MANDEVILLE, La.--(BUSINESS WIRE)--Home Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) recently awarded $5,000 in Partnership Grant Program (PGP) funds to Northshore Housing Initiative (NHI), a Community Land Trust that supports affordable housing initiatives in St. Tammany Parish.
Awarded annually through FHLB Dallas’ member institutions, Partnership Grant Program (PGP) funds help promote and strengthen relationships between community-based organizations (CBOs) and FHLB Dallas members. FHLB Dallas matches member contributions of $500 to $4,000 at a 3:1 ratio.
“Northshore Housing Initiative supports Home Bank’s mission of serving our communities’ needs with affordable workforce housing,” said Kelvin Luster, community development director at Home Bank. “We are incredibly honored to support Northshore Housing Initiative alongside FHLB Dallas, which has allowed our investment to go further.”
NHI will use its PGP grant proceeds to expand its Community Trust Fund. The trust acquires land and maintains permanent ownership of it. It enters into a long-term, renewable lease instead of a traditional sale with homebuyers. When the homeowner sells, the family earns a portion of the increased property value and the remainder is kept by the trust to preserve the affordability for future low- to moderate-income families.
NHI is one of seven local nonprofit organizations that Home Bank is supporting with PGP funding this year. Together, Home Bank and FHLB Dallas contributed more than $67,000 to seven CBOs across Louisiana, Mississippi and Texas.
“Home Bank pours its resources into communities,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “It is an honor to partner with a financial institution that shows this level of commitment to caring for the affordable housing needs in its community.”
About Home Bank, N.A.
Home Bank, N.A., founded in 1908 as Home Building & Loan, is the oldest financial institution founded in Lafayette Parish. Home Bank now serves markets in South Louisiana and Mississippi in 40 locations. Home Bank is committed to serving the needs of our communities. Personal banking has always been Home Bank’s trademark and that tradition continues as we grow, invest and serve our clients and community. We live our values each day, focusing on integrity, innovation and a commitment to serving others. For more information about Home Bank, visit www.home24bank.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 $77.7 billion as of June 30, 2022, serves approximately 800 members and associated institutions across our five-state District of Arkansas, Louisiana, Mississippi, New Mexico and Texas. FHLB Dallas provides financial products and services including advances (loans to members) and grant programs for affordable housing and economic development. For more information, visit our website at fhlb.com.