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$750K Grant from Bank of Yazoo City and FHLB Dallas Assists Rehab Project

Established in 1952 in accordance with state and federal law, YCHA manages Gateway Affordable Communities, a portfolio of apartments throughout Yazoo County consisting of senior communities and multifamily properties. YCHA operates a variety of programs designed to provide affordable housing solutions to Yazoo County residents and to promote community and economic development.

The renovations will improve living conditions for the 1,200 low- to very low-income residents who call Gateway home.

“This comprehensive rehabilitation is a strip-to-studs renovation that will place all units in a like-new condition,” said Art Schuldt, president of Housing Solutions Alliance, LLC, managing member of this rehab project. “This effort is all about transforming lives in the wake of dwindling external funds and securing a financial footing for Yazoo City Housing Authority for years to come.”

A portion of the $750,000 AHP grant will be earmarked for such improvements as added insulation, replacement of interior doors and frames, windows, ceilings and floors, painting, kitchen and bathroom fixtures and new heating, ventilation and air conditioning systems. The water and sewer infrastructure will also be replaced and additional parking and a new laundry facility will be added.

Help where it's needed

The grant was culmination of a multi-year application process through the Federal Home Loan Bank of Des Moines. Scott Settle, founder of AHED Foundation — which supports housing relief for low-income, elderly and handicapped communities in Hawaii — said the foundation first applied for the grant in 2017, but was denied.

The Federal Home Loan Bank of Des Moines eventually did approve the grant after a second application last year.

The grant was awarded through the bank’s Affordable Housing Program, in which partner organizations such as First Hawaiian Bank work with local housing providers to support and provide funding for low-income developments throughout the Federal Home Loan Bank’s service area.

“This one just really hit all the right buttons,” said Mike Wilson, president and CEO of the Federal Home Loan Bank, explaining that the complex’s size and location made it ideal for the Affordable Housing Program.

The grant will be used to pay for renovations at the 32-unit apartment complex. The complex, which was built in 1976, has many deferred maintenance projects that need to be addressed, said Monika Mordasini Rossen, vice president of development at AHED Foundation.

Where do I find what the current 5 year Federal Home Loan Bank yeild?

What is the current five (5) year non-callable agency bond yield on a direct obligation non-callable bond issued by the Federal Home Loan Bank?

Go to their website www.fhlb.

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