DEER PARK, Texas--(EON: Enhanced Online News)--Low-income, qualified homebuyers in Brazoria, Fort Bend, Galveston, Harris, and Montgomery counties will benefit from $16,000 in Partnership Grant Program (PGP) funds awarded today to the Keystone Community Development Corporation (Keystone CDC). The nonprofit, which provides homebuyer and related educational programs, received the grant from the Federal Home Loan Bank of Dallas (FHLB Dallas) and Associated Credit Union of Texas. It will be used to cover administrative and material costs of Keystone CDC’s homebuyer education and related classes.
“FHLB Dallas designed the PGP to address the inevitable funding gaps experienced by housing-related nonprofits”
“Once our clients complete an education class, they receive homeownership counseling and help in applying for down-payment assistance at no charge,” said Christopher Fuller, executive director at Keystone CDC. “Funding from the Partnership Grant Program will help us keep it that way.”
PGP grants are offered annually through FHLB Dallas’ member institutions, such as Associated Credit Union of Texas, via a lottery system. Funds may be used for research, organizational capacity-building, grant- and funding-application assistance, or contractual services.
“Our institution supports the vision of Keystone CDC,” said Clay Franks, chief financial officer at Associated Credit Union of Texas. “They are a caring and dedicated group who strive every day to make this region an even better place to live and work. We appreciate the support from FHLB Dallas for partnering with us on this grant. It will serve families well.”
Through the PGP, member institutions contribute $500 up to $4,000 to a community-based organization (CBO). FHLB Dallas matches the contributions at a 3:1 ratio, which provide up to $12,000 in grant money to a CBO. In 2016, FHLB Dallas awarded $225,000 in PGP funds to assist 23 CBOs. Combined with the $96,200 from member institutions, a total of $321,200 was awarded this year.
“FHLB Dallas designed the PGP to address the inevitable funding gaps experienced by housing-related nonprofits,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “At the same time, the partnerships are strengthened between our member institutions and these nonprofits. It is a win-win for communities across our District.”
About Associated Credit Union of Texas
ACU of Texas is a community credit union that offers quality financial services to Galveston, Brazoria and Harris counties and surrounding areas. As a state chartered credit union, federally insured by the National Credit Union Insurance Fund (NCUIF), ACU of Texas is a not-for-profit organization dedicated to providing services in a caring, professional manner while maintaining a strong financial base. Visit www.acutx.org.
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 $58.4 billion as of September 30, 2016, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 850 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. Visit fhlb.com for more information.