AUSTIN, Texas, Aug. 11, 2009 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) today joined Frost Bank in awarding Partnership grants to three Austin-based nonprofit organizations: Accessible Housing Austin received $10,000; Austin Community Design and Development received $10,000; and Habitat for Humanity Texas, Inc. received $4,000. The funds will assist each organization with operational costs.
Partnership grants are offered through FHLB Dallas's member institutions, such as Frost Bank, and are awarded on a first-come, first-served basis. The grants provide funding for operational needs of community-based organizations involved in affordable housing and community development. FHLB Dallas matches member's cash contributions to a community-based organization of $500 up to $5,000 at a 3:1 ratio; therefore, the maximum Partnership grant is $15,000.
FHLB Dallas President and Chief Executive Officer, Terry Smith, said Frost Bank is a valued partner and he is pleased the funds are assisting three well-deserving organizations.
"The FHLB Dallas Partnership Grant Program is a way for our members to directly connect to nonprofit organizations in their community," said Mr. Smith. "It is important not to only assist these organizations by funding their projects, but also to address the day-to-day operational costs. With each Partnership grant, our member institutions, including Frost Bank, utilize their own funds to help these organizations fulfill the needs of their community."
Donna Normandin, Senior Vice President and Senior CRA Officer at Frost Bank, works closely with FHLB Dallas on various community investment grants, and assisted each of the recipient organizations in obtaining the Partnership grants.
"Frost Bank believes in community partnerships, which is what this grant program allows," said Ms. Normandin. "Providing the opportunity for affordable housing nonprofits to obtain operating funds is a tremendous boost for the agencies, especially since operating funds are the most difficult to obtain. The Partnership grants allow these three agencies to continue to work towards providing much needed affordable housing in the Austin area, and we are proud to be a partner."
Barbara Wilson, co-founder and Planning and Development Director at Austin Community Design and Development Center, said this is the second Partnership grant her organization has received from FHLB Dallas. Both grants were awarded by Frost Bank, and Ms. Wilson said the funds have helped the organization to rapidly grow its business.
"Austin Community Design and Development Center is a fairly young organization," said Ms. Wilson. "We were incorporated in 2006, but in the last two years we have tripled our services. Our focus is providing green, affordable design and development services for low-income Austinites, and we often partner with similarly minded community development organizations to make this possible. All of our design work is done at a reduced rate or pro bono, and supplemental funding, like the Partnership grants, help to make these projects possible."
Accessible Housing Austin (AHA) is a new nonprofit organization in Austin that focuses on affordable housing projects for very low-income individuals.
"The funds from the Partnership grant will pay operational and salary costs so that AHA can continue to house more and more people," said Spencer Duran, AHA Project Specialist. "It's crucial that we have community support, especially in the early stages. The funds help bridge the funding gap so that we can assist the people that need the most help."
Habitat for Humanity Texas, Inc., also received a Partnership grant through Frost Bank.
"Habitat for Humanity of Texas is honored to work with both Frost Bank and the Federal Home Loan Bank of Dallas in the Partnership Grant Program," said Matt Hull, Executive Director of Habitat Texas. "This grant allows Habitat Texas to provide technical assistance and capacity building to the 87 Habitat for Humanity affiliates across Texas, especially as we prepare to build Habitat's six thousandth house in Texas next summer."
An event announcing the three Partnership grants will take place at 11:30 a.m. today at the Frost Bank Northwest Hills Financial Center, 3525 Far West Blvd., Austin, Texas 78731. For more information regarding the event, please contact FHLB Dallas Corporate Communications at 214.441.8445.
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 $68.7 billion as of March 31, 2009, is a member-owned cooperative that supports housing and community development by providing competitively priced loans 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 web site at fhlb.com.
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