METAIRIE, La., Oct. 31, 2011 (GLOBE NEWSWIRE) -- Conchita Sulli was 12 years old when her Nicaraguan immigrant parents bought their first home. The day they bought the home the sewage system failed.
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Ms. Sulli translated for her parents when they spoke to the realtor. "I said my parents don't have any money to fix this. The lady looked us straight in the face and said, 'you have no recourse,'" Ms. Sulli said.
Now, as an adult, with her own realtor's license, Ms. Sulli knows better, and in 1991 she started working with other non-English speaking families educating them on the homebuying process. Her work led to the establishment of Sulli Educational Services, Inc. in 2000.
"My parents did have recourse because it was the same day as the sale," she said. "I didn't want other families to go through what my family went through. That's what really pushed me to do homebuyer training and financial fitness."
Ms. Sulli started her organization assisting Spanish-speaking homebuyers, and with the assistance of $10,000 in Partnership Grant Program (PGP) awards, she will expand her services to assist the Asian community.
Sulli Educational Services, based in Kenner, Louisiana, received the PGP funds from Fidelity Homestead Savings Bank, IBERIABANK, and the Federal Home Loan Bank of Dallas. The financial institutions conducted a check presentation Friday at Fidelity Homestead Savings Bank in Metairie, Louisiana.
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 community development. FHLB Dallas matches a member's cash contribution to a community-based organization of $500 up to $5,000 at a 3:1 ratio. Through its member institutions, FHLB Dallas awarded $225,000 in partnership grants in 2011.
Louisiana State Senator Daniel Martiny, R-Metairie, was pleased to learn that an organization in his district received a partnership grant.
"I would like to congratulate Fidelity Homestead Savings Bank, IBERIABANK and the Federal Home Loan Bank of Dallas for their Partnership Grant Program award of $10,000 to Sulli Educational Services. Ltd.," the senator said. "It is cooperative endeavors like this among private lenders and small businesses that will help our country move forward toward its economic recovery. The assistance provided to minority members of our community to help them in becoming qualified borrowers and homeowners is a very important step in the process of providing our citizens social stability and hope for the future, and in giving our lenders an informed and understanding market."
The City of Kenner mayor was also supportive of Sulli Educational Services's plans.
"The City of Kenner is proud to have the only municipally owned Hispanic Resource Center in the State of Louisiana," said Mayor Michael Yenni. "We support Sulli Educational Services in its efforts to assist the Hispanic population in seeking homeownership."
Fidelity Homestead Savings Bank and FHLB Dallas awarded Sulli Educational Services $6,000.
"Fidelity Homestead Savings Bank is proud to partner with IBERIABANK and FHLB Dallas to award $10,000 in partnership grants to Sulli Educational Services," said Karin Coleman, vice president and fair lending officer for Fidelity. "Sulli Educational Services has been a pioneer in financial literacy and homebuyer training to the Hispanic community for many years. With these funds Sulli Educational Services will now be able to further expand its mission in this area."
IBERIABANK and FHLB Dallas awarded Sulli Educational Services $4,000 in PGP funds.
Sulli Educational Services will use the PGP funds to assist its expansion into the Asian market, through purchasing equipment, including at least one new computer, and retaining a translator as a consultant, as well as starting a website to publicize that the organization will now serve Hispanic and Asian residents.
"The Partnership Grant Program is something very worthwhile, and I think the Asian community can benefit as a whole from this and I couldn't have done it without Fidelity Bank and IBERIABANK," Ms. Sulli said.
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 $31.4 billion as of September 30, 2011, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to more than 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit the FHLB Dallas website at fhlb.com.
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About Fidelity Homestead Savings Bank
Fidelity Homestead Savings Bank (www.fidelityhomestead.com) is a state-chartered financial institution. Founded in 1908, Fidelity Homestead provides full-service banking with high integrity and personalized service, to our communities and branches throughout southeast Louisiana.
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