Funds Will Support Affordable Housing and Economic Development in Underserved Communities
Almost $3.4 million in funding was awarded to 14 nondepository community development financial institutions (CDFIs) through the Federal Home Loan Bank of Dallas (FHLB Dallas) Capacity Building and Growth Grant (CBGG) program. The funding is designed to help increase CDFIs’ ability to fulfill their critical role in supporting affordable housing, small businesses and economic development in underserved communities. These awards were made either to FHLB Dallas member institutions or through them to nonmember institutions.
The CBGG program offers two types of grants for qualifying applicants:
- A monetary grant for future operations or technology improvements, leadership or skills development or development of new sources of income
- A nonmonetary expertise grant that leverages FHLB Dallas resources and technical expertise to assist with projects or initiatives related to communications or marketing strategy and small-scale automation
“This is a unique way for the Bank to support nondepository CDFIs in our five state District. We believe these grants will strengthen these nondepository CDFIs for the critical work they do,” said Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas.
The maximum monetary grant for nondepository member CDFIs is $500,000 and $100,000 for nondepository nonmember CDFIs. Nondepository CDFIs are often nonprofit loan funds and depository CDFIs consist of federally regulated institutions such as banks and credit unions.
The 2024 award recipients are:
Arkansas
Fayetteville
Member: Woodforest National Bank
Awardee: Communities Unlimited Inc.
Monetary Grant: $92,500
Little Rock
Member: Simmons Bank
Awardee: Arkansas Capital Corporation
Monetary Grant: $41,000
Member: Southern Bancorp Capital Partners
Awardee: Southern Bancorp Capital Partners
Monetary Grant: $500,000
Mississippi
Gulfport
Member: Renaissance Community Loan Fund
Awardee: Renaissance Community Loan Fund
Monetary Grant: $500,000
Non-monetary Expertise Grant: Communications/Marketing Strategy
Jackson
Member: Culleywood Capital LLC
Awardee: Culleywood Capital LLC
Monetary Grant: $500,000
New Mexico
Albuquerque
Member: Southwest Capital Bank
Awardee: Women's Economic Self-Sufficiency Team
Monetary Grant: $52,580
Santa Fe
Member: Homewise Inc.
Awardee: Homewise Inc.
Monetary Grant: $192,500
Member: Southwest Capital Bank
Awardee: Santa Fe Community Housing Trust
Non-monetary Expertise Grant: Communications/Marketing Strategy & Small Scale Automation
Texas
Austin
Member: Charles Schwab Bank
Awardee: PeopleFund
Monetary Grant: $100,000
Brownsville
Member: Rio Grande Valley Multibank
Awardee: Rio Grande Valley Multibank
Monetary Grant: $246,007
Dallas
Member: Charles Schwab Bank
Awardee: Entre Capital
Monetary Grant: $100,000
Member: Tolleson Private Bank
Awardee: Texas Mezzanine Fund
Monetary Grant: $100,000
Houston
Member: Unity National Bank
Awardee: Private Leverage
Monetary Grant: $100,000
Member: Veritex Community Bank
Awardee: TruFund Financial Services Inc.
Non-monetary Expertise Grant: Communications/Marketing Strategy
McAllen
Member: Affordable Homes of South Texas
Awardee: Affordable Homes of South Texas
Monetary Grant: $424,700
San Antonio
Member: LiftFund
Awardee: LiftFund
Monetary Grant: $450,000
Learn more about the 2024 CBGG grants at fhlb.com/cbgg.
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 $126.2 billion as of June 30, 2024, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit our website at fhlb.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240822662508/en/
Contacts
Corporate Communications
Federal Home Loan Bank of Dallas
fhlb.com
(214) 441-8445
