BEAUMONT, Texas--(BUSINESS WIRE)--Legacy Community Development Corporation (Legacy CDC) received a $10,000 Partnership Grant Program (PGP) award through the Federal Home Loan Bank of Dallas (FHLB Dallas) and CommunityBank of Texas today at a ceremonial check presentation. Deputy District Director Blake Hopper from the office of U.S. Representative Randy Weber (District 14) joined representatives from CommunityBank of Texas, Legacy CDC and FHLB Dallas to celebrate the award.
Legacy CDC provides housing opportunities, education and supportive services to help low- to moderate-income families achieve stability and self-sufficiency. The nonprofit organization will use the grant funds to offset the cost of an audit.
“Audits are expensive for nonprofits, but they’re necessary for eligibility for other grant funding,” explained Vivian Ballou, executive director of Legacy CDC. “The partnership with CommunityBank and FHLB Dallas is a blessing for us to be able to get the audit done and put us in a position to receive other funding.”
This is the organization’s first PGP award.
Greater Beaumont Chamber of Commerce President and CEO Regina Lindsey said the grant funds will help Legacy CDC effect positive change in the community.
“Beaumont is currently experiencing a strong housing market. It is important for a community to offer inventory at a variety of price points to allow for upward mobility of its residents,” said Ms. Lindsey. “We are excited about the opportunity this grant offers residents to begin the journey of home ownership,” she said.
Ms. Ballou worked with CommunityBank of Texas Senior Vice President Kirk Smith during the grant application process.
“We are committed to supporting the community and are proud to do so through programs like the PGP,” said Mr. Smith. “Our partnership with FHLB Dallas strengthens our bond with the community.”
The structure of the PGP allows FHLB Dallas member institutions like CommunityBank of Texas to make a contribution of $500 to $4,000 to a community-based organization (CBO), which FHLB Dallas will match at a 3:1 ratio. 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 last year.
“The Partnership Grant Program helps our members to create positive change in their communities,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “We are proud to support CommunityBank of Texas through the PGP.”
Ms. Ballou said without the grant, Legacy CDC would have missed other funding opportunities.
“We would have had to postpone the audit about six months until we received another round of funding from the city,” she said. “But then we would have lost opportunities to apply for additional funding.”
About CommunityBank of Texas
CommunityBank of Texas, N.A. is an independent, Texas-owned bank with assets in excess of $2.8 billion. Established in 2007, the bank has 37 branches and is the largest independent community bank headquartered in and focused on the financial needs of Houston and Southeast Texas. For information about CommunityBank of Texas, N.A., visit communitybankoftx.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 $58.2 billion as of December 31, 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.