PARIS, Texas, Jan. 25, 2011 (GLOBE NEWSWIRE) -- First Federal Community Bank (First Federal) and the Federal Home Loan Bank of Dallas (FHLB Dallas) awarded a $15,000 Partnership Grant Program (PGP) award to Paris Living Community Development Corporation (Paris Living) to assist with operating costs and outreach opportunities.
Partnership grants are offered through FHLB Dallas's member institutions, such as First Federal, and 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 a member's cash contributions 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 2010, and will again offer $225,000 in PGP funds through its member institutions in 2011.
Paris Living was established in 2001 to promote affordable housing for low-income residents of Lamar, Red River, Delta, and Fannin counties. Originally, its mission was to construct and sell homes to qualified low-income, first-time homebuyers at an affordable rate. Over the years, Paris Living added services such as down payment assistance for qualified homebuyers, as well as completing the groundwork to offer economic development assistance for small business owners. Paris Living also works with a third- party organization to provide homebuyer education, a required course for its clients.
Paris Living partnered with First Federal to receive the partnership grant. The funds will assist with operational costs such as utility bills and daily expenses, as well as outreach opportunities including its annual conference with leaders of the community and other organizations working to promote affordable housing initiatives in the area.
"The partnership funds are essential to helping us continue what we do," said Michael Hunter, executive director at Paris Living. "From keeping the lights on, to helping us bring together local leaders and community organizations to more effectively accomplish our goals, the additional grant funds will make a big difference to help us address the affordable housing needs in our community and surrounding areas."
President Richard Amis of First Federal said they have utilized partnership grants for other qualified organizations in Paris and surrounding communities.
"We are proud of our membership with FHLB Dallas and the opportunity we have to participate in the Partnership Grant Program to benefit Paris Living," said Mr. Amis. "Paris Living has been doing good work in our community, and we have a sincere desire to be involved in affordable housing initiatives. We know that our contribution, coupled with the matching grant funds from FHLB Dallas, will help Paris Living continue its mission. First Federal has participated in the PGP in the past, and we will continue to look for organizations that will be a good fit for the program."
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 $51.6 billion as of September 30, 2010, 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
website at fhlb.com.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013