FHLB Dallas Members Will Also Have Access to Grants and Low-Cost Loans
DALLAS, September 22, 2021--(BUSINESS WIRE)--The Federal Home Loan Bank of Dallas (FHLB Dallas) will distribute $1 million in charitable donations to assist communities and FHLB Dallas members with recovery efforts from damage caused by Hurricane Ida.
"Hurricane recovery is a long, slow process, and our hearts go out to all who were affected by Hurricane Ida," said Mike Rigby, chairman of the Board of Directors of FHLB Dallas and East Regional president of Legend Bank in Bowie, Texas. "We remain hopeful for Louisiana’s future as it begins the rebuilding process."
FHLB Dallas is a member-owned financial institution cooperative with approximately 800 members, including 125 member institutions, such as banks and credit unions, in Louisiana.
FHLB Dallas has made the following donations:
Second Harvest Food Bank, $175,000
World Central Kitchen, $75,000
All Hands and Hearts, $100,000
Bayou Community Foundation, $75,000
Disaster Services Corp., $25,000
United Way of Southeast Louisiana, $25,000
Greater New Orleans Foundation, $500,000
"This funding certainly will have a major impact on the residents and small businesses in the Southeast Louisiana region where we work," said Kenneth St. Charles, vice president for philanthropy at Greater New Orleans Foundation.
He said the grant will be used to support nonprofit agencies that are on the front lines of the Hurricane Ida disaster recovery.
"We’ve already made more than $1 million in grants to nonprofits leading the response," he said. "We thank FHLB Dallas for stepping up and helping us so we can continue making these lifesaving grants."
In addition to charitable donations, FHLB Dallas will make available through its member institutions $2.5 million in funds from the Hurricane Recovery Grant program, which assists members’ employees who were impacted by the disaster; an additional $500,000 through members via its Disaster Rebuilding Assistance program, which provides repair and rehab funding for qualified owner-occupied housing; and low-cost advances (loans) to members through its Disaster Relief Program.
For more detailed program information, visit fhlb.com.
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 $58.6 billion as of June 30, 2021, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit our website at fhlb.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210922006005/en/
Federal Home Loan Bank of Dallas