HATTIESBURG, Miss.--(BUSINESS WIRE)--Keesler Federal Credit Union (Keesler Federal) and the Federal Home Loan Bank of Dallas (FHLB Dallas) have partnered to award a $6,000 Partnership Grant Program (PGP) grant to Recover, Rebuild, Restore Southeast Mississippi (R3SM) in Hattiesburg, Mississippi.
PGP grants help qualified nonprofit organizations fund a variety of administrative activities that are critical to serving their communities.
R3SM, a nonprofit organization whose goal is to restore, rebuild and recover services to low-income families and individuals will use its $6,000 grant to balance administrative costs, maintain organizational capacity and complement housing activities in the Mississippi Pine Belt community. Since its founding in 2006, R3SM has renovated more than 400 homes and generated more than $22 million in value to the Mississippi Pine Belt.
“R3SM, Inc. is appreciative of the ongoing partnership with the Federal Home Loan Bank of Dallas and Keesler Federal Credit Union,” said Mavis Creagh, executive director of R3SM. “These partnerships and resources have strengthened our work and continue to tremendously impact the communities that we serve.”
Keesler Federal Community Development Manager Carol Lucas said the PGP grant will help R3SM continue to operate and support the Mississippi community.
“This organization has worked for years to help service low-income families and individuals in the state of Mississippi,” said Ms. Lucas. “We are grateful for the opportunity to help them continue to work towards their goal to restore, rebuild and recover services to the community.”
Funding under FHLB Dallas’ PGP was increased by $2 million in 2020 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. The use of funds for these organizations was expanded to include COVID-19 relief.
Through this unique grant program, FHLB Dallas member institutions such as Keesler Federal 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.
“It’s an honor to help R3SM improve the lives of low-income families and individuals in the Mississippi Pine Belt community via the Partnership Grant Program,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “We are proud to join Keesler Federal Credit Union in supporting its ongoing efforts.”
For more information about the 2020 PGP grants and other FHLB Dallas community investment products and programs, please visit fhlb.com/pgp.
About Keesler Federal Credit Union
With assets of $3.4 Billion, Keesler Federal is a not-for-profit, member-owned cooperative, the largest credit union in Mississippi. Founded in 1947 to provide banking service to Keesler Air Force Base employees, it now has 40 locations, including branches in the Jackson, Hattiesburg, Mobile and New Orleans markets as well as the Mississippi Coast. Membership exceeds 250,000.
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 $75 billion as of June 30, 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.