PORT ARTHUR, Texas--(BUSINESS WIRE)--Allegiance Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) have awarded a $21,000 Partnership Grant Program (PGP) grant to the Legacy Community Development Corporation, which serves Beaumont, Port Arthur and Orange, Texas.
PGP grants help qualified nonprofit organizations fund a variety of administrative activities that are critical to serving their communities. Legacy Community Development Corporation will use the grant money to acquire vacant lots in its downtown Port Arthur revitalization target area.
“Legacy Community Development Corporation is so excited to partner with Allegiance Bank and FHLB Dallas,” said Executive Director Vivian Ballou. “We look forward to utilizing the awarded grant funds to expand our downtown Port Arthur redevelopment efforts. The funds will be used to acquire additional lots to build affordable housing units for qualified families. We are so appreciative for the opportunity to help families achieve the American dream.”
“We are very thankful for the support that the Federal Home Loan Bank of Dallas has provided to the communities we serve during this difficult period,” said Marcus Vasquez, vice president and fair banking officer, Allegiance Bank. “The city of Port Arthur has been severely impacted over the past few years by the damage caused by Hurricane Harvey and Tropical Storm Imelda. In addition, the city is now feeling the impact caused by the COVID-19 pandemic. Allegiance Bank is committed to supporting the recovery efforts in Port Arthur and we are thankful for organizations such as Legacy Community Development Corporation as they have worked diligently to create new, affordable housing in Jefferson County.”
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.
“Legacy Community Development Corporation’s holistic approach is making an impact in Beaumont, Port Arthur and Orange for low- to moderate-income families,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “They provide new homes along with education to help ensure that families become successful homeowners. We are proud to join Allegiance Bank in supporting this community-building work on the Texas Gulf Coast.”
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.