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FOR IMMEDIATE RELEASE

November 17, 2017

Contact:

Corporate Communications
Federal Home Loan Bank of Dallas
fhlb.com
(214) 441-8445

$16K Grant to Help Low-Income Senior Homeowners in AlexandriaGAEDA_PR_WEB.jpg

Red River Bank and FHLB Dallas Partner on 2017 Grant

ALEXANDRIA, LOUISIANA (November 17, 2017) — The GAEDA Revitalization Corporation (GRC) yesterday was awarded a $16,000 grant from the Federal Home Loan Bank of Dallas (FHLB Dallas) and Red River Bank, an FHLB Dallas member institution. GRC will use the Partnership Grant Program (PGP) funds for architectural and legal fees, as well as site preparation related to affordable housing.

The nonprofit officially launched in May 2017 with the mission of increasing the availability of affordable housing in inner-city areas of Alexandria, Louisiana.

"There is a tremendous need for affordable housing in Alexandria," said Willie Spears, GRC executive director. "Some of our inner-city neighborhoods are deteriorating from within. Thankfully, Red River Bank has a strong and sincere commitment to giving back to the Alexandria community that permeates the entire organization."

Through the PGP, FHLB Dallas matches a member's contribution to a community-based organization (CBO) of $500 up to $4,000 at a 3:1 ratio for a maximum $12,000 contribution.

"We have a responsibility as a financial institution to provide lending services to low- and moderate-income residents in our community," said Jannease Seastrunk, vice president and Community Relations/CRA officer at Red River Bank. "Working with FHLB Dallas, Red River Bank is able to facilitate changes that can only happen when organizations like ours work together."

Ms. Seastrunk also chairs GRC's five-person, volunteer board.

GRC's redevelopment strategies include building partnerships with elected officials, churches and other nonprofits. In addition, GRC plans to acquire and develop quality, accessible housing on low-cost lots, as well as rehabilitate owner-occupied homes for senior citizens.

Awarded annually via a lottery system through FHLB Dallas members, PGP grants may be used for research, organizational capacity-building, grant- and funding-application assistance or contractual services.

"The PGP is a uniquely positioned grant for members because it multiplies their contribution to a CBO three times," said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. "This win-win situation allows more needed funding to flow into communities where investment can quickly improve residents' quality of life."

In 2017, FHLB Dallas awarded $300,000 in PGP funds through 31 member institutions to assist 30 community-based organizations. Combined with the $104,550 contributed by FHLB Dallas members, a total of $404,550 was awarded to the organizations.  

About Red River Bank

Red River Bank is a full-service community bank headquartered in Alexandria, Louisiana. Red River Bank was chartered in 1998 in Rapides Parish and began operating its first banking center in Alexandria in 1999. Red River Bank offers consumer and commercial banking services and products, mortgage lending services, and investment services.

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 $66.4 billion as of September 30, 2017, is a member-owned cooperative that supports housing and community investment by providing competitively priced loans and other credit products to approximately 840 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.

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