Woodforest National Bank's $2.8 Million to HOPE Supports Revitalization Efforts in Jackson Mississippi

The Woodlands, Texas, Julio 26, 2022 - Woodforest National Bank^® (Woodforest) recently provided over $2.8 million in debt capital facility to Hope Enterprise Corporation (HOPE) to help finance the conversion of an extended-stay hotel into a multi-family apartment complex located at 881 E. River Place, Jackson, MS, in a high-poverty area of the city.

The converted hotel which suffered fire damage will provide 90 studio apartments and 30 two-bedroom lofts of permanent housing for area residents.

This former hotel on I-55 and Fortification has re-opened with a more modern look and feel, and now offers 90 studio apartments and 30 two-bedroom lofts of permanent housing for area residents.

"Stable housing is critical for the upward economic mobility of any individual or family," said Jeremy Funchess, Commercial Loan Officer at HOPE. "This project is another example of HOPE's extensive set of community development financing tools and partners to expand access to high quality and affordable housing across the Deep South," he continued.

Doug Schaeffer, Executive Vice President, Executive Director, CRA, Woodforest National Bank, added, "It is extremely important for Woodforest to continue to align with strong CDFIs, like HOPE, to combat the ongoing housing crisis across communities where our bankers live and work. Repurposing an underutilized community asset from a hotel into multi-family housing is an innovative solution that will help transform the neighborhood and provide much needed affordable housing at a time when families need it most."

The apartment complex is located in a U.S. Small Business Administration HUBZone, a New Market Tax Credit (NMTC)-eligible Census Tract and a federal Opportunity Zone. This project also supports redevelopment and neighborhood revitalization priorities of the City Government's 2020-2024 Five Year Consolidated Plan.