The First and FHLB Dallas Award $9K in Grants to Two Louisiana Nonprofits

Charities in Hammond and Slidell Benefit

HATTIESBURG, Miss.--(BUSINESS WIRE)--The First, A National Banking Association (The First) and the Federal Home Loan Bank of Dallas (FHLB Dallas) awarded $9,000 in Partnership Grant Program (PGP) grants to Northshore Housing Initiative of Slidell and Tangi Community Development of Hammond, Louisiana.

PGP grants help qualified nonprofit organizations fund a variety of administrative activities that are critical to serving their communities. Northshore Housing Initiative received $6,000 and Tangi Community Development $3,000.

Northshore Housing serves low- to moderate-income homebuyers throughout St. Tammany Parish through two programs – one offering purchase subsidies to qualified homebuyers and the other developing new affordable housing. Northshore Housing will use the grant toward operating and administrative expenses for both programs.

Tangi Community Development is a Community Housing Development Organization (CHDO) serving low- to moderate-income families. It offers homebuyer training, various homeowner and rental initiatives, and is a consultant for other CHDOs and the property manager for a HUD HOME rental project. It will use the PGP funds for administrative expenses.

“Northshore Housing Initiative and Tangi Community Development are the types of community organizations we like to support,” said Mel Robertson, assistant vice president and community development officer for The First. “They do great work, and with this help to cover critical administrative expenses, they can devote more of their time and funds directly to the programs that make a difference in their communities.”

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.

“Northshore Housing and Tangi Community Development help meet the critical housing needs of low- to moderate-income families in Slidell and Hammond,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “It is our hope that these grants from The First and FHLB Dallas will help them with important administrative costs that might otherwise distract them from the essential work they do in their communities.”

See the complete list of the 2020 PGP grant recipients. For more information about the 2020 PGP grants and other FHLB Dallas community investment products and programs, please visit fhlb.com/pgp.

About The First Bancshares, Inc.

The First Bancshares, Inc., headquartered in Hattiesburg, Miss., is the parent company of The First, A National Banking Association. Founded in 1996 near Hattiesburg, Mississippi, The First has grown rapidly through South Mississippi, South Alabama, Louisiana, Florida and Georgia providing services competitive to those found at larger regional banks. The Company’s stock is traded on Nasdaq Global Market under the symbol FBMS. Information is available on the Company’s website TheFirstBank.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 $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.