- July 07, 2020
Seven Area Banks Partner with FHLB Dallas to Provide Funding Amid COVID-19
JONESBORO, ARKANSAS, July 7, 2020 – Seven banks have joined the Federal Home Loan Bank of Dallas (FHLB Dallas) to provide $57,000 in Partnership Grant Program (PGP) funds to Habitat for Humanity of Greater Jonesboro.
PGP grants help qualified nonprofit organizations fund a variety of administrative activities that are critical to serving their communities.
The following banks provided funding: Arvest Bank, BancorpSouth Bank, Centennial Bank, First Community Bank, First Security Bank, IBERIABANK and Simmons Bank.
Habitat for Humanity of Greater Jonesboro builds new homes and rehabs existing homes to eliminate substandard housing conditions in the Greater Jonesboro area. It plans to use the PGP funds to offset administration and operational expenses, and it may hire another full-time employee. The nonprofit currently has one full-time employee — Director Micheal Sullivan — and three part-time staff members.
"Due to COVID-19, these funds will also help make up lost revenue from our ReStore sales, fundraisers and individual giving," Mr. Sullivan said. "We'll be able to grow and serve more individuals and families because of the generous donations from these seven banks and FHLB Dallas."
Funding under FHLB Dallas' PGP was increased by $2 million in 2020 under FHLB Dallas' COVID-19 Relief Program to support community-based organizations (CBOs) involved in affordable housing activities, stimulating small business development or providing small businesses with technical assistance. The use of funds for these organizations was expanded to include COVID-19 relief.
Through this unique grant program, FHLB Dallas member institutions contribute from $500 to $6,000 to a CBO, which FHLB Dallas matches at a new, higher 5:1 ratio (compared to the previous 3:1 ratio) resulting in a match of up to $30,000. If multiple member institutions contribute to the same CBO in one year, the maximum FHLB Dallas match for those member contributions is $60,000 per year. In both cases, the total grant to the CBO would be the sum of the member contributions plus the FHLB Dallas match. Grants are awarded annually through FHLB Dallas and its member institutions.
Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas, said Habitat for Humanity of Greater Jonesboro has served the community since 1992 and during that time has built 21 new homes and renovated several existing homes.
"It's wonderful to see how seven of our member institutions combined their giving to make an impressive impact on a community organization that has a history of addressing affordable housing needs in the region," Mr. Hettrick said.
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 $83.8 billion as of March 31, 2020 is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 805 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. Visit fhlb.com for more information.
Federal Home Loan Bank of Dallas