Wells Fargo and the Federal Home Loan Bank of Dallas (FHLB Dallas) will provide $200,000 in Partnership Grant Program (PGP) grants to two nonprofits in Austin, Texas, and one each in Albuquerque and Farmington, New Mexico.
PGP grants help qualified nonprofit organizations fund a variety of operational and administrative activities that are critical to serving their communities.
The four organizations will use the PGP funds to defray administrative expenses so more of their operating funds can be used directly for programs. The four community-based organizations (CBOs) and their grant totals are:
Guadalupe Neighborhood Development Corp. of Austin (GNDC), $40,000 Since its formation in 1981, GNDC has rehabilitated more than 100 homes, making homeowners of more than 50 families and offering a rental program of 64 single-family and 57 multifamily units that provide quality, affordable and accessible housing to low-income families. GNDC will use the PGP grant for a COVID-19 rental assistance fund to help tenants who have lost work during the pandemic.
Texas Association of Community Development Corporations of Austin (TACDC), $75,000 TACDC improves the lives of low- and moderate-income Texans by generating resources and developing relationships that enhance and sustain community development organizations in the state. The PGP grant will be used to enhance organizational capacity building and to offset operating and administrative costs.
La Plaza de Encuentro Gathering Place (Encuentro) in Albuquerque, $45,000 Encuentro provides educational and career development opportunities to English-learning Latino immigrants to help them compete for jobs in the community and to help them apply their new skills to community leadership and civic engagement. The organization will use the PGP grant for COVID-19 response and for organizational capacity building.
People Assisting the Homeless of Farmington (PATH), $40,000 PATH, which adopted its current name in 1992, assists homeless individuals and families through a comprehensive program of services to help them prepare to live independently. PATH will use the PGP grant during the COVID-19 pandemic to hire consultants and purchase equipment so staff can work from home and learn to conduct online meetings to continue to serve the homeless.
Pat Nie, vice president of Community Development at Wells Fargo in New Mexico, said the bank has seen the impact that administrative expenses can have on a nonprofit's ability to serve its clients. "All community-based organizations need help with administrative costs," Ms. Nie said. "Through the Partnership Grant Program, we and the Federal Home Loan Bank of Dallas can provide that help with an emphasis on assisting with COVID-19-related expenses."
Theresa Alvarez, senior vice president of Community Affairs in Austin, added, "By covering these expenses, we can make sure that more of these nonprofits' funds go directly to providing the programs their communities need. We're grateful to be able to provide this type of financial support during these challenging times."
Funding of the PGP was increased by $2 million this year under FHLB Dallas' COVID-19 Relief Program to support CBOs involved in affordable housing activities, stimulating small business development or providing small businesses with technical assistance. For 2020, program parameters also were expanded to include COVID-19 relief.
Through this unique grant program, FHLB Dallas member institutions contribute from $500 to $6,000 to a CBO, which FHLB Dallas matches at a new, higher 5:1 ratio (compared to the previous 3:1 ratio) resulting in a match of up to $30,000. If multiple member institutions contribute to the same CBO in one year, the maximum FHLB Dallas match for those member contributions is $60,000 per year. In both cases, the total grant to the CBO would be the sum of the member contribution(s) plus the FHLB Dallas match. Grants are awarded annually through FHLB Dallas and its member institutions.
"Wells Fargo is a great partner to the communities it serves in New Mexico and Texas," said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. "FHLB Dallas is proud to join Wells Fargo to help defray administrative expenses that are so critical to nonprofits like these four organizations that do so much good in their communities."
See the complete list of the 2020 PGP grant recipients. For more information about the 2020 PGP grants and other FHLB Dallas community investment products and programs, please visit fhlb.com/pgp.
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 $75 billion as of June 30, 2020, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. Visit fhlb.com for more information.
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SOURCE: Federal Home Loan Bank of Dallas">
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