Article Archives: Mississippi

Southeast Mississippi Community Investment Corporation
The Southeast Mississippi Community Investment Corporation (SEMCIC) provides borrowers in Forrest, Lamar, and Perry counties a unique opportunity to obtain gap or direct financing.

SEMCIC is a nonprofit Mississippi corporation dedicated to creating and expanding businesses, supporting non-traditional business loan applicants, and developing job opportunities for low- and moderate-income individuals.

Established in 1993, SEMCIC is an initiative of the Area Development Partnership with funding from several local banks. In the last 17 years, the corporation has provided loans to diverse entities, including child care facilities, manufacturers, restaurants, retailers, tax services, and trucking companies.

Participating banks include BancorpSouth Bank, Great Southern National Bank, Hancock Bank, Regions Bank, and Trustmark National Bank.

Member banks partner with SEMCIC, which provides up to 50 percent of the total loan funds requested and takes a second lien position. Member banks are also granted a voting seat on the SEMCIC board of directors.

The SEMCIC assistance is a valuable tool for member banks to complete marginal deals for their institutions. SEMCIC is actively seeking additional loan capital to continue its efforts to build strong communities-one business at a time.

For more information, e-mail Annie McMillan or call (601) 296-7512.
[Community Developments Investments, Fall 2010]

HUD Housing Vouchers Can Create Homeownership Opportunities
The federal Section 8/Housing Choice Voucher program dates back to 1975. The program helps low-income families, the elderly, and people with disabilities rent decent, safe, and affordable housing. In 2000, the U.S. Department of Housing and Urban Development (HUD) modified the program to permit the use of monthly assistance payments to make mortgage payments. The vouchers may be used toward mortgage payments for 10 to 15 years, depending on the loan terms. If the buyer is elderly or disabled, there is no time limit. More than 700 housing authorities nationwide have helped nearly 7,000 low-income families and individuals purchase homes by using Section 8 vouchers.

The program requires that financing be provided by a lender. Each loan must be insured or guaranteed and must comply with secondary mortgage or private sector underwriting standards. Applicants must be first-time homeowners, undergo HUD-certified home buyer training, and agree to live in the home. The housing choice vouchers are used as a source of income and can be blended with other funding sources such as individual development accounts, the HOME Investment Partnerships program, and the Affordable Housing Program.

Trustmark National Bank has been a leading partner in the homeownership program since 1999, when the Mississippi Regional Housing Authority 6 (MRHA 6) piloted the concept in Jackson. Over the past 10 years, MRHA 6 has used housing choice vouchers to help 18 low-income families become homeowners.

For more information on how your bank can participate in the homeownership program, e-mail Nelma Thomas, MRHA 6 Family Self-Sufficiency Coordinator, or call (601) 714-3943.

Enterprise Corporation of the Delta/HOPE Community Credit Union Offers Opportunity to Help Rebuild
Enterprise Corporation of the Delta/Hope Community Credit Union (ECD/HOPE) is a partner for banks seeking to provide assistance in communities affected by Hurricanes Katrina and Rita. In the months since the hurricanes, cleanup and relief efforts continue, but increasingly the focus is shifting to rebuilding and planning for recovery of the affected areas. Tens of thousands of homes and businesses were destroyed or heavily damaged, displacing families, and disrupting lives. Banks can play a large and vital role in the rebuilding process.

ECD/HOPE can bring proven affordable housing, small business lending, and community development expertise to the victims of the hurricanes, as well as, participating financial institutions. ECD/HOPE is headquartered in Jackson, Mississippi, with offices throughout Arkansas, Louisiana, and Mississippi. ECD/HOPE is a nonprofit certified community development financial institution working to strengthen communities, build assets, and improve lives in economically distressed areas of the mid-South. It does this by providing financial and technical assistance to firms, entrepreneurs, homeowners and community development projects, and by forging strategic partnerships across the public, private sectors, and banks. Since its founding in 1994, ECD/HOPE has generated more than $200 million in financing and assisted more than 13,000 people in economically-distressed communities in the region.

For more information on investment and lending opportunities and how your bank can partner with ECD/HOPE, contact Bill Bynum, chief executive officer, at (601) 944-1100.
[Published in News from the Districts, Community Developments Investments, Spring 2006]

Mississippi's New Housing Loan Pool Operational
The Financial Institution Housing Opportunity Pool (FIHOP) was just recently developed by the Mississippi Home Corporation (MHC), with the assistance of the Mississippi banking community and bank regulators. Developed over a two-year period, FIHOP's initial thrust will be to fund developers of multi-family housing which will utilize low-income housing tax credits. The FIHOP Board of Representatives and the FIHOP Loan Committee, each made up of participating members, will determine the future lending goals and objectives of FIHOP. In addition to being a 10 percent participant in FIHOP, MHC has agreed to administer the program until such time as FIHOP can meet its administrative needs. The FIHOP program was initially developed to provide CRA investment opportunities to the banking community, as well helping MHC further its affordable housing mission. Initial capitalization is underway and letters of interest have been received from leading financial institutions.

Contact: Charles Morris (601) 718-4624; cmorris1@mshc.com; www.mshc.com.
[Published in News from the Districts, Community Developments, Winter 2003]