LAFAYETTE, La.--(BUSINESS WIRE)--IBERIABANK of Lafayette, Louisiana, and the Federal Home Loan Bank of Dallas (FHLB Dallas) have awarded $52,725 in Partnership Grant Program (PGP) funds to five community-based organizations (CBOs) in Louisiana and one in Arkansas.
PGP grants help qualified nonprofit organizations fund a variety of operational and administrative activities that are critical to serving their communities.
“IBERIABANK is pleased to join the Federal Home Loan Bank of Dallas to help defray administrative costs for these six dedicated community organizations,” said Karl Hoefer, Louisiana regional president for IBERIABANK. “While administrative costs are unavoidable for any organization, we hope that these grants will allow them to focus their energy and existing resources on the programs that are part of rebuilding their communities.”
The organizations and their uses for the grant money are:
Magnolia Community Development Corp. (Magnolia CDC), $15,000
Magnolia CDC in Opelousas provides housing, education and economic development services in St. Landry and Lafayette parishes. It will use the grant to help build its capacity for community development.
Northshore Housing Initiative, $12,000
Northshore Housing Initiative 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 Initiative will use the grant for operating and administrative expenses for both programs.
Project Build A Future, $9,000
Project Build a Future has provided 107 quality, affordable housing units for low-income families in Southwest Louisiana. The organization also provides financial counseling for prospective homebuyers, among other services. It will use the grant to help defray administrative expenses.
St. Teresa Center for the Works of Mercy (St. Teresa Center), $6,000
St. Teresa Center was founded in 2016 in St. Martinville. It provides a host of free services to the poor. In 2019, the center distributed 80 tons of food and provided 14,000 hot meals, in addition to assisting lower-income families with home repairs, medicine and funeral expenses. The center will use the grant to offset the operational and capital expense of opening its sober living house for men.
West 30’s Redemption Co. (West 30’s), $1,725
West 30’s, based in Covington, provides quality, affordable housing for families in Covington’s West 30’s neighborhood. To date, it has renovated 16 houses and built two new ones and is starting construction on four new homes for low- to moderate-income residents of the neighborhood. The organization will use the grant to support residents of the West 30’s who have been impacted by the coronavirus pandemic and to fund administrative activities.
Habitat for Humanity of Greater Jonesboro, $9,000
Over the years, Habitat for Humanity of Greater Jonesboro has built 21 new single-family houses, rehabilitated two and completed exterior repairs to five homes. In 2020, it is on track to complete eight new homes and repair the exteriors of five existing homes. The organization will use the grant to build organizational capacity and to cover operational and administrative expenses.
Funding of the PGP was increased by $2 million this year under FHLB Dallas’ COVID-19 Relief Program to support 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.
“Through the Partnership Grant Program, IBERIABANK and the Federal Home Loan Bank of Dallas can provide funding that we hope will extend these organizations’ ability to serve their communities,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “This grant helps community-based organizations with the administrative costs that can be a serious burden for them and the vital community-building work they do.”
About IBERIABANK, a division of First Horizon Bank
First Horizon National Corp. (NYSE:FHN), with $79 billion in assets, is a leading regional financial services company, dedicated to strengthening the lives of our associates, clients, shareholders, and communities. Headquartered in Memphis, Tennessee, the banking subsidiary First Horizon Bank operates approximately 460 bank locations in 11 states across the Southeast. With more than 288 years of combined First Horizon Bank and IBERIABANK financial experience, the company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, mortgage, and title insurance services. First Horizon is recognized as one of the nation's best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. bank. More information is available at FirstHorizon.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 $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.