NEW ORLEANS--(BUSINESS WIRE)--The Federal Home Loan Bank of Dallas (FHLB Dallas) and Whitney Bank awarded Home by Hand, a New Orleans nonprofit and affordable housing developer, $8,000 in Partnership Grant Program (PGP) funds during a check presentation today.
Home by Hand will use the grant to support its operations, focusing their efforts on providing affordable housing to low- to moderate-income families in a neighborhood that was badly damaged by Hurricane Katrina. Established in 2015, Home by Hand was created by Project Home Again, which built more than 170 homes in New Orleans in the Gentilly neighborhood on the northeast side of the city.
Louisiana State Representative Joseph Bouie (District 97) said, “This is a wonderful example of private/public partnerships which support a community’s rebuilding and growth efforts.”
Home by Hand was instrumental in rebuilding many parts of the Gentilly neighborhood and can greatly benefit from the grant funds, according to Whitney Bank AVP and Community Affairs Officer Ashley Aubrey Harrison.
“We’re excited to partner with Home by Hand because they’re a staple in the New Orleans community,” she said. “New Orleans needs groups like Home by Hand to help provide access to affordable housing and these funds will help them continue their mission.”
Home by Hand Executive Director Carey Shea commented on the impact the PGP funds will have, not only on bolstering the organization’s mission, but also on the community.
“Distressed communities need community development organizations that are on the ground every day working to improve the quality of life of the residents,” said Ms. Shea. “This grant enables us to focus on our core line of business, which is building beautiful, energy-efficient homes for first-time homebuyers.”
She said that while they would not have closed their doors without the grant, they would have spent “hours and hours on research and writing grants – hours that will now be used to create new projects and advocate for the community.”
Presented annually, PGP grants are awarded to community-based organizations (CBO). The grants may be used for research, organizational capacity-building, grant- and funding-application assistance, or contractual services. In 2016, FHLB Dallas awarded $225,000 in PGP funds to assist 23 CBOs. Combined with the $96,200 from member institutions, a total of $321,200 was awarded this year.
Through the PGP, FHLB Dallas member financial institutions, such as Whitney Bank, contribute $500 up to $4,000 to a CBO. FHLB Dallas matches the contributions at a 3:1 ratio, which provides up to $12,000 in grant money to a CBO.
“The PGP is a great source of grant funds to offset operation and administration expenses so that nonprofit organizations like Home by Hand can focus on their mission of providing affordable housing,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “We’re glad to partner with Whitney Bank.”
About Whitney Bank
Since the late 1800s, the Whitney Bank name has embodied core values of Honor & Integrity, Strength & Stability, Commitment to Service, Teamwork, and Personal Responsibility. Part of Hancock Holding Company's Gulf South financial services family, Whitney Bank locations in Louisiana and Texas and Hancock Bank locations in Mississippi, Alabama, and Florida offer comprehensive financial choices, including traditional and online banking; commercial and small business banking; private banking; trust and investment services; certain insurance services; and mortgage services. More information and online banking are available at hancockwhitney.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 $54.4 billion as of June 30, 2016, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 850 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. Visit fhlb.com for more information.
