Nonprofit Awarded Grant to Build Low-Income Housing in MS
- Mar 26, 2019
LHA Enterprise Development, a nonprofit affordable housing developer, was awarded a $750,000 Affordable Housing Program grant from The First, A National Banking Association and the Federal Home Loan Bank of Dallas.
The grant will go toward the demolition and construction of 124 new affordable apartment units in Laurel, Miss. The AHP grant is the first for the organization. Dubbed the Triangle Homes, the $17.4 million project entails the demolition of 124 existing units originally built in 1941 and the construction of larger, more energy-efficient units.
Construction is expected to begin in mid-2019 and finish in 2020. Once completed, the Triangle Homes will account for 25 percent of Laurel Housing Authority’s stock of housing units.
“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, in prepared remarks.
Last year, the AHP, offered through FHLB Dallas member institutions, awarded $14 million in grants to 29 affordable housing projects, according to the organization. Since the program’s inception in 1990, more than $278 million in AHP funds were awarded to assist 51,000 households.
Last October, Passco Cos. secured a $30.6 million loan to acquire The District Lofts in Jackson, Miss., from Arlington Properties.