LAKE CHARLES, La., Dec. 11, 2015 /PRNewswire-USNewswire/ -- Project Build a Future (PBAF), a nonprofit developer of affordable housing, received a $2,000 Partnership Grant Program (PGP) award from First Federal Bank of Louisiana and the Federal Home Loan Bank of Dallas (FHLB Dallas).The funds will be used to expand the nonprofit's housing rehabilitation program. PBAF bought two dilapidated homes in 2014 and began renovations.
"We will leverage every dollar of this partnership grant to benefit our target area of north Lake Charles," said PBAF Executive Director Nicole Miller. "With upcoming economic expansion in this region, we know there will be greater demand for affordable housing. It's one reason we have begun rehabilitating existing homes on infill lots. The funds will help train our staff and diversify our bookkeeping system to support the rehabilitation program."
Since its inception in 2001, PBAF has built more than 100 homes in Lake Charles, Louisiana, in an area north of Broad Street.
The structure of the PGP allows FHLB Dallas member institutions, like First Federal Bank of Louisiana, to make a contribution of $500 to $4,000 to a community-based organization (CBO), which FHLB Dallas will match at a 3:1 ratio. In 2015, FHLB Dallas awarded $225,000 in PGP funds to support 25 organizations.
Melissa Dickson, CRA coordinator at First Federal Bank of Louisiana, said they contributed to PBAF because of the nonprofit's demonstrated commitment to Lake Charles' lower-income residents.
"We are honored to support PBAF in the work that they do for our community," she said. "First Federal Bank has been helping fulfill the dream of homeownership for generations, and we will continue supporting the neighborhoods we have helped to build."
Presented annually, PGP awards provide grants up to $12,000 to community-based organizations (CBOs), which may be used for research, organizational capacity-building, grant- and funding-application assistance, or contractual services.
Greg Hettrick, vice president and director of Community Investment at FHLB Dallas, said recipient nonprofits may utilize the funding in ways that best meets their needs.
"The PGP helps nonprofits by allowing them to use the grant for administrative and operational requirements. Other grant stipulations typically restrict this type of usage," he said. "FHLB Dallas created this program to uniquely benefit community revitalization efforts in areas that are often overlooked."
About First Federal Bank of Louisiana
First Federal Bank of Louisiana is a full-service, locally owned, community bank that has helped build the communities we serve for over 60 years. With 16 branches serving 9 cities in Louisiana, we are proud to offer our customers a wide variety of products and services to meet all of their financial needs. We offer Personal and Business Checking Accounts, Savings and CD's, multiple Retirement Options, Home Equity Credit Lines, as well as Mortgages and Consumer Loans. Our established Investment and Insurance divisions also offer a full line of products for First Federal Bank customers.
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 $43.0 billion as of September 30, 2015, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 865 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. Visit fhlb.com for more information.
Federal Home Loan Bank of Dallas
SOURCE Federal Home Loan Bank of Dallas