HOUSTON--(BUSINESS WIRE)--Prosperity Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) have awarded more than $94,000 in Partnership Grant Program funds to Credit Coalition, Texas Association of Community Development Corporations (TACDC) and The Bridge Path.
PGP grants help qualified nonprofit organizations fund a variety of operational and administrative activities that are critical to serving their communities.
Credit Coalition, which received $28,075, will use the grant to support financial and homebuyer counseling in the Greater Houston and Beaumont areas.
“Credit Coalition seeks to empower the individuals we serve by helping shape informed financial decisions in pursuit of their housing goals,” said Executive Director Sherrie Young. “This grant will help us offer our free financial counseling services to clients who are interested in becoming homeowners or who need help to remain in their homes.”
TACDC, which received $36,000, will use the grant to offset expenses.
“TACDC provides training, research and services for practitioners in the community development field. Through the grant, we can increase and sustain our resources used in the community,” Executive Director Matt Hull said.
The Bridge Path, which received $30,000, will use the funds for financial consulting and mentoring of low- and moderate-income residents and small business owners.
“During these uncharted times of COVID-19, it’s vital that everyone in our community rises to the occasion to help community residents overcome debilitating financial circumstances,” said President and CEO Rodolfo Cavazos Jr. “With this additional funding, we can customize financial education programs and services for low- and moderate-income people and small business owners.”
Prosperity Bank Vice President and CRA Compliance Officer Rudy Reyes said the three groups are making positive impacts.
“Through PGP we can help sustain and expand programs that will serve those in need throughout our communities,” he said.
Funding under FHLB Dallas’ PGP was increased by $2 million in 2020 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. The use of funds for these organizations was 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.
“PGP funds allow community-based organizations to directly support those in need of assistance. Without these funds we would not see the same positive impact to this degree,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas.
To learn more about the PGP, visit fhlb.com/pgp.
About Prosperity Bank
Prosperity Bancshares Inc.® is a $32.9 billion Houston, Texas, based regional financial holding company providing personal banking services and investments to consumers and businesses throughout Texas and Oklahoma. Founded in 1983, Prosperity believes in a community banking philosophy, taking care of customers, businesses and communities in the areas it serves by providing financial solutions to simplify everyday financial needs. As of June 30, 2020, Prosperity operated 275 full-service banking locations.
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 $75 billion as of June 30, 2020, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. Visit fhlb.com for more information.
