DALLAS, Dec. 13, 2011 (GLOBE NEWSWIRE) -- Representatives of Comerica Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) gathered Monday to present an $18,000 Partnership Grant Program (PGP) award to City Wide Community Development Corporation (City Wide CDC) to assist with developmental costs for a homeless shelter targeted towards women and children.
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City Wide CDC is in the preliminary stages of constructing an apartment community for homeless women and children in Dallas. The grant funds will assist with costs associated with research and architectural designs for the new facility.
"Women and children are among the fastest growing homeless populations across the country," said Sherman Roberts, president and chief executive officer at City Wide CDC. "Most of our local homeless shelters are targeted more towards men or single adults, rather than families, and often do not accept children into their facilities. Our goal is to create more quality housing to accommodate this population, and provide a safe and clean place for these families to get back on their feet."
PGP grants are awarded through FHLB Dallas member institutions, such as Comerica Bank, to assist with the operational needs of nonprofit, community-based organizations involved in affordable housing and community development. Partnership grants are based on cash contributions of $500 to $5,000 made by FHLB Dallas member institutions, which FHLB Dallas matches at a 3:1 ratio.
"Comerica Bank is proud to have nominated City Wide CDC for the FHLB Dallas Partnership Grant Program," said Lueretha Slack, vice president of corporate public affairs and community reinvestment for Comerica Bank. "This grant will help City Wide CDC address the critical housing needs for homeless women and children within our community, and we look forward to the completion of this project."
City Wide CDC has years of planning behind this project. The property site has been purchased and once the preliminary planning is complete, City Wide CDC hopes to begin construction in mid-2012.
"With foreclosure rates rising, more families are becoming homeless," said Mr. Roberts. "It is very important to raise awareness and get this project off the ground so that we can begin serving these needy families."
For more information regarding FHLB Dallas and its grant programs, please visit fhlb.com.
About Comerica Bank
Comerica Bank is the commercial banking subsidiary of Comerica Incorporated (NYSE:CMA), the largest banking company headquartered in Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Dallas/Fort Worth, Houston, Austin, San Antonio and Kerrville, Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $60.9 billion at September 30, 2011. To receive e-mail alerts of breaking Comerica news, go to http://www.comerica.com/newsalerts.
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.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013
The photo is also available via AP PhotoExpress.
