HOUSTON--(BUSINESS WIRE)--Allegiance Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) awarded a $34,195 Partnership Grant Program (PGP) grant to the Credit Coalition which serves Greater Houston.
PGP grants help qualified nonprofit organizations fund a variety of administrative activities that are critical to serving their communities. The Credit Coalition will use the grant for operating and administrative expenses supporting the free financial and homebuyer counseling that it provides to low- and moderate-income people in the Greater Houston and Beaumont areas.
“The purpose of the Credit Coalition is to empower our clients to make informed and empowered financial decisions in pursuit of their housing goals,” said Executive Director Sherrie Young. “This grant will help us offer our free financial counseling services to clients who are interested in becoming homeowners or who need help to remain in their homes.”
Rickey Jimenez Jr., vice president, CRA and fair lending officer at Allegiance Bank and treasurer of the Credit Coalition said the organization has been serving the Greater Houston area for almost 30 years. “They provide a critical service to our community. We are happy to support their efforts to help aspiring homeowners as well as existing homeowners who are struggling to remain in their homes.”
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.
“The Credit Coalition not only helps to widen access to homeownership among low- to moderate-income families, it also helps to keep families in their homes,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “FHLB Dallas is pleased to join Allegiance Bank in supporting this essential work.”
About Allegiance Bancshares, Inc.
Allegiance is a Houston, Texas-based bank holding company. Through its wholly owned subsidiary, Allegiance Bank, Allegiance provides a diversified range of commercial banking services primarily to small to medium-sized businesses and individual customers in the Houston region. Allegiance’s super-community banking strategy was designed to foster strong customer relationships while benefiting from a platform and scale that is competitive with larger local and regional banks. Allegiance Bank operated 27 full-service banking locations in the Houston region, which we define as the Houston-The Woodlands-Sugar Land and Beaumont-Port Arthur metropolitan statistical areas, with 26 bank offices and one loan production office in the Houston metropolitan area and one bank office location in Beaumont, just outside of the Houston metropolitan area. Visit allegiancebank.com for more information.
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.