- August 02, 2019
Banks Join Congressman and Local Nonprofit in Support of Community Cause
GARLAND, TEXAS, August 2, 2019 — U.S. Congressman Colin Allred, D-TX, joined the Federal Home Loan Bank of Dallas (FHLB Dallas) and Veritex Bank Wednesday for a home tour and build with Habitat for Humanity of Greater Garland (Garland Habitat).
The Garland, Texas-based nonprofit, which is an affiliate to the larger homebuilding nonprofit, Habitat for Humanity, supports affordable homeownership through educational and volunteer resources for low-income families.
"I am always so proud of this community for its ability to come together, and especially help veterans who need affordable housing," said Congressman Allred. "As a member of the House Veterans Committee, I am dedicated to helping veterans get the support they need from our community and from our government. I commend the organizations involved and all the hardworking folks who helped make this possible."
Veritex Bank, a long-time partner of FHLB Dallas in affordable housing initiatives, has donated three historical residential properties to Garland Habitat in the past year to rehabilitate and support the nonprofit's mission. FHLB Dallas' partnership history with Veritex Bank spans about a decade, during which the banks contributed to various housing projects including a $14,000 Affordable Housing Program (AHP) grant in 2010 and $3,000 in Partnership Grant Program (PGP) funds in 2013.
FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions, such as Veritex Bank. AHP grants fund a variety of projects, including home rehabilitation and modifications for low-income, elderly and special-needs residents; down payment and closing cost assistance for qualified first-time homebuyers; and the construction of low-income, multifamily rental communities and single-family homes.
The PGP is also offered through FHLB Dallas member institutions that contribute $500 up to $4,000 to a community-based organization (CBO), which FHLB Dallas matches at a 3:1 ratio to provide the CBO up to $12,000 in grant money.
In 2019, FHLB Dallas has awarded $300,000 in PGP funds through 25 member institutions to assist 27 CBOs. Combined with contributions from FHLB Dallas members, a total of $442,500 has been awarded to the organizations.
"When two institutions share a common goal of giving back, it impacts the community immensely," said Rich Buquet, executive director of Habitat for Humanity of Greater Garland. "We appreciate the support of Congressman Allred and the continued partnership with Veritex and FHLB Dallas. These relationships are a critical component to carrying out our mission."
Greg Hettrick, first vice president and director of Community Investment, said FHLB Dallas' partnerships with members create a lasting impact on the communities.
"Teaming up with members like Veritex Bank helps our grant dollars reach more communities and target the most critical housing needs in those communities," said Mr. Hettrick.
Other FHLB Dallas representatives in attendance included FHLB Dallas Board of Directors, Mike Rigby and Cheryl Alston.
In 2018, FHLB Dallas awarded $14 million in AHP grants to 29 projects that will result in 1,853 new or renovated housing units. Of that, $2.3 million was awarded to Texas projects, and will result in 556 new or rehabilitated housing units.
For more information about the AHP, visit fhlb.com/ahp.
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 $74.5 billion as of June 30, 2019, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 820 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. Visit fhlb.com for more information.
Federal Home Loan Bank of Dallas