TAOS, N.M.--(BUSINESS WIRE)--Representatives from the Federal Home Loan Bank of Dallas (FHLB Dallas) and Centinel Bank of Taos awarded $30,000 in Partnership Grant Program (PGP) funding to the Taos Housing Partnership to promote economic development in Taos, New Mexico. The grants are part of $1.2 million in PGP grants FHLB Dallas and participating members awarded in 2024.
FHLB Dallas member institution Centinel Bank of Taos provided a $5,000 grant, which FHLB Dallas matched with $25,000. Taos Housing Partnership, created in 2023, plans to use the funds for organizational capacity building. Key goals of the organization include homebuyer counseling and education, a mortgage assistance program, preservation of existing affordable housing units in the area and community outreach.
“We are so pleased to be a part of this program that allows us to invest in our local nonprofit organizations,” said Angel Reyes, President and CEO of Centinel Bank. “This investment will enrich our community and help people purchase homes.”
Through the PGP, FHLB Dallas member institutions contribute $500 to $5,000 to a nonprofit, which FHLB Dallas matches at a 5:1 ratio to provide up to $25,000 to the organization per member. The awards help promote and strengthen relationships between community-based nonprofits and FHLB Dallas members.
“Thanks to FHLB Dallas and Centinel Bank of Taos, we are in a strong position to further implement the strategy plan that was adopted a year ago. We continue to be the coordinating body between government partners and the private sector. This grant allows us to take steps forward in our efforts,” said Lisa O’Brien, Executive Director of Taos Housing Partnership.
Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas, said that PGP grants can make a huge impact for young nonprofit companies.
“The Partnership Grant Program allows local banks to contribute directly to their communities, and we are pleased to facilitate economic development,” Mr. Hettrick said.
About Centinel Bank of Taos
We are proud of our rich history in northern New Mexico and committed to local banking for the community we all call home. Since March 1, 1969, Centinel Bank of Taos has been about serving Taos County. We were founded here, remain focused here and are forever committed to helping Taos Communities succeed.
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 $129.4 billion as of September 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 fhlb.com.
