WACO, Texas, Oct. 25, 2012 (GLOBE NEWSWIRE) -- Representatives from First National Bank of Central Texas (First National) and the Federal Home Loan Bank of Dallas (FHLB Dallas) today presented the Waco Community Development Corporation (Waco Community Development) with $13,333 in Partnership Grant Program (PGP) funds.
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Waco Community Development will use the PGP funds to support its homebuyer counseling and education programs, through which it provides families with the knowledge they need to purchase a home.
"We provide homebuyer counseling when people want help buying a house," said Mike Stone, executive director of Waco Community Development. "We provide education classes, financial literacy, and homebuyer education. All grant money is very valuable during these tough economic times, so we are really excited and honored to be selected to receive the partnership grant."
Waco Community Development applied for the grant through FHLB Dallas member First National.
"First National has supported us several times over the years," said Mr. Stone. "Not only do they give us donations, but they help us with our Individual Development Account program, which assists homebuyers with opening bank accounts to save for a down payment on a house. Since IDA's inception, 111 of our homebuyers have opened accounts and bought homes through the program."
FHLB Dallas awarded $225,000 in partnership grants this year through members, such as First National. The grants provide funding for the operational needs of community-based organizations involved in affordable housing and community development. FHLB Dallas matches a member's cash contributions to a community-based organization of $500 up to $5,000 at a 3:1 ratio.
"First National Bank of Central Texas takes great pride in supporting Waco Community Development Corporation in its continued efforts to revitalize areas near North Waco," said Ron Nelson, senior vice president at First National. "The impact that Waco CDC has had in our community is immeasurable. First National also commends the Federal Home Loan Bank of Dallas for its support of Waco Community Development's efforts. First National appreciates the opportunity to join FHLB Dallas in providing support for the fine work that Waco Community Development is doing to educate homeowners in this effort."
State Senator Brian Birdwell, R-Granbury, was unable to attend the check presentation event today, but spoke highly of the impact the grant will have in his district.
"This generous grant from the First National Bank of Central Texas and the Federal Home Loan Bank of Dallas is surely exciting news for Waco Community Development," Senator Birdwell said. "I am so pleased to see a local bank making a major investment in the Waco community in an effort to help educate homebuyers and assist local families in their neighborhood revitalization efforts."
The presentation today was also attended by Waco City Manager Larry Groth and Greater Waco Chamber of Commerce President Matt Meadors.
"The Greater Waco Chamber values the work that Waco Community Development does to revitalize strategic neighborhoods in our city," said Mr. Meadors. "These funds are certainly going to an organization that meets a critical need by making housing affordable to more people in the heart of greater downtown."
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 $34.7 billion as of June 30, 2012, 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 website at fhlb.com.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013
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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