Two Fort Worth Nonprofits Awarded $22K in Grants to Support Housing and Business Development
FORT WORTH, Texas, Sept. 4, 2015 /PRNewswire-USNewswire/ -- Housing Opportunities of Fort Worth and the Fort Worth Business Assistance Center Education Foundation each received an $11,000 Partnership Grant Program (PGP) award from the Federal Home Loan Bank of Dallas (FHLB Dallas) and Comerica Bank, an FHLB Dallas member institution.
Representatives from FHLB Dallas and Comerica Bank attended a check presentation today in Fort Worth with the grant recipients — Housing Opportunities of Fort Worth (HOFW) and the Fort Worth Business Assistance Center (BAC) Education Foundation.
"Comerica Bank is honored to help sustain these vital nonprofits in their support of our community," said Lueretha J. Slack, vice president and North Texas CRA Market Manager for Comerica Bank. "This particular grant, which allows us to partner with FHLB Dallas, leverages our contribution with matching funds, so more people may be served."
PGP awards provide grants up to $12,000 to community-based organizations (CBOs). The funds may be used for research, organizational capacity-building, grant- and funding-application assistance, or contractual services. Through the PGP awards, FHLB Dallas matches a member's contribution to a CBO of $500 up to $4,000 at a 3:1 ratio. The grants are offered via a lottery system once a year through FHLB Dallas members. In 2015, FHLB Dallas awarded $225,000 in PGP funds to support 25 organizations. For more information, visit fhlb.com.
HOFW was established in 1988 to help low- to moderate-income individuals access and maintain affordable homeownership. In that time, HOFW has provided free, one-on-one counseling in English and Spanish to more than 22,600 homebuyers and owners, and has helped more than 8,300 residents avoid foreclosure.
"Our partnership with Comerica Bank and FHLB Dallas is extremely important to us because it helps us leverage funds from private foundations," said David O'Brien, Jr., HOFW founder and executive director. "It's much easier to go to a foundation or a private contributor for funding if they know the industry supports your work."
HOFW will use the funds to increase and improve its capacity to better serve clients with homebuyer education, housing counseling, and reverse-equity mortgage counseling.
The Fort Worth BAC was founded in 1999 by the city to create and sustain jobs and businesses. More than 1,500 entrepreneurs utilize BAC's services annually. A majority of programs and services are provided free of charge, including one-on-one counseling, programs, and workshops.
"Comerica Bank has been a longtime supporter of the public/private partnership between the city of Fort Worth and the BAC Education Foundation," said Robert Sturns, interim director of the Economic Development department for the city of Fort Worth, and executive director of the Fort Worth BAC. "The funds being provided by Comerica and the Federal Home Loan Bank of Dallas will help us to enhance our efforts in growing the entrepreneurial community in Fort Worth through the innovative programs offered at the Business Assistance Center."
The BAC Education Foundation, which received the grant, will use the funds to offset the nonprofit's programming costs and to create new programming that fulfills the ever-changing knowledge needs of entrepreneurs.
"The Partnership Grant Program helps nonprofits do more for their clients and communities," said Greg Hettrick, vice president and director of Community Investment at FHLB Dallas. "Both Housing Opportunities of Fort Worth and the Fort Worth Business Assistance Center have demonstrated a commitment to community service and economic development, and we are very glad to partner with Comerica Bank in supporting them."
About Comerica Bank
Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, 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 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 $69.9 billion at June 30, 2015. To find us on Facebook, please visit www.facebook.com/ComericaCares. Follow Comerica on Twitter at @ComericaCares and follow Comerica Chief Economist Robert Dye on Twitter at @Comerica_Econ.
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 $42.6 billion as of June 30, 2015, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 865 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. Visit fhlb.com for more information.
Contact:
Corporate Communications
Federal Home Loan Bank of Dallas
www.fhlb.com
(214) 441-8445
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SOURCE Federal Home Loan Bank of Dallas
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