For Immediate Release
Contact: Muriel Sutton
Phone (601) 482-5042
THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT AWARDS $2,903,760.00 IN CAPITAL FUND FINANCING PROCEEDS (CFFP) TO THE MERIDIAN HOUSING AUTHORITY
The Meridian Housing Authority’s Board of Commissioners along with its staff and residents is pleased to announce that HUD has awarded MHA approximately $2,903,760.00 to fund urgently needed repairs and services to its existing affordable housing inventory.
When: A Press conference will be held on Wednesday, January 4, 2017 at 11:00 am at the Meridian Housing Authority’s Central Office training room located at 2425 E Street to inform the public of the significance of the Capital Fund Financing Program (CFFP) approval and the positive impact this award will have on the residents of MHA along with the economic impact to the City of Meridian.
Details: In 2005 MHA issued $6,780,000.00 in Capital Fund Program Revenue Bonds. After 11 years, the outstanding balance on the first optional redemption date was $3,990,000.00. HUD approved MHA’s proposal to issue tax revenue bonds to fund urgently needed repairs and service to its existing housing stock.
MHA will issue tax-exempt revenue bonds secured solely by the anticipation of its capital fund allocation. MHA’s refinancing plan approval produced approximately $2,903,760.00 in proceeds which the agency will use to: expedite heating system upgrades, replace old hot water heaters, install new roofing systems, repair erosion and buckling sidewalk issues, install new security and exterior doors, install security cameras, replace outdated cabinets, sinks, faucets and floors, install energy efficient stoves and refrigerators throughout the agency just to name a few.
The Meridian Housing Authority exists to provide decent safe and affordable housing opportunities for over 3500 eligible citizens of Meridian Mississippi. Additionally, MHA currently owns and operates 1235 affordable housing apartments and administers 211 Housing Choice Vouchers.
For more information regarding MHA’s CFFP award visit: www.meridianhousing.net and click on “press releases”. Also visit the US Department of Housing and Urban Development’s website at hud.gov.
