The Reserves of Gray Park, a 42-unit apartment community in Greenville,
Mississippi, is now open, thanks to a $224,000 Affordable Housing
Program (AHP) grant from Planters Bank and Trust and the Federal Home
Loan Bank of Dallas (FHLB Dallas). Local dignitaries and project
representatives today attended a grand opening and check presentation to
announce the funds.
This press release features multimedia. View the full release here:
The grant was awarded to the Greater Greenville Housing and
Revitalization Association (GGHRA) for the construction of the apartment
community. The grant provided gap financing for the affordable housing
The Reserves of Gray Park is a mixed use, mixed income, ‘in-fill’
housing development built on eight acres of land donated to GGHRA by the
city in November of 2014. Hailed as the Delta’s first sustainable,
healthy community, the community consists of one-, two- and
The $4.4 million project is Greenville’s largest single unit housing
development in more than 30 years and serves individuals and families at
or below 80 percent average median income, with 62.5 percent of the
units reserved for very-low income residents.
“We don’t have enough new quality affordable housing in the area so
there is a great need for projects like these,” said GGHRA Chief
Executive Officer Daniel Boggs. “That’s how we came to need this
FHLB Dallas annually returns 10 percent of its profits in the form of
AHP grants to the communities served by its member institutions, like
Planters Bank and Trust. AHP grants fund a variety of projects,
including home rehabilitation and modifications for low-income, elderly
and special-needs residents; down payment and closing cost assistance
for qualified first-time homebuyers; and the construction of low-income,
multifamily rental communities and single-family homes.
“At Planters Bank and Trust, we are driven in part by a deep commitment
to the communities we serve and are proud to utilize the AHP to benefit
those communities,” said Planters Bank and Trust First Vice President
Parker England. “Our partnership with FHLB Dallas is the key.”
According to the U.S. Census Bureau, the median year structures were
built in Greenville is 1967, with less than 57 percent of the existing
housing stock being constructed prior to 1969. According to the U.S.
Department of Housing and Urban Development, Greenville maintains one of
the highest concentrations of sub-standard housing within the state of
“FHLB Dallas’ Affordable Housing Program opens the door for projects
such as Ed Gray Park to come to fruition and we are proud to contribute
to the betterment of the Greenville community in partnership with
Planters Bank and Trust,” said FHLB Dallas First Vice President and
Director of Community Investment Greg Hettrick.
Mr. Boggs said the gap funding allowed the organization to build 10
“The AHP grant was huge in making this project happen,” said Mr. Boggs.
“Without the funding from Planters and FHLB Dallas, we wouldn’t have
been able to build the 10 additional units.”
About Planters Bank and Trust
Planters Bank and Trust Company opened its doors for business in 1920 in
Ruleville, Mississippi. In July 1920, the bank had total assets of
$268,000. As of December 31, 2017, the bank has $1.02 billion in assets
and is headquartered in Indianola, Mississippi.
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 $65.1 billion as of March 31, 2018, is a member-owned
cooperative that supports housing and community investment by providing
competitively priced loans and other credit products to approximately
825 members and associated institutions in Arkansas, Louisiana,
Mississippi, New Mexico and Texas. For more information, visit fhlb.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180615005840/en/