Frost Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) have awarded $63,000 in Partnership Grant Program (PGP) funds to Harmony Community Development Corp., Notre Dame Place and Texas Community Capital (TCC).
PGP awards are offered through FHLB Dallas member financial institutions to help qualified nonprofits fund a variety of operating and administrative activities that are critical to serving their communities.
Harmony Community Development Corp.’s services include a food pantry, resource center, counseling and an empowered living program that provides intensive case management to individuals who are unemployed or underemployed. The organization will use its $36,000 PGP grant toward hiring consultants to help reach its goals.
"We are working to help families in our area have a better life," said Harmony Community Development Corp. Executive Director Mark Porter.
Notre Dame Place provides eight, one-bedroom apartments for seniors 55 and over. The organization received a $12,000 PGP award, which will be used to offset operational and administrative expenses.
"Notre Dame Place could not be happier to partner with Frost Bank and FHLB Dallas. We are so thankful for their support to help minimize our administrative and operational costs, so that we can focus more on improving our facilities," said Bill Hall, executive director at Catholic Housing Initiative, which owns Notre Dame Place.
TCC is a statewide nonprofit fund with a mission to provide specialized loan and investment products and services that promote economic and community development in underserved Texas communities to enhance the quality of life for low- to moderate-income people. The nonprofit received a $15,000 grant, which will be used to offset operational and administrative expenses.
"These funds will be extremely helpful when facing the many challenges that come with rising costs," said TCC Executive Director Matt Hull.
Donna Normandin, senior vice president and CRA officer at Frost Bank, said the institution is thankful for the opportunity to help community-based organizations (CBOs).
"Frost Bank is remarkably passionate about working with community-based organizations," said Ms. Normandin. "We are so grateful for the partnership we have with FHLB Dallas and the chance to help these nonprofits grow and succeed."
Funding for 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.
"FHLB Dallas could not be more excited to join Frost Bank in supporting nonprofits that are making a real difference in the communities," said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. "Each organization is uniquely impacting its constituents via affordable rental housing, community development lending or training and education that help people lead better lives."
About Frost Bank
Frost is the banking, investments and insurance subsidiary of Cullen/Frost Bankers, Inc. (NYSE: CFR), a financial holding company with $34.1 billion in assets at March 31, 2020. One of the 60 largest U.S. banks by asset size, Frost provides a full range of banking, investments and insurance services to businesses and individuals in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Permian Basin, Rio Grande Valley and San Antonio regions. Founded in 1868, Frost has helped Texans with their financial needs during three centuries. For more information, visit www.frostbank.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.
Federal Home Loan Bank of Dallas