ALBUQUERQUE, N.M., Sept. 16, 2013 (GLOBE NEWSWIRE) -- Representatives from Wells Fargo and the Federal Home Loan Bank of Dallas (FHLB Dallas) gathered today to award NewLife Homes $20,000 in Partnership Grant Program (PGP) funds.
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NewLife Homes provides affordable, supportive housing to low-income families, particularly those with physical and mental disabilities and those who have experienced homelessness. The organization will use the grant to help fund a service coordinator position for several of its properties, including Luna Lodge, a 30-unit affordable housing development in Albuquerque that caters to homeless persons and individuals with special needs.
"NewLife Homes has had a wonderful partnership with Wells Fargo and FHLB Dallas spanning over a decade. We have grown from one small property to 11 properties serving the most vulnerable, and this growth would not have been possible without the enduring support from our many partners," said John Bloomfield, executive director of NewLife Homes.
Partnership grants are awarded through FHLB Dallas member institutions, such as Wells Fargo, to assist with the operational needs of nonprofit, community-based organizations involved in affordable housing and community development. Partnership grants are based on cash contributions of $500 to $5,000 made by FHLB Dallas member institutions, which FHLB Dallas matches at a 3:1 ratio. FHLB Dallas awarded $225,000 in PGP grants this year.
Since 2011, $1.5 million in PGP and Affordable Housing Program (AHP) grants – another FHLB Dallas grant program -- have been awarded through Wells Fargo.
"Wells Fargo is honored to provide grant funding to NewLife Homes in Albuquerque," said Patricia Nie, vice president/community development officer for Wells Fargo New Mexico. "The outstanding collaboration of the FHLB Dallas Partnership Grant Program to provide matching funds up to 3 to 1 on our investment is all the more reason for our communities to thrive, grow and provide much needed housing. We could not be more thrilled for this investment with NewLife Homes in Albuquerque."
About Wells Fargo
In New Mexico, Wells Fargo has nearly 1,700 team members and 95 stores and is the largest bank by deposits as reported by the FDIC. Wells Fargo New Mexico provided over $1,014,000 in grants to nonprofits and schools through corporate and foundation giving last year. Wells Fargo & Company (NYSE:WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, and the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank's customers who conduct business in the global economy. With more than 270,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune's 2013 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially.
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 $32.7 billion as of June 30, 2013, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas.
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CONTACT: Corporate Communications Federal Home Loan Bank of Dallas www.fhlb.com (214) 441-8445
Source:Federal Home Loan Bank of Dallas