BYRAM, Miss., Oct. 3, 2013 (GLOBE NEWSWIRE) -- Representatives from Hope Credit Union and the Federal Home Loan Bank of Dallas (FHLB Dallas) today awarded Home Again, Inc., $20,000 in Partnership Grant Program (PGP) funds.
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The PGP award will assist Home Again with costs associated with a program it has to rehab properties, primarily foreclosures, to provide housing for low-income families.
The PGP check presentation took place at one of the recently renovated properties in Byram, Mississippi.
"We rehab properties and put them back on the market. We'll be using FHLB Dallas funds for this purpose," said Phil Eide, executive director of Home Again. "The rehab cost per home ranges from a couple thousand dollars to $30,000 to $50,000. We've currently got five or six houses to complete. Home Again needs the PGP funds to help with the rehab costs as well as the costs associated with holding these properties."
Home Again was formed in 2006 with the mission of supporting revitalization and recovery following Hurricane Katrina. Since its inception, Home Again has partnered in the development of 260 units of single-family and multifamily housing in Mississippi.
Partnership grants are awarded through FHLB Dallas member institutions, such as Hope Credit Union, 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.
Hope Credit Union CFO Richard Campbell said PGP provides his bank an opportunity to leverage its contributions to community organizations it already supports.
"The PGP allows us to provide a larger contribution to organizations that are truly making a positive impact in our communities," Mr. Campbell said. "Returning more quality, affordable housing to our neighborhoods has been a top priority since Hurricane Katrina, and Hope Credit Union is proud to play a role in meeting that need."
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