Louisiana Nonprofit Receives $8K Award from Home Bank and FHLB Dallas

Rhea-AI Summary

Home Bank and the Federal Home Loan Bank of Dallas have awarded Crescent City Community Land Trust (CCCLT) $8,000 in Partnership Grant Program funds. These funds will assist in operational expenses and support CCCLT's mission to provide affordable housing for low- to moderate-income residents in New Orleans. Executive Director Julius Kimbrough Jr highlighted that the grant will help cover closing costs for first-time homebuyers, making homeownership more accessible. The total impact of 2021 PGP grants exceeded $600,000 across five states.

Positive

• CCCLT receives $8,000 grant to aid operational expenses.
• Funds will assist first-time homebuyers with closing costs.
• Total PGP grant impact exceeds $600,000 for 2021.

Negative

• None.

Crescent City Community Land Trust to Use the Funds for Operational Expenses

METAIRIE, La.--(BUSINESS WIRE)-- Home Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) recently joined together at a ceremonial check presentation to award Crescent City Community Land Trust (CCCLT) $8,000 in Partnership Grant Program (PGP) funds.

Home Bank, the Federal Home Loan Bank of Dallas and Crescent City Community Land Trust officials celebrate the awarding of $8,000 in Partnership Grant Program funds. (Photo: Business Wire)

CCCLT helps low- to moderate-income residents afford their first homes in New Orleans and its mission is to provide permanently affordable housing opportunities for generations through equitable residential and commercial development, community stewardship and housing advocacy.

CCCLT Executive Director Julius Kimbrough Jr. said the funds will help the community-based organization (CBO) tremendously with its first-time homebuyer program.

“Much of the community we serve has never owned or been able to afford a home, and closing costs can sometimes push homeownership out of range for our buyers,” said Mr. Kimbrough Jr. “The Partnership Grant Program funds will help us continue providing closing costs to first-time homebuyers.”

Kelvin Luster, senior vice president and community development director at Home Bank, said PGP is vital to CBOs like CCCLT.

“These funds can help nonprofits expand several important programs,” said Mr. Luster. “Not only do the organizations benefit, but the community does as well. The ability to aid the community, and this grant, is a direct result of Home Bank’s partnership with FHLB Dallas.”

For 2021, FHLB Dallas awarded $400,000 in PGP grants, and its members provided an additional $200,250 for an impact of more than $600,000 in its five-state District of Arkansas, Louisiana, Mississippi, New Mexico and Texas.

“I commend Home Bank for its strong commitment and engagement with organizations such as CCCLT,” said FHLB Dallas First Vice President and Director of Community Investment Greg Hettrick. “The PGP helps member institutions strengthen their relationships with community-based organizations and allows them to create an impact in their communities.”

See the complete list of the 2021 PGP grant recipients. For more information about the 2021 PGP grants and other FHLB Dallas community investment products and programs, please visit fhlb.com/pgp.

About Home Bank N.A.

Home Bank, N.A., founded in 1908 as Home Building & Loan, is the oldest financial institution founded in Lafayette Parish. Through the years, we've expanded to serve markets in South Louisiana and Mississippi: Acadiana, Baton Rouge, New Orleans, the Northshore of Lake Pontchartrain, St. Martin and Jeff Davis Parishes, as well as Natchez and Vicksburg. With 40 locations across South Louisiana and Western Mississippi, Home Bank is committed to serving the needs of our communities. Personal banking has always been Home Bank’s trademark and that tradition continues as we grow, invest and serve our clients and community. We live our values each day, focusing on integrity, innovation and a commitment to serving others. For more information about Home Bank, visit www.home24bank.com.

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 $58.6 billion as of June 30, 2021, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit our website at fhlb.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211028005819/en/

Corporate Communications

Federal Home Loan Bank of Dallas

fhlb.com

(214) 441-8445

Source: Federal Home Loan Bank of Dallas

FAQ

What is the purpose of the $8,000 grant awarded to CCCLT?

The $8,000 grant will assist Crescent City Community Land Trust with operational expenses and help support affordable housing initiatives for first-time homebuyers in New Orleans.

Who awarded the $8,000 grant to Crescent City Community Land Trust?

The grant was awarded by Home Bank and the Federal Home Loan Bank of Dallas.

How does the grant impact first-time homebuyers according to CCCLT?

CCCLT Executive Director Julius Kimbrough Jr stated that the grant will help cover closing costs, making homeownership more attainable for low- to moderate-income residents.

What was the total amount of Partnership Grant Program funds awarded in 2021?

In 2021, the Federal Home Loan Bank of Dallas awarded a total of $400,000 in Partnership Grant Program funds, with an additional $200,250 from its members, totaling over $600,000.