Home Bank and FHLB Dallas Award $48K to Four New Orleans Nonprofits
Home Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) have awarded $48,000 in Partnership Grant Program (PGP (News - Alert)) funds to four New Orleans community-based organizations (CBOs): Home by Hand, Housing NOLA, New Orleans Neighborhood Development and Northshore Housing Initiative.
PGP grants help qualified CBOs fund a variety of operational and administrative activities that are critical to serving their communities.
"These nonprofits are front and center when it comes to community building in New Orleans," said Brandon Kelly, vice president and Community Development director for Home Bank. "With these Partnership Grant Program funds from Home Bank and the Federal Home Loan Bank of Dallas, we hoped to remove some of their administrative burden so they can maintain their focus on the programs that benefit the city in so many ways."
The organizations will each use their $12,000 PGP grants to fund various administrative expenses.
Home by Hand
New Orleans Neighborhood Development Foundation
Northshore Housing Initiative
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.
"These organizations are all focused on creating affordable housing in and around New Orleans," said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. "They fill an important need in the city, and we and Home Bank don't want their focus to drift even a little from their goals because administrative costs have become a burden."
About Home Bank N.A.
Home Bank, N.A., founded in 1908 as Home Building & Loan, is the oldest financial institution founded in Lafayette Parish. Through the years, we've expanded to serve markets in South Louisiana and Mississippi: Acadiana, Baton Rouge, New Orleans, the Northshore of Lake Pontchartrain, St. Martin and Jeff Davis Parishes, as well as Natchez and Vicksburg. With 40 locations across South Louisiana and Western Mississippi, Home Bank is committed to serving the needs of our communities. Personal banking has always been Home Bank's trademark and that tradition continues as we grow, invest and serve our clients and community. We live our values each day, focusing on integrity, innovation and a commitment to serving others. For more information about Home Bank, visit home24bank.com.
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 $75 billion as of June 30, 2020, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. Visit fhlb.com for more information.
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