$3.6K PGP Grant Awarded for COVID-19 Assistance in Mississippi
Community Bank of Mississippi, in conjunction with the Federal Home Loan Bank of Dallas (FHLB Dallas), presented $3,600 in Partnership Grant Program (PGP (News - Alert)) funds to Mercy Housing and Human Development, which provides financial literacy and prosperity to low- to moderate-income individuals. Representatives from Community Bank of Mississippi joined the organization at a check presentation recently in Gulfport, Mississippi.
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Mercy Housing and Human Development received a $3.6K PGP grant from Community Bank of Mississippi and FHLB Dallas to provide COVID-19 assistance in its community. (Photo: Business Wire)
PGP grants help qualified nonprofit organizations fund a variety of administrative activities that are critical to serving their communities.
Mercy Housing and Human Development will use the grant to help people affected by the pandemic with rental assistance and counseling and to help frontline responders become homeowners.
"It's been a tough year for our community due to COVID-19," said Julie Egressy, executive director at Mercy Housing and Human Development. "Every bit of money helps, but when you combine this award with grants from several different entities, it allows us to maximize our funds and mission so we can help keep our community stable."
Kally Vlahos, community reinvestment act officer at Community Bank of Mississippi, said the PGP is a great opportunity to help community-based organizations (CBOs) such as Mercy Housing and Human Develpment.
"The Partnership Grant Program grant, with matching funds from the Federal Home Loan Bank of Dallas, will help Mercy Housing in a more significant way," said Ms. Vlahos. "We are honored to be a partner with the Federal Home Loan Bank of Dallas in helping Mercy Housing and Human Development provide COVID-19 assistance to the community of Gulfport."
Funding of the PGP was increased by $2 million this year under FHLB Dallas' COVID-19 Relief Program to support 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 institutions 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.
"With the Partnership Grant Program expanding to include COVID-19 relief in 2020, members like Community Bank of Mississippi have put this special program to good use in their communities," said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. "We are pleased to join with our members to help community-based organizations like Mercy Housing and Human Development serve families and individuals directly affected by the pandemic."
About Community Bank of Mississippi
Established in 1905 in a small timber community in East Central Mississippi, Community Bank of Mississippi has grown to more than $3.3 billion in assets, 51 offices and more than 800 employees in four states. The bank takes great pride in its values - fairness, integrity, honesty, respect, humility, self-sacrifice and simple kindness - and goes to great lengths to put those values into action every day. For more information, visit communitybank.net.
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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