Nonprofit Will Use Funds to Pay Expenses and Purchase Equipment
LUFKIN, Texas–(BUSINESS WIRE)–VeraBank has joined the Federal Home Loan Bank of Dallas (FHLB Dallas) to provide $25,690 to Neighborhood STRONG located in Lufkin, Texas.
PGP grants help qualified nonprofit organizations fund a variety of administrative activities that are critical to serving their communities.
Neighborhood STRONG helps the elderly and disadvantaged residents in the city of Lufkin and Angelina County through home renovations and enhancements. As of December 31, 2019, the organization had repaired 67 homes and served 126 families or individuals.
“These funds, in the midst of the coronavirus pandemic, will enable us to cover staff salaries, supplemental training and other administrative expenses,” said Wayne Lawrence, Ph.D., executive director of Neighborhood STRONG. “We’ll also be able to begin to recruit a part-time volunteer coordinator who will recruit and train volunteers and help expand our partnership for financial literacy training for our homeowners,” he said.
VeraBank has seen the success Neighborhood STRONG has had in making a lasting impact on Lufkin and surrounding communities.
“Although Neighborhood STRONG is newly formed, at 4 years old, it has already created a significant impact in the lives of dozens of people,” said Susan Callahan, CRA officer at VeraBank. “We are delighted to work alongside Neighborhood STRONG to provide assistance.”
Funding under FHLB Dallas’ PGP was increased by $2 million in 2020 under FHLB Dallas’ COVID-19 Relief Program to support community-based organizations (CBOs) involved in affordable housing activities, stimulating small business development or providing small businesses with technical assistance. The use of funds for these organizations was expanded to include COVID-19 relief.
Through this unique grant program, FHLB Dallas member institutions contribute from $500 to $6,000 to a CBO, which FHLB Dallas matches at a new, higher 5:1 ratio (compared to the previous 3:1 ratio) resulting in a match of up to $30,000. If multiple member institutions contribute to the same CBO in one year, the maximum FHLB Dallas match for those member contributions is $60,000 per year. In both cases, the total grant to the CBO would be the sum of the member contribution(s) plus the FHLB Dallas match. Grants are awarded annually through FHLB Dallas and its member institutions.
“No one was prepared for the coronavirus pandemic and the economic hardships it has had on our most vulnerable citizens; the work of organizations like Neighborhood STRONG are more important today than ever, and we are thankful for VeraBank’s community outreach,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas.
VeraBank, was established in 1930 at the height of the Great Depression, is a privately-owned community bank that serves East and Central Texas with its network of 36 conveniently located branches and $2.8 billion in assets. VeraBank also has trust assets under management in excess of $670 million. Throughout its existence, VeraBank has remained committed to providing excellent personal service with the latest in banking technology. Visit verabank.com for more information. Member FDIC – Equal Housing Lender
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 $83.8 billion as of March 31, 2020 is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 805 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. Visit fhlb.com for more information.
Federal Home Loan Bank of Dallas
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