FOR IMMEDIATE RELEASE
February 10, 2017
Federal Home Loan Bank of Dallas
First Federal Bank of Louisiana, FHLB Dallas Award Third Grant to Project Build a Future
Construction of Six Lake Charles Homes Underway with Help from $4K Grant
LAKE CHARLES, LOUISIANA, February 10, 2017 — The Federal Home Loan Bank of Dallas (FHLB Dallas) and member institution First Federal Bank of Louisiana (FFBLA) have awarded a $4,000 grant to Project Build a Future (PBAF), an affordable housing nonprofit. It marks the charity's third grant for a total of $8,000 since 2014 through FHLB Dallas' Partnership Grant Program (PGP). The recent grant will be used in the construction of six homes at V.E. Washington Street and Broad Street in Lake Charles.
"We are experiencing an economic boom in southwest Louisiana, which means there will be an even greater need for affordable housing in the next few years," said Melissa Dickson, CRA coordinator at FFBLA. "We have partnered with PBAF from the beginning, so it's great to see our combined efforts with FHLB Dallas make a difference for the community."
One of those helped was Ashley Broussard, a single mother with two children, who bought her home in 2016.
"This program gave me the opportunity to give stability to my children, and that means the world to me," she said. "PBAF was with me every step of the way — even with the closing, which can be a grueling process."
PBAF celebrated the construction of its 100th home in 2016, its 15th anniversary. The nonprofit was begun in 2001 by Fr. Henry Mancuso when he was pastor at Sacred Heart Catholic Church. PBAF has expanded to include home construction, rehabilitation and a matched savings program for qualified homebuyers.
"We strive to do more than simply build houses," said PBAF Executive Director Charla Blake. "We are really trying to help people create homes and establish neighborhoods. PBAF is like a family. Our small staff knows every person who lives in every one of our homes."
Through the PGP, member institutions, like FFBLA, contribute $500 up to $4,000 to a community-based organization (CBO). FHLB Dallas matches the contributions at a 3:1 ratio, which provide up to $12,000 in grant money to a CBO. In 2016, FHLB Dallas awarded $225,000 in PGP funds to assist 23 CBOs. Combined with the $96,200 from member institutions, a total of $321,200 was awarded last year. Grants are awarded annually through FHLB Dallas' member institutions via a lottery system.
"We designed the PGP to leverage the strength of local partnerships," said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. "The connection between Project Build a Future and First Federal Bank of Louisiana is a prime example of the contributions created by working together. We value and support their commitment to Lake Charles."
About First Federal Bank of Louisiana
First Federal Bank of Louisiana is a full-service, locally owned, community bank that has helped build the communities we serve for 67 years. With 16 branches serving 10 cities in Louisiana, we are proud to offer our customers a wide variety of products and services to meet all of their financial needs. We offer Personal and Business Checking Accounts, Savings and CD's, multiple Retirement Options, Home Equity Credit Lines, as well as Mortgages and Consumer Loans. Our established Investment and Insurance divisions also offer a full line of products for First Federal Bank customers.
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 $58.4 billion as of September 30, 2016, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 850 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.