OCEAN SPRINGS, Miss., Jan. 27, 2012 (GLOBE NEWSWIRE) -- Savannah Pines, LLC, now has five model homes ranging from three to five bedrooms available to preview, and will host a Winter Open House on Saturday, January 28, 2012, to tour the homes, provide information about the developing subdivision, and host activities for prospective homebuyers and families.
The Savannah Pines subdivision, located in Ocean Springs, Mississippi, will include 165 single-family homes for all income levels after its first phase of construction. Funding for the development was pooled from multiple sources including the Mississippi Development Authority (MDA), The First: A National Banking Association (The First), and the Federal Home Loan Bank of Dallas (FHLB Dallas). The First and FHLB Dallas awarded a $500,000 Affordable Housing Program (AHP) grant to Savannah Pines to assist 91 income-qualified, first-time homebuyers with down payments and closing costs on a Savannah Pines home.
Saturday's event will be open from 10:00 a.m. to 3:00 p.m., and will include door prizes, music, food, drinks, and activities for the whole family. Attendees can also register to win more than $5,000 in door prizes and raffle drawings. Savannah Pines Case Managers will be onsite to discuss down payment and closing cost options, including up to $25,000 in equity per home and Market rate sales.
"We have a product that is second to none," said Jeff Cely, program manager at Savannah Pines, LLC. "Our partnership with local banks and FHLB Dallas positions us to better serve the working families of South Mississippi."
Neighborhood amenities of Savannah Pines include walking trails, playground, swimming pool, and onsite daycare services. Savannah Pines is located in an award-winning school district where students attend nearby elementary schools and a brand new high school. It is also conveniently located near retail stores, sand beaches, art and cultural activities, and the historic downtown Ocean Springs.
Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants issued by its member financial institutions, such as The First, to assist in the development of affordable owner-occupied and rental housing for very low- to moderate-income households.
In 2011, FHLB Dallas awarded $11 million in AHP grants through its member institutions to 53 housing projects, which will help create or renovate 1,653 housing units across FHLB Dallas's five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. Of the $11 million awarded, more than $3 million was allocated to projects in Mississippi which will create or renovate 378 housing units within the state.
About Savannah Pines
Savannah Pines is the first long-term workforce housing community in Ocean Springs, and strives to assist in the recovery and rebuilding efforts of the Mississippi Gulf Coast since the devastation caused by Hurricane Katrina. Savannah Pines has received grant funding up to $25,000 per home that will assist families in buying down the sales price of our homes in order to maintain affordability for new homeowners.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $31.4 billion as of September 30, 2011, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to more than 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit the FHLB Dallas web site at fhlb.com.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013
Corporate Communications
Federal Home Loan Bank of Dallas
www.fhlb.com
(214) 441-8445
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