JACKSON, Miss. (6/13/14)--Hope Enterprise Corp. (HOPE), which works hand-in-hand with Hope FCU, Jackson, Miss., with $187 million in assets, has formed a partnership with Habitat for Humanity to build 41 affordable homes for low-income families.
HOPE used $5 million in New Markets Tax Credits (NMTC), a program managed by the U.S. Treasury CDFI Fund, to support the project. Capital One purchased the federal tax credits, which provided financial resources to purchase materials and to cover other costs associated with building the high-quality, energy-efficient homes.
"Following Hurricane Katrina, our partnership with NeighborWorks played an instrumental role in building HOPE's capacity to serve residents of the Gulf Coast" said Bill Bynum, president/CEO of HOPE and Hope FCU. "NeighborWorks investments positioned HOPE to help more than 10,000 people rebuild their homes and businesses."
The announcement was made at the construction site of the home of Ednearl Epps, a lifelong resident of Moss Point, Miss., where she and her late husband raised five children. Epps found herself in need of a new home after hurricanes, termites and mold made her existing home uninhabitable.
The announcement was also made in conjunction with NeighborWorks Week. During the week, NeighborWorks America and its network of local organizations come together to celebrate successful partnerships that bring about neighborhood change.
This is the third NMTC transaction that HOPE has structured to develop affordable homes for low-income families with a Habitat affiliate, and the second on the Gulf Coast.