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Biloxi Housing Authority Teams with Enterprise, Fannie to Build 1,500 Affordable Homes in Southern Mississippi
By James Comtois
After losing approximately 70% of its housing units during Hurricane Katrina, the Biloxi Housing Authority, a corporation created under the Housing Act of 1937 to provide decent, safe and affordable housing to low-income families of the Biloxi Community, plans to rebuild or develop more than 1,500 homes in Southern Mississippi. In order to do so, the Biloxi Housing Authority is getting financial assistance from Enterprise Community Partners and Fannie Mae, among others.
In Mississippi, Fannie Mae is reviewing an $18 million line of credit, joining Enterprise's $500,000 line of credit, and the two organizations are giving a combined $325,000 grant to the Biloxi Housing Authority to help them build 1,500 new homes and apartments.
The lines of credit and grant funding will enable the Biloxi Housing Authority to secure new sites for the development of affordable housing units.
Enterprise Community Partners, formerly The Enterprise Foundation, provides development capital and guidance for creating affordable homes. Enterprise has raised and invested $7 billion in equity, grants and below-market loans and is currently investing in communities at a rate of $1 billion a year. Enterprise, a national community development organization investing more than $1 billion a year in communities nationwide, brings resources raised from corporations and foundations to the Gulf Coast region rebuilding efforts through partnerships like this one.
"Fannie Mae and Enterprise Community Partners have stepped forward to help assist in the recovery for the Biloxi Housing Authority and the Biloxi Community Development Corporation in its effort to build back units," said Delmar Robinson, chairman of the board of commissioners for the Biloxi Housing Authority.
"When you combine Enterprise's capital-raising expertise with the strength of our local partners, the result will be affordable, healthy, green homes for Gulf Coast residents," said Bart Harvey, CEO of Enterprise Community Partners. "Enterprise is currently in discussions with additional partners to expand our investment in the Gulf Coast rebuilding effort. This type of work is consistent with our mission to create fit and affordable housing for low-income Americans and help them move up and out of poverty into the economic mainstream."
Enterprise's rebuilding tools includes consulting services; using the federal Low-Income Housing and New Markets tax credits, both of which have been expanded for the Gulf Coast region; and pooling large amounts of capital for land acquisition and other pre- development activities.
Separately, Enterprise has raised and committed more than $5 million over the past 14 months to sustain relief and recovery efforts and intends to expand significantly on this commitment in the coming year. Support has come from: The Arie and Ida Crown Memorial; The Blue Moon Fund, Capital One; The Home Depot Foundation; Fannie Mae; Freddie Mac/Freddie Mac Foundation; Global Citizenship Club; The Robert Wood Johnson Foundation; The James Family Foundation; The MetLife Foundation; The Rebuild the Coast Fund; a charity founded by Renee & John Grisham; The Rockefeller Foundation and many individual and anonymous contributors.
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