HOUSTON--(BUSINESS WIRE)--The Federal Home Loan Bank of Dallas (FHLB Dallas) and Stellar Bank awarded $85,000 in Partnership Grant Program (PGP) funding to support three Houston, Texas-based community development organizations — the Community Development Corporation of Freedmens Town, Houston Real Estate Association CDC (HREACDC) and Credit Coalition.
Through the PGP, FHLB Dallas provides a 5:1 match of member contributions — up to $25,000 per FHLB Dallas member — to support community-based organizations (CBOs) involved in affordable housing or economic development activities. The program is funded on an annual basis, and funds are distributed through participating FHLB Dallas members.
“The 5-to-1 funding from FHLB Dallas makes such a difference to nonprofit organizations,” said Marcus Vasquez, executive vice president and director of CRA and Community Development at Stellar Bank. “They can expand their outreach to help even more residents in the Houston area.”
The Community Development Corporation of Freedmens Town, which received a total of $30,000 in grant funds, will use the funds to help with costs associated with events related to financial literacy and affordable housing.
HREACDC will use its $30,000 PGP grant for homebuyer education seminars and operational expenses related to implementation of programs to educate low- to moderate-income homeowners or potential homeowners.
Credit Coalition will use its $25,000 grant to offset operational expenses to enable it to continue to offer free financial coaching, homebuyer counseling, education and outreach to low- to moderate-income residents in Greater Houston and Beaumont, Texas.
“The PGP is one of our most popular programs due to the tangible support it provides to community-based organizations,” said Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas. “Investing in communities is critical for their success and longevity.”
About Stellar Bank
Stellar Bank, headquartered in Houston, provides a diversified range of commercial banking services primarily to small- to medium-sized businesses and individual customers across Houston, Dallas, Beaumont and surrounding communities in Texas. Committed to helping people thrive, Stellar Bank continuously strives to support the growth and financial well-being of its customers and the communities it serves. For more information, visit Stellar Bank.
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 $124.9 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.
