Tucumcari Federal Savings & Loan Association and FHLB Dallas Award $24,000 Grant to Tucumcari MainStreet Corp.
Tucumcari Federal Savings & Loan Association and the Federal Home Loan Bank of Dallas (FHLB Dallas) have awarded a $24,000 Partnership Grant Program (PGP (News - Alert)) award to the Tucumcari MainStreet Corp.
PGP grants help qualified nonprofit organizations fund a variety of administrative activities that are critical to serving their communities. Having received a PGP grant for the past three years, Tucumcari MainStreet has been able to sustain its mission dedicated to the economic, physical, social and cultural revitalization of downtown Tucumcari, New Mexico.
"The funds from the PGP grant will help cover our operating costs so that we can continue to encourage, foster and stimulate the preservation of downtown Tucumcari," said Tucumcari MainStreet Executive Director Connie Loveland. "A flourishing Main Street District is the heart of a strong community and we are diligently working to build a successful and resilient Main Street business community."
President of Tucumcari Federal Savings & Loan Association, David Hale said, "As you might imagine, the PGP funds are particularly critical this year since Tucumcari MainStreet had to cancel its main fundraising activity due to COVID-19. Through this program we are able to continue supporting the mission of local organizations that provide much-needed resources and serve our residents in significant ways."
Funding of the PGP was increased by $2 million this year under FHLB Dallas' COVID-19 Relief Program to support community-based organizations (CBOs) involved in affordable housing activities, stimulating small business development or providing small businesses with technical assistance. For 2020, program parameters also were expanded to include COVID-19 relief.
Through this unique grant program, FHLB Dallas member instiutions contribute from $500 to $6,000 to a CBO, which FHLB Dallas matches at a new, higher 5:1 ratio (compared to the previous 3:1 ratio) resulting in a match of up to $30,000. If multiple member institutions contribute to the same CBO in one year, the maximum FHLB Dallas match for those member contributions is $60,000 per year. In both cases, the total grant to the CBO would be the sum of the member contribution(s) plus the FHLB Dallas match. Grants are awarded annually through FHLB Dallas and its member institutions.
"Organizations like Tucumcari MainStreet Corp. initiate projects for the improvement and betterment of the community as a whole," said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. "Their efforts benefit Tucumcari both esthetically and economically. We are proud to join Tucumcari Federal Savings & Loan Association in supporting this ongoing community-building work."
About Tucumcari Federal Savings & Loan Association
Tucumcari Federal Savings & Loan Association was founded on July 12, 1934. The original purpose of the Association was to provide a way for residents of the community to deposit their money in a safe place, and to help local residents own their own homes. Tucumcari Federal has financed thousands of homes in Eastern New Mexico, and they take pride in helping local residents achieve the dream of owning their own home.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank system created by Congress in 1932. FHLB Dallas, with total assets of $83.8 billion as of March 31, 2020 is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 805 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. Visit fhlb.com for more information.
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