The Grant Will Help West 30’s Residents and Help the Redemption Company Cover Administrative Costs
Twelve banks, all members of the Federal Home Loan Bank of Dallas (FHLB Dallas), have joined FHLB Dallas to provide an $84,500 Partnership Grant Program (PGP) grant to West 30’s Redemption Company in Covington, Louisiana.
PGP grants help qualified nonprofit organizations fund a variety of administrative activities that are critical to serving their communities. West 30’s Redemption Company will use the grant to support residents of the West 30’s who have been impacted by the coronavirus pandemic and to fund a variety of administrative activities for its redevelopment program.
"This funding is a great help to our organization as we continue to work to provide quality, affordable housing for families in the West 30’s neighborhood in Covington," said Bryan Burns, founder of West 30’s Redemption Company. "To date, we have renovated 16 houses and built two new ones. We are just starting construction on four new houses. Each of these newly renovated and newly built houses is life-changing for the family who makes it their home."
Mr. Burns said he was grateful to "our banking partners and to the Federal Home Loan Bank of Dallas for helping us with this amazing grant that covers administrative expenses so that more of our operating funds can be used to renovate and build homes in the West 30’s community.
Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas, said the banking cooperative was pleased to help its member banks support the great work of West 30’s Redemption Company. "Administrative expenses are a part of every redevelopment program. Because of our COVID-19 Relief Program, we were able to increase the impact of our members’ contributions with a 5:1 match this year, rather than our normal 3:1 match. Together, we can provide more assistance to organizations whose community-building work is more important now than ever."
In alphabetical order, the 12 banks that contributed to the PGP grant, all with locations on the Northshore in St. Tammany Parish:
- American Bank & Trust Co., Covington, Louisiana
- BankPlus, Ridgeland, Mississippi
- Citizens Bank & Trust Co., Covington, Louisiana
- Fidelity Bank, New Orleans, Louisiana
- Fifth District Savings Bank, New Orleans, Louisiana
- First Bank and Trust, New Orleans, Louisiana
- Gulf Coast Bank & Trust, New Orleans, Louisiana
- Hancock Whitney, Gulfport, Mississippi
- IBERIABANK, Lafayette, Louisiana
- Investar Bank, Baton Rouge, Louisiana
- Resource Bank, Covington, Louisiana
- The First, A National Banking Association, Hattiesburg, Mississippi
Funding of the PGP was increased by $2 million this year 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. For 2020, program parameters also were 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 contribution(s) plus the FHLB Dallas match. Grants are awarded annually through FHLB Dallas and its member institutions.
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