives BancorpSouth the chance to address a critical need in an area
right in our backyard," said Ms. Murphy. "The greater
Birmingham community is very fortunate to have such a prominent
organization that truly cares about our community and the families
that live here. BancorpSouth's mission is to be a leader in
the community and have a positive impact in the regions that we
serve. Birmingham Habitat is a great fit and a great partner
for our mission."
Construction on Shiloh Creek subdivision is expected to begin in
June, with 10 homes expected to be completed by the end of the
year. Each year, FHLB Dallas returns 10 percent of its profits
in the form of AHP grants issued by its member financial
institutions, such as BancorpSouth, to assist in the development of
affordable owner-occupied and rental housing for very low- to
moderate-income households. Through its member institutions,
FHLB Dallas awarded $18.5 million in AHP grants in 2010.
About BancorpSouth
BancorpSouth, Inc. is a $13.6 billion-asset financial holding
company. The company operates approximately 312 banking and
insurance locations in Alabama, Arkansas, Florida, Illinois,
Louisiana, Mississippi, Missouri, Tennessee and Texas. In
addition to providing traditional banking services, credit cards,
mortgages, trust and fiduciary services, the company provides
investment services through its subsidiary BancorpSouth Investment
Services, Inc. and insurance services through its subsidiary
BancorpSouth Insurance Services, Inc. BancorpSouth's common
stock is traded on the New York Stock Exchange under the symbol
BXS.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 12 district banks
in the FHLBank System created by Congress in 1932. FHLB
Dallas, with total assets of $39.7 billion as of December 31, 2010,
is a member-owned cooperative that supports housing and community
development by providing competitively priced loans and other
credit products to more than 900 members and associated
institutions in Arkansas, Louisiana, Mississippi, New Mexico, and
Texas. For more information, visit the FHLB Dallas website at
fhlb.com.
The Federal Home Loan Bank of Dallas logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=3013
CONTACT: Corporate Communications
Federal Home Loan Bank of Dallas
www.fhlb.com
(214) 441-8445
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