HOUSTON, Oct. 1, 2009 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) will join Comerica Bank today to award Partnership grants to Neighborhood Recovery CDC and Home Sweet Home Community Redevelopment. The funds will assist both organizations with operational costs.
Partnership grants are offered through FHLB Dallas's member institutions 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 members' cash contributions to a community-based organization of $500 up to $5,000 at a 3:1 ratio.
"FHLB Dallas is pleased to partner with Comerica Bank in awarding Partnership grants to these two organizations," said Terry Smith, FHLB Dallas President and CEO. "Through our Partnership Grant Program we are able to assist members like Comerica Bank in meeting the critical needs of organizations in the communities it serves."
Gary Orr, Comerica Houston Market President, said this is a good opportunity to award two local nonprofit organizations for their continued dedication to the community.
"We value our relationship with the Federal Home Loan Bank of Dallas and the organizations they support, such as NRCDC and Home Sweet Home," said Mr. Orr. "Comerica understands that when we support these organizations, we are helping individuals build their future and therefore, supporting the communities we serve."
Home Sweet Home Community Redevelopment received a $10,000 Partnership grant on behalf of Comerica Bank and FHLB Dallas. Demetria Reed, Executive Director at Home Sweet Home Community Redevelopment, said Comerica has partnered with the organization on many projects, including several disaster relief projects.
"This grant will enable us to improve our programs," said Ms. Reed. "Right now we operate on a volunteer basis, and with the grant funds, we can hire more staff. We can also purchase more materials for our projects. We are always in need of specific materials for different projects."
Neighborhood Recovery CDC received $40,000 in grants on behalf of Comerica Bank and FHLB Dallas. Comerica contributed $25,000 to Neighborhood Recovery, and $15,000 was contributed by FHLB Dallas in the form of a partnership grant.
"The grant will provide funding for general operations, which will help us further our cause and improve all of our programs, including commercial development and affordable housing," said Paul Charles, Executive Director of Neighborhood Recovery CDC. "Our programs allow us to improve the lives of the people living in and around the areas we are working to revitalize."
An event announcing the two Partnership grants will take place at 11:00 a.m. today at the Comerica Gulfgate Banking Center, located at 200 Gulfgate Mall in Houston, Texas. 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 $72.1 billion as of June 30, 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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