Trustmark National Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) have awarded a $750,000 Affordable Housing Program (AHP) grant to help Gulf Coast Housing Partnership (GCHP) convert a historic Holiday Inn in southwest Jackson, Mississippi, into a 75-unit affordable development for low-income seniors.
The development, which will be known as the Pearl Senior Living Community, consists of three two-story buildings, and two three-story buildings surrounding a courtyard, which will be converted into 53 one-bedroom apartments and 23 two-bedroom units, along with a manager’s unit and a health care clinic.
This project is part of GCHP’s innovative Health + Housing initiative.
“The Pearl Senior Living Community project is part of our Health + Housing concept, through which we and Medicare Managed Care Organizations will provide quality, affordable housing and access to health care in the same development,” said GCHP President and CEO Kathy Laborde. “We are grateful for the continued partnership with Trustmark National Bank and FHLB Dallas. Their grant will help GCHP further its mission to increase the availability of quality affordable housing in our communities.”
The estimated construction start date is April 2021. The $14.5 million project is expected to be completed in June 2022.
“The Pearl Senior Living Center is an innovative approach to meeting two critical needs of senior citizens in Jackson,” said Trustmark’s Community Bank President Bernard Bridges. “We are pleased to join with the Federal Home Loan Bank of Dallas to support this Gulf Coast Housing Partnership project that will provide quality, low-cost rental housing for seniors and access to health care right on the property.”
AHP funds are intended to assist FHLB Dallas member financial institutions in financing the purchase, construction and/or rehabilitation of owner-occupied, rental or transitional housing, as well as housing for homeless individuals in their community. AHP funds must be used to benefit households with incomes at or below 80 percent of the median income for the area.
Since the AHP's inception in 1990, FHLB Dallas has awarded more than $300 million in AHP and AHP set-aside program grants and has assisted more than 53,500 households.
“This $750,000 grant will help Gulf Coast Housing Partnership convert this historic hotel that has stood empty since 2005,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “It’s a great use for this property, and we were pleased to join with Trustmark National Bank to help make it possible.”
For more information about the AHP, visit fhlb.com/ahp.
About Trustmark
Trustmark National Bank is a subsidiary of Trustmark Corporation (NASDAQ:TRMK), a diversified financial services company headquartered in Jackson, Mississippi, with 193 locations in Alabama, Florida, Mississippi, Tennessee and Texas. Visit trustmark.com for more information.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank system created by Congress in 1932. FHLB Dallas, with total assets of $75 billion as of June 30, 2020, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. Visit fhlb.com for more information.
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Contacts:
Federal Home Loan Bank of Dallas
fhlb.com
(214) 441-8445
