FOR IMMEDIATE RELEASE
July 23, 2019
Federal Home Loan Bank of Dallas
$300K in Grants Awarded to 27 Community-Based Organizations
FHLB Dallas' Partnership Grant Program Provides 3:1 Match of Members' Donations
DALLAS, TEXAS, July 23, 2019 – The Federal Home Loan Bank of Dallas (FHLB Dallas) is pleased to announce $300,000 in Partnership Grant Program (PGP) funds have been awarded by FHLB Dallas and member institutions to 27 community-based organizations (CBO).
Through this unique grant program, FHLB Dallas member institutions contribute $500 up to $4,000 to a CBO, which FHLB Dallas matches at a 3:1 ratio to provide the CBO up to $12,000 per member and $24,000 per year in grant money. Grants are awarded annually through FHLB Dallas' member institutions via a lottery system. In 2019, FHLB Dallas awarded $300,000 in PGP funds that was combined with $142,500 contributed by 25 FHLB Dallas members for a total of $442,500 to the organizations.
Among this year's PGP recipients is Little Rock, Arkansas-based University District Development Corporation, a revitalization program for the residential and commercial neighborhoods adjacent to the University of Arkansas at Little Rock. The organization will receive a total of $24,000 in PGP funds from FHLB Dallas and four members: Bank OZK, First Security Bank, Arvest Bank and Simmons Bank. Barrett Allen, executive director of the organization, says the funds will be used to cover operational expenses. This is the third PGP award the organization has received.
"The Partnership Grant Program gives certain flexibility to organizations. It allows us to partner with member banks and apply those funds to impact the community," said Mr. Allen. "I think it is something that is needed and I'm thankful for the program."
Partnership grants may be used to:
- Offset operational and administrative expenses
- Purchase or rent equipment or software
- Hire staff and/or consultants
- Secure training, consulting or technical support
- Sponsor special program-related events
- Conduct research or studies related to economic development or affordable housing projects
- Hire professional contractors such as architects, engineers, grant writers or accountants
"The Partnership Grant Program is intended to strengthen the relationship between our members and the communities they serve," said Melanie Dill, community and economic development manager at FHLB Dallas. "Our 3:1 match enables our members to provide additional support for community-based organizations."
See the complete list of the 2019 PGP grant recipients. For more information about the 2019 PGP grants and other FHLB Dallas community investment products and programs, please visit fhlb.com/pgp.
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 $69.0 billion as of March 31, 2019, is a member-owned cooperative that supports housing and community investment by providing competitively priced loans and other credit products to approximately 820 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.