Three Banks Partner to Award $8K Grant to Magnolia Community Development Corporation
OPELOUSAS, La., Oct. 23, 2014 /PRNewswire-USNewswire/ -- While working in 2008 with the city of Opelousas and St. Landry Parish designing recovery programs after Hurricane Gustav, consultant R. Keith Broussard realized the need to do more in the community, especially in housing. In 2010, he founded Magnolia Community Development Corporation (Magnolia CDC) to provide affordable housing opportunities, stimulate investment in the community, and improve the quality of life in the area.
Today, Magnolia CDC received $8,000 in Partnership Grant Program (PGP) awards from MidSouth Bank, IBERIABANK, and the Federal Home Loan Bank of Dallas (FHLB Dallas). The funds will be used to build the nonprofit's capacity to develop programs in housing, education, and small business development.
Magnolia CDC's vision is to build sustainable communities in St. Landry Parish by providing the potential for homeownership to all its residents, accessibility to quality education, increasing family income and wealth and building economic activity through business development.
"As a consultant, I have worked with the city of Opelousas and St. Landry parish government to obtain grants and design programs for housing and infrastructure. During work on a city of Opelousas housing grant through the Louisiana Office of Community Development that brought over $600,000 in funding to demolish and reconstruct five homes and rehabilitate three homes, I realized the enormous need for housing assistance in the community," Mr. Broussard said. "Local government has limited access to dwindling housing funds. To reach as many people as I could, I formed Magnolia CDC, a 501(c)3 nonprofit. I had previously served on the board of a housing nonprofit, so I was aware of what they are capable of accomplishing."
U.S. Census statistics from 2010 indicate that 42 percent of Opelousas residents live below poverty level. Opelousas is the county seat of St. Landry Parish, one of the poorest counties in the United States. Some 54 percent of the parish's 83,000 residents survive on low or fixed incomes.
Through the PGP, FHLB Dallas awards partnership grants through its member institutions, to provide funding for the operational needs of community-based organizations involved in affordable housing and economic development. FHLB Dallas matches the cash contribution of a member financial institution to a community-based organization of $500 up to $5,000 at a 3:1 ratio. Through its members, FHLB Dallas awarded $225,000 in partnership grants in 2014.
"The need is so great. People can understand how a quarter of a million dollars can help, but they may not realize the good that can be done with a relatively small dollar amount," said George Shafer, MidSouth Bank's Community Reinvestment Act officer. "You are able to turn something that probably should not be inhabited into a safer environment for those living there."
Mr. Shafer said he and his colleagues at MidSouth Bank are grateful for the matching funds available from the PGP. "We appreciate FHLB Dallas' program because everybody is on a limited budget, and the PGP gives us the ability to leverage our funds with FHLB Dallas to get a lot of bang for our buck," he said.
This year, Magnolia CDC also partnered with MidSouth Bank to help five families in rehabilitating their homes through FHLB Dallas' Special Needs Assistance Program (SNAP). The program assists elderly and disabled homeowners in providing critical repairs to their homes, to provide safe, healthy living environments.
IBERIABANK contributed to the Partnership Grant Program in support of one its newest communities in Opelousas. "We are gratified to contribute to this PGP award for Magnolia CDC," said Carrie Curet, vice president and CRA/community development officer for IBERIABANK. "Magnolia CDC is a small organization making a big difference in this part of Louisiana."
Mr. Broussard recalled one couple in their '70s, who participated in the city of Opelousas' housing grant that resulted in demolishing and reconstructing their home. "They were very appreciative and proud of their new home," he said. "Because they didn't have a wheelbarrow to move dirt for landscaping, they used an old quilt to transport the dirt to be able to beautify their home. Now, it's the star on the block."
Magnolia CDC is a small organization, with guidance and oversight from a four-member volunteer board of directors, chosen from a diverse group of citizens who bring their unique talents and expertise to the organization. Magnolia CDC targets its housing efforts on the elderly and first-time homebuyers. Currently, Magnolia CDC is working on educational programs for low- to moderate-income, first time homebuyers.
"We are honored to support the work of Magnolia CDC," said Greg Hettrick, vice president and director of community investment for FHLB Dallas. "The efforts of this group personify the mission of our Bank and the FHLBank System to support the creation of affordable housing."
About MidSouth Bank, N.A.
MidSouth Bancorp, Inc. is a financial holding company headquartered in Lafayette, Louisiana, with assets of $1.9 billion as of June 30, 2014. MidSouth Bancorp, Inc. trades on the NYSE under the symbol "MSL." Through its wholly owned subsidiary, MidSouth Bank, N.A., MidSouth offers a full range of banking services to commercial and retail customers in Louisiana and Texas. MidSouth Bank currently has 60 locations in Louisiana and Texas and is connected to a worldwide ATM network that provides customers with access to more than 55,000 surcharge-free ATMs. Additional corporate information is available at MidSouthBank.com.
About IBERIABANK
IBERIABANK Corporation is a financial holding company with 280 combined offices, including 187 bank branch offices and three LPOs in Louisiana, Arkansas, Tennessee, Alabama, Texas, and Florida, 22 title insurance offices in Arkansas and Louisiana, mortgage representatives in 59 locations in 10 states, eight locations with representatives of IBERIA Wealth Advisors in four states, and one IBERIA Capital Partners, L.L.C. office in New Orleans.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $33.6 billion as of June 30, 2014, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas.
Contact:
Corporate Communications
Federal Home Loan Bank of Dallas
www.fhlb.com
(214) 441-8445
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SOURCE Federal Home Loan Bank of Dallas
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