JACKSON, Miss.--(BUSINESS WIRE)--Jackson, Mississippi, has a new, $28 million affordable apartment community that serves income-restricted seniors, thanks, in part, to an $850,000 Affordable Housing Program grant from the Federal Home Loan Bank of Dallas (FHLB Dallas) awarded through Trustmark National Bank.
Representatives from the banks were joined today by public officials to celebrate the grand opening of The Pearl.
The Pearl, jointly developed by Gulf Coast Housing Partnership (GCHP) and Pearl Street Community Development Corp., features 76 one- and two-bedroom apartments reserved for residents 55 or older. The community is designed with elements that facilitate aging in place, including a pool, fitness center, community room and an onsite health center.
“Our mission to create affordable housing and build stronger communities across the Gulf Coast is only achievable through our partnerships," said GCHP President and CEO Kathy Laborde. “The investment from FHLB Dallas and Trustmark National Bank provided essential gap funding for the development of The Pearl, which will have a lasting positive impact on the residents of Jackson.”
AHP funds assist FHLB Dallas members in financing the purchase, construction and rehabilitation of owner-occupied, rental or transitional housing and housing for homeless individuals. The funds must be used to benefit households with incomes at or below 80 percent of the area median income.
“This new senior living facility symbolizes our efforts to provide equitable access to affordable housing,” said Jaime Sisson, vice president, fair and responsible banking – senior CRA manager at Trustmark National Bank. “This facility reinforces our mission of making a positive impact through our Community Reinvestment Act (CRA) program.”
Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas, said Trustmark National Bank is a great example of how FHLB Dallas members can leverage the AHP for their community investment goals.
“The Pearl showcases how member institutions can use AHP grants to meet their community investment objectives like providing seniors with safe and affordable housing. This grant demonstrates our commitment to fostering strong communities across the Gulf Coast region.”
For more information about the AHP, visit fhlb.com/ahp.
About Trustmark National Bank
Trustmark National Bank is a subsidiary of Trustmark Corporation, a financial services company providing banking and financial solutions through offices in Alabama, Florida, Georgia, 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 $126.2 billion as of June 30, 2024, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit our website at fhlb.com.
