FOR IMMEDIATE RELEASE
November 24, 2014
Federal Home Loan Bank of Dallas
Partnership Grant Supports Belen MainStreet Revitalization
BELEN, NEW MEXICO, November 24, 2014 — The Belen MainStreet Partnership, a nonprofit organization working with public and private sectors of Belen, New Mexico, today received a $12,000 Partnership Grant Program (PGP) award from Wells Fargo and the Federal Home Loan Bank of Dallas (FHLB Dallas). The funding will support administrative costs within the Belen MainStreet Partnership program and fund special projects in the community.
“I would like to thank Wells Fargo and FHLB Dallas for awarding the grant to the Belen MainStreet Partnership,” said state Senator Michael S. Sanchez (D-District 29). “The Partnership is an important and effective tool for revitalizing and preserving Belen’s downtown area. This grant will help achieve the goals that we all share in developing a strong and vibrant economy. I look forward to seeing the grant put to good use.”
Belen, the second largest community in Valencia County, is a town of 7,300 people, 36 miles south of Albuquerque. It is also represented in the New Mexico Legislature by Representative Don L. Tripp (R-District 49).
“New Mexico's main streets are the hearts and souls of our rural communities ¾ as they thrive, so does our economy. The grant provided by Wells Fargo and FHLB Dallas will be a big help in revitalizing Belen's downtown area and expanding economic opportunities. We thank them for their generosity and commitment to our communities,” said Representative Tripp.
Rhona Espinoza, executive director at the Greater Belen Chamber of Commerce and Belen MainStreet Partnership, added that the grant will help ensure they can continue to strengthen the vitality and heritage of Belen.
“The city of Belen has strong values and a proud history. It’s also a great place to visit, to do business, and to raise a family,” said Ms. Espinoza.
Through the PGP, FHLB Dallas awards grants through its member institutions, to provide funding for the operational needs of community-based organizations involved in affordable housing and economic development. FHLB Dallas matches the cash contribution of a member financial institution to a community-based organization of $500 up to $5,000 at a 3:1 ratio. In 2014, FHLB Dallas awarded $225,000 in partnership grants.
Belen was founded in 1740 by two Spaniards, who named it “Belen” to honor the town of Bethlehem. The 40 founding families survived through agriculture; in the 19th century, sheep-herding became profitable and helped Belen to grow. Two hundred years after its establishment it was designated as a town in 1940. Population growth helped Belen to achieve “city” status in 1966.
Belen Mayor Jerah Cordova expressed his appreciation for the support of Wells Fargo and FHLB Dallas. “With this grant from Wells Fargo and FHLB Dallas, we can work toward stronger economic revitalization in downtown Belen,” said Mayor Cordova.
Wells Fargo has a strong commitment to community investment, with $5.97 billion in CRA-qualified community development loans and investments in projects that support affordable housing, community services, and economic development.
“Wells Fargo is a proud member of the Greater Belen Chamber of Commerce, and today’s grant represents our continued commitment and interest to invest in communities where we live and work,” said Patricia Nie, vice president of Community Development at Wells Fargo.
Greg Hettrick, vice president and director of Community Investment at FHLB Dallas, explained that PGP funds help fill a gap in funding so often seen in community-based organizations.
“We make PGP funds available through our member institutions, and these funds go a long way in helping organizations offset operational and administrative expenses,” said Mr. Hettrick. “This unique program is making a real impact in communities, like Belen.”
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.6 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,700 locations, 12,500 ATMs, and the internet (wellsfargo.com), and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2014 rankings of America’s largest corporations. In 2013, the Company invested $275.5 million in grants to 18,500 nonprofits, and team members contributed more than 1.69 million volunteer hours around the country.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank system created by Congress in 1932. FHLB Dallas, with total assets of $37.5 billion as of September 30, 2014, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas.