The Federal Home Loan Bank of Dallas (FHLB Dallas) and Trustmark National Bank has awarded a $500,000 Affordable Housing Program (AHP) grant to the Cade Development Corporation to assist in the construction of Cade Chapel Senior Apartments, a new 41-unit apartment community for income-qualified seniors in Jackson, Mississippi.
The project has been in the works since 2007 and will be adjacent to the Cade Chapel Missionary Baptist Church, whose members have had a significant impact on the development of the project.
“The members of the church had their eye on the land for quite a while, and have actively pursued the development of the apartment community, even after funding fell through a few years ago,” said Richard Helgeson, developer for Cade Development Corporation. “There are many senior citizens in the church’s congregation, and the new apartment community will be Christian-based and affiliated with the church. There is a strong market for this type of project in Jackson, and with the support of the church, it will definitely have a positive impact on the area.”
The AHP grant will assist with the construction costs of the new apartment community, which is scheduled to begin within the next few months.
Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants that are distributed through its member institutions, such as Trustmark National Bank. AHP grants assist in the development or rehabilitation of affordable owner-occupied and rental housing for very low- to moderate-income households located primarily within FHLB Dallas’s five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas.
In 2010, FHLB Dallas awarded $18.5 million in AHP grants through its member institutions, the largest amount in any single year since the program’s inception in 1990. Approximately $6.2 million of the 2010 AHP funds were allocated to projects in Mississippi to assist in the development or renovation of 851 units within the state. In 2011, FHLB Dallas has offered $10.5 million in AHP grants. Recipients will be announced this summer.
“The development of the Cade Chapel Senior Apartments will provide critical, affordable housing to low-income seniors in the Jackson area,” Ms. Jenkins said. “Trustmark National Bank is proud to partner with FHLB Dallas in awarding half a million dollars to this project.”
Once complete, the complex will include nine two-bedroom units and 32 one-bedroom units. Amenities will include a laundry room that offers free use of standard sized washers and dryers, two elevators, a beauty parlor, library, exercise room, lounge, and a landscaped courtyard with picnic tables. A percentage of the units will be reserved for subsidized rent for qualified residents.