Press Releases
June 10th, 2011
Jackson Area Will Receive Significant Affordable Housing Boost Jackson, Mississippi—HOPE (Hope Enterprise Corporation) has been awarded membership in the national NeighborWorks® network. This significant achievement, which involved HOPE meeting high organizational health and performance standards, enables the organization to gain access to a powerful battery of training, research, technical assistance and funding opportunities.
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June 10th, 2011
News Advisory Contact: Scot Slay June 10, 2011 Office: (601) 944-4175 E-mail: sslay@ecd.org HOPE Celebrates NeighborWorks® Membership at June 14 Event Mid South Will Receive National Affordable Housing Boost Jackson, Mississippi—HOPE (Hope Enterprise Corporation) has been awarded membership in the national NeighborWorks® network. This significant achievement, which involved HOPE meeting high organizational health and performance standards, enables the organization to gain access to a powerful battery of training, research, technical assistance and funding opportunities. PRESS CONFERENCE TUESDAY, JUNE 14 10:30 AM Corner of Livingston and Wightman Streets in Jackson, MS Map Link to Event Site: http://mapq.st/mRUbF9 Inclement Weather Site: HOPE Main Office 4 Old River Place Map Link to Inclement Weather Site: http://www.hopecu.org/index.php/branch-locations The national housing crisis has dramatically increased the urgent need for reasonably priced residential options across the nation and in our community. HOPE and NeighborWorks America have demonstrated a commitment to finding housing solutions in economically distressed areas. During the ceremony, NeighborWorks will present HOPE with its charter certificate and present a $300,000 check as an initial investment to support the nonprofit’s work. The event will take place across the street from the Jackson Housing Authority’s Midtown Housing development, which includes 22 units of affordable sustainable housing and a commercial center that will house a health clinic, barber shop, and community space. This development is the result of a partnership between Jackson Housing Authority, Midtown Partners, Inc., local investors and HOPE. HOPE financed the property acquisition for the effort. The construction utilizes green building features including solar panels, smart meters, water conserving fixtures, and thermal windows. It is part of a comprehensive revitalization effort for the Midtown neighborhood that involves residents, businesses, and institutional partners and is an excellent example of the type of housing and community development work that HOPE and NeighborWorks strive to produce. ###
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May 6th, 2011
The Mississippi Economic Policy has earned recognition for its commitment to Mississippi’s residents and involvement in the political process. The organization is being honored with the Fran Leber Citizen Award from the Mississippi League of Women Voters. This award is given for exceptional voter service or citizen education. Past award winners include the former Secretary of State Eric Clark, former First Lady Elise Winter, and Clarion Ledger Editorial Director David Hampton. MEPC Director Ed Sivak will be speaking at the League’s 2011 convention on May 14. His address is titled “Mississippi and Money—Where are We Today?”. The event will take place from 9:00 a.m. to 1:30 p.m. at the MSU School of Architecture in downtown Jackson. Additional event details and RSVP instructions for interested parties can be found in the flyer available for download at the conclusion of this article. “We’re appreciate the honor bestowed on MEPC by the Mississippi League of Women Voters,” said Sivak. “The award was made possible by skills of and insight available to us from members of our policy team who work tirelessly to provide people with information that will lead to improved outcomes for low-wealth families and economically distressed communities.” The Mississippi Economic Policy Center (MEPC) is a nonprofit, nonpartisan organization that conducts independent research on public policy issues affecting working Mississippians. Through public outreach efforts, policy maker education and engaging the media, MEPC uses its analysis to ensure that the needs of low and moderate-income Mississippians, in particular, are considered in the development and implementation of public policy with the ultimate goal of improving access to economic opportunity. For more information about MEPC, visit www.mepconline.org. Download the League of Women Voters 2011 Convention Flyer.
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May 6th, 2011
MEPC Receives Fran Leber Award The Mississippi Economic Policy has earned recognition for its commitment to Mississippi’s residents and involvement in the political process. The organization is being honored with the Fran Leber Citizen Award from the Mississippi League of Women Voters. This award is given for exceptional voter service or citizen education. Past award winners include the former Secretary of State Eric Clark, former First Lady Elise Winter, and Clarion Ledger Editorial Director David Hampton. MEPC Director Ed Sivak will be speaking at the League’s 2011 convention on May 14. His address is titled “Mississippi and Money—Where are We Today?”. The event will take place from 9:00 a.m. to 1:30 p.m. at the MSU School of Architecture in downtown Jackson. Additional event details and RSVP instructions for interested parties can be found in the flyer available for download at the conclusion of this article. “We’re appreciate the honor bestowed on MEPC by the Mississippi League of Women Voters,” said Sivak. “The award was made possible by skills of and insight available to us from members of our policy team who work tirelessly to provide people with information that will lead to improved outcomes for low-wealth families and economically distressed communities.” The Mississippi Economic Policy Center (MEPC) is a nonprofit, nonpartisan organization that conducts independent research on public policy issues affecting working Mississippians. Through public outreach efforts, policy maker education and engaging the media, MEPC uses its analysis to ensure that the needs of low and moderate-income Mississippians, in particular, are considered in the development and implementation of public policy with the ultimate goal of improving access to economic opportunity. For more information about MEPC, visit www.mepconline.org. Download the League of Women Voters 2011 Convention Flyer.
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March 24th, 2011
Special Program Connects Developers to Financing The national housing crisis has dramatically increased the urgent need for reasonably priced residential options across the nation and in our community. But dozens of low-income Jackson residents will soon have access to more quality, affordable housing with the development of Holly Hills, an apartment complex that is being renovated through a special financing program. “I am excited to see this development in the City of Jackson and for the opportunity it represents for our citizens who need a place to call home,” said Jackson Mayor Harvey Johnson. “This is an outstanding example of how public-private partnerships can improve the quality of life for low-income families. It will help us in our work to create a better quality of life for all our city’s residents.” A total of 60 rental units will be added to the affordable housing stock for people who meet income and other eligibility requirements. The complex will feature two- and three-bedroom units; fully furnished appliances; energy efficient and environmentally friendly choices like tankless water heaters, low-flow toilets, and low-VOC flooring; and an on-site business center. Construction began this month and will be completed by the end of the year. The project is made possible with funding from the Mississippi Low-Income Housing Tax Credit Equity Fund (MSEF), which is managed by HOPE (Hope Enterprise Corporation/Hope Credit Union). Holly Hills represents a total investment of $7.75 million in affordable housing development. “Access to decent, reasonably priced places to live continues to be a challenge across the nation, but it is a particularly difficult issue here in the Mid South,” said HOPE CEO, Bill Bynum. “The development of residences like Holly Hills strengthens communities and provides a better foundation for families and improves all of the health, education, and economic outcomes associated with improved living environments.” The Low-Income Housing Tax Credit (LIHTC) Program, established by Congress in 1986, is a dollar-for-dollar tax credit for affordable housing investments. It was established to give incentives for the utilization of private equity in the development of affordable housing aimed at low-income Americans. LIHTC projects account for the majority of all affordable rental housing created in the United States today. Great Lakes Capital Fund (GLCF), one of the fund partners, is evaluating the viability of projects for financing and ensuring compliance with LIHTC guidelines. GLCF has a 25 year track record of creating and managing LIHTC equity funds and is currently managing $1.2 billion in LIHTC assets. “We are very honored to be part of this great team,” said Mark McDaniel, President & CEO of Great Lakes Capital Fund. “This is the best of triple bottom line investing, which provides investors with a great return on capital, is socially motivated and creates sustainability. It is the kind of capital that changes people’s lives for the better.” MSEF matches local and regional investors with local LIHTC developers who have been awarded federal tax credits for their projects. Investments in the fund will provide a good return to the […]
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March 24th, 2011
For Immediate Release Contact: Scot Slay March 24, 2011 Office: (601) 944-4175 E-mail: sslay@hope-ec.org Apartment Redevelopment Project Means More Affordable Housing for Jackson Residents Special Program Connects Developers to Financing The national housing crisis has dramatically increased the urgent need for reasonably priced residential options across the nation and in our community. But dozens of low-income Jackson residents will soon have access to more quality, affordable housing with the development of Holly Hills, an apartment complex that is being renovated through a special financing program. “I am excited to see this development in the City of Jackson and for the opportunity it represents for our citizens who need a place to call home,” said Jackson Mayor Harvey Johnson. “This is an outstanding example of how public-private partnerships can improve the quality of life for low-income families. It will help us in our work to create a better quality of life for all our city’s residents.” A total of 60 rental units will be added to the affordable housing stock for people who meet income and other eligibility requirements. The complex will feature two- and three-bedroom units; fully furnished appliances; energy efficient and environmentally friendly choices like tankless water heaters, low-flow toilets, and low-VOC flooring; and an on-site business center. Construction began this month and will be completed by the end of the year. The project is made possible with funding from the Mississippi Low-Income Housing Tax Credit Equity Fund (MSEF), which is managed by HOPE (Hope Enterprise Corporation/Hope Credit Union). Holly Hills represents a total investment of $7.75 million in affordable housing development. “Access to decent, reasonably priced places to live continues to be a challenge across the nation, but it is a particularly difficult issue here in the Mid South,” said HOPE CEO, Bill Bynum. “The development of residences like Holly Hills strengthens communities and provides a better foundation for families and improves all of the health, education, and economic outcomes associated with improved living environments.” The Low-Income Housing Tax Credit (LIHTC) Program, established by Congress in 1986, is a dollar-for-dollar tax credit for affordable housing investments. It was established to give incentives for the utilization of private equity in the development of affordable housing aimed at low-income Americans. LIHTC projects account for the majority of all affordable rental housing created in the United States today. Great Lakes Capital Fund (GLCF), one of the fund partners, is evaluating the viability of projects for financing and ensuring compliance with LIHTC guidelines. GLCF has a 25 year track record of creating and managing LIHTC equity funds and is currently managing $1.2 billion in LIHTC assets. “We are very honored to be part of this great team,” said Mark McDaniel, President & CEO of Great Lakes Capital Fund. “This is the best of triple bottom line investing, which provides investors with a great return on capital, is socially motivated and creates sustainability. It is the kind of capital that changes people’s lives for the better.” MSEF matches local and regional investors with local […]
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March 15th, 2011
For Immediate Release Contact: Scot Slay March 15, 2011 Office: (601) 944-4175 E-mail: sslay@ecd.org HOPE Launches Program to Expand Fresh Food Access in New Orleans Underserved Neighborhoods Benefit in Many Ways New Orleans, LA—HOPE (Hope Enterprise Corporation/Hope Credit Union) announced today the launch of the New Orleans Fresh Food Retailer Initiative (FFRI), a program that will award $14 million worth of forgivable and low-interest loans to supermarkets and grocery stores that are located in or plan to locate in underserved areas of Orleans Parish. The FFRI program will enable vendors to open, renovate, or expand retail outlets that sell fresh fruits and vegetables in those areas of the City where access to fresh foods has been lacking, particularly for low-income residents. The investment is expected to expand access to healthy food at affordable prices, provide quality employment opportunities and serve as a catalyst for neighborhood revitalization. New or existing stores funded through the FFRI program will dedicate significant shelf space to fresh produce and promote product placement, marketing and outreach to low-income areas. ”While this initiative directly addresses the fact that too many New Orleans residents do not have access to the fresh, nutritious foods they need to live healthy lives, it improves outcomes in a number of other areas as well,” said HOPE CEO Bill Bynum. “Communities will be able to reap all the economic development benefits that come along with a local grocery store: the creation of steady jobs at decent wages and serving as a catalyst for complementary retail stores and services nearby.” In a post-Katrina survey conducted by Tulane University, nearly 60% of low-income residents surveyed reported that they must drive more than 3 miles to reach a supermarket, but only about half (58%) owned a car. A 2010 study by Social Compact showed only 30 full-service grocers had reopened in the city, revealing substantial unmet demand in the market. “For too long, our citizens have lacked access to fresh, healthy foods,” said New Orleans Mayor Landrieu. “I am excited to finally make this program a reality, particularly for the quality of life in underserved neighborhoods, and to foster healthier lifestyle habits for all of our citizens.” By launching the Fresh Food Retailer Initiative, the City is providing $7,000,000 in Disaster-Community Development Block Grant funds, which will be matched 1:1 by HOPE. The Food Trust, a national non-profit organization with a track record for administering innovative approaches to expanding access to fresh foods in Pennsylvania and New York will also be part of the program delivery team. “The Food Trust is thrilled to partner with the City of New Orleans and HOPE to bring more grocery stores and fresh food to New Orleans,” said Yael Lehmann, Executive Director of The Food Trust. “Every child should live in a neighborhood where fresh, healthy food is available and affordable.” Who Can Apply? Forgivable and interest-bearing loans are available to supermarkets or retail grocery outlets committed to expanding the healthy food offerings in low- or moderate- income, underserved […]
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January 25th, 2011
Jackson, MS—Enterprise Corporation of the Delta, a nationally acclaimed community development financial institution, has adopted a new name: Hope Enterprise Corporation. The change, which became effective January 1, reflects the organizations geographic expansion beyond the Delta to other distressed areas in the Mid South; and its sponsorship of Hope Credit Union, one of the country’s largest community development credit unions. Collectively, the organizations will be branded as HOPE. “Over the past decade our work has broadened in many ways,” said HOPE CEO Bill Bynum. “We are now applying the experience gained in the Delta to underserved rural and urban communities across the Mid South, as well as other areas of need, such as those affected by Hurricane Katrina and the BP oil spill.” Established by prominent civic, business and community leaders in 1994 to provide financing and technical assistance to businesses in 55 counties and parishes in the Delta region of Arkansas, Louisiana, and Mississippi, the nonprofit organization now serves residents throughout these entire states, and in western Tennessee. Over the years, HOPE has added a broad array of services designed to enhance its mission of strengthening communities, building assets, and improving lives in economically distressed areas. The organization is now involved in affordable housing development, home mortgages, financial counseling, consumer financial services, houses a policy center and provides project management for a wide range of development initiatives. Since 1994 HOPE has generated more than $1.4 billion in financing for entrepreneurs, homebuyers, and community development projects and directly benefitted more than 75,000 individuals. In 2000 ECD began working closely with the $400,000, 1,000-member Hope Community Credit Union, ultimately becoming the credit union’s primary sponsor with the intent of enhancing the overlapping mission of both organizations. Today, Hope Federal Credit Union, with approximately $137 million in assets and 27,000 members has become a major vehicle for delivering financial services in the Mid South. The name change does not diminish our historic and substantial commitment to the Delta,” said Billy Percy, a Delta businessman and chairman of the Enterprise Corporation since its inception. “For years the ECD and the credit union have worked together toward a common mission. The name change acknowledges the integrated and dynamic nature of how we operate. It bridges our history with our exciting plans for the future – in the Delta and throughout the Mid South.”
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January 25th, 2011
For Immediate Release Contact: Scot Slay January 25, 2011 Office: (601) 944-4175 E-mail: sslay@ecd.org Enterprise Corporation of the Delta Changes Name to Hope Enterprise Corporation Jackson, MS—Enterprise Corporation of the Delta, a nationally acclaimed community development financial institution, has adopted a new name: Hope Enterprise Corporation. The change, which became effective January 1, reflects the organizations geographic expansion beyond the Delta to other distressed areas in the Mid South; and its sponsorship of Hope Credit Union, one of the country’s largest community development credit unions. Collectively, the organizations will be branded as HOPE. “Over the past decade our work has broadened in many ways,” said HOPE CEO Bill Bynum. “We are now applying the experience gained in the Delta to underserved rural and urban communities across the Mid South, as well as other areas of need, such as those affected by Hurricane Katrina and the BP oil spill.” Established by prominent civic, business and community leaders in 1994 to provide financing and technical assistance to businesses in 55 counties and parishes in the Delta region of Arkansas, Louisiana, and Mississippi, the nonprofit organization now serves residents throughout these entire states, and in western Tennessee. Over the years, HOPE has added a broad array of services designed to enhance its mission of strengthening communities, building assets, and improving lives in economically distressed areas. The organization is now involved in affordable housing development, home mortgages, financial counseling, consumer financial services, houses a policy center and provides project management for a wide range of development initiatives. Since 1994 HOPE has generated more than $1.4 billion in financing for entrepreneurs, homebuyers, and community development projects and directly benefitted more than 75,000 individuals. In 2000 ECD began working closely with the $400,000, 1,000-member Hope Community Credit Union, ultimately becoming the credit union’s primary sponsor with the intent of enhancing the overlapping mission of both organizations. Today, Hope Federal Credit Union, with approximately $137 million in assets and 27,000 members has become a major vehicle for delivering financial services in the Mid South. The name change does not diminish our historic and substantial commitment to the Delta,” said Billy Percy, a Delta businessman and chairman of the Enterprise Corporation since its inception. “For years the ECD and the credit union have worked together toward a common mission. The name change acknowledges the integrated and dynamic nature of how we operate. It bridges our history with our exciting plans for the future – in the Delta and throughout the Mid South.” ###
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December 19th, 2010
When Dorothy Soraparu was a little girl, if she was good, she got to go window-shopping on Dryades Street. “We lived on Magnolia Street, and I had a cousin who was 10 years older than I was,” Soraparu, 83, said. “We just thought it was a treat if she said we could come shopping with her.That was only if we had been good. “Dryades Street was really something. It was very popular,” said Soraparu who at the time was a 10-yearold student at Thomy Lafon School. Addressing neglect Much has changed since then. The scene of some of the most important civil rights battles in the 1960s, the street has been renamed for the late Oretha Castle Haley, a leader of those struggles. But even more visible than the change of name has been the reversal of the street’s fortunes. Many of the buildings on the street have been abandoned and have become blighted in the years since desegregation. As black shoppers gained access to stores in other parts of the city, Dryades lost much of its allure as a retail mecca. In recent years, art galleries, a restaurant, newly renovated apartments and other development have helped return the street to a modicum of its former glory. But among the renovated buildings that house these businesses, there are still many blighted edifices and abandoned lots. Monday it was announced that the old Handelman’s department store, one of the largest and most blighted buildings on the street, will be turned into apartments, offices and stores. Today, the Hope Community Credit Union will celebrate its grand opening at the corner of Oretha Castle Haley Boulevard and Felicity Street. The credit union is sponsored by the not-for-profit HOPE Enterprise Corporation and will offer a range of services including home mortgages, consumer loans, financial counseling, savings and checking accounts. Additionally, Holiday on the Boulevard, an annual event designed to bring shoppers back to the street, will kick off at the Ashe Cultural Arts Center. The aptly named Hope Community Credit Union may well be the institution to spur the redevelopment of the Central City community. While real estate speculators from all over town have come to appreciate the architectural treasures on and around the boulevard, longtime residents often lack the financing and sophistication to invest in their own communities. A community bank that aggressively markets to its surrounding community could be just what is needed to bring about the long-hoped-for renaissance on that storied street.
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