Nonprofit Receives $16K Grant from Home Bank and FHLB Dallas

Rhea-AI Summary

Home Bank and the Federal Home Loan Bank of Dallas awarded $16,000 to the New Orleans Neighborhood Development Foundation (NDF) to support low- to moderate-income individuals in building wealth through homeownership. The grant was presented on October 26, with NDF's Rosalind Washington noting pandemic-related funding challenges. The partnership enhances community development, with FHLB Dallas distributing over $600,000 in Partnership Grant Program funds across Louisiana and surrounding states in 2021.

Positive

• Award of $16,000 to support low- to moderate-income homeownership initiatives.
• Partnership with FHLB Dallas enhances community relations and funding access.

Negative

• NDF struggling to find monetary resources due to pandemic-related funding allocation issues.

Banks Award Funds to New Orleans Housing Foundation

NEW ORLEANS--(BUSINESS WIRE)-- Home Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) partnered to award $16,000 to New Orleans Neighborhood Development Foundation (NDF), a community-based organization (CBO) founded in 1986 to help low- to moderate-income individuals and families build wealth through homeownership.

Officials from Home Bank, the Federal Home Loan Bank of Dallas and the New Orleans Neighborhood Development Foundation celebrate $16,000 in Partnership Grant Program funding. (Photo: Business Wire)

The entities celebrated the grant at a ceremonial check presentation on October 26.

Rosalind Washington, executive vice president at NDF, said the pandemic has created a strain on the organization’s mission.

“Over the last two years, because of the pandemic, monetary resources have been difficult to find as they are being allocated to health care needs,” said Ms. Washington. “We are truly grateful to receive this grant as it allows us to focus on providing programs to those who need it most.”

Home Bank Senior Vice President and Community Development Director Kelvin Luster said the PGP has helped the bank build new relationships in its community.

“The PGP is important to Home Bank because it allows us to build relationships with community-based organizations like NDF,” said Mr. Luster. “We are grateful for our partnership with FHLB Dallas to help better the community we serve.”

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.

“The 3:1 match of the PGP highlights the partnership aspect of the program, making it beneficial for members like Home Bank as well as FHLB Dallas,” said Greg Hettrick, first vice president and director of Community Investment. “Home Bank strengthens its ties with the community, which benefits from the partnership and funds.”

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/20211027006163/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 significance of the $16,000 grant awarded to NDF by Home Bank and FHLB Dallas?

The $16,000 grant is intended to support low- to moderate-income individuals in achieving homeownership, a critical initiative for wealth building in the community.

When was the grant awarded to the New Orleans Neighborhood Development Foundation?

The grant was awarded on October 26.

How much funding did FHLB Dallas distribute in 2021 through the Partnership Grant Program?

FHLB Dallas distributed over $600,000 in Partnership Grant Program funding in 2021.

What challenges has NDF faced recently according to the press release?

NDF has struggled to secure monetary resources due to pandemic-related funding challenges, with resources being redirected to healthcare needs.

What is the role of Home Bank in community development as mentioned in the press release?

Home Bank plays a crucial role in community development by partnering with organizations like NDF to enhance local initiatives and build relationships.