Investar Bank and FHLB Dallas Award More Than $15K to Three Nonprofits
BATON ROUGE – Investar Bank and the Federal Home Loan Bank of Dallas have awarded a total of $15,450 to Scotlandville Community Development Corporation of Baton Rouge, Tulane/Canal Neighborhood Development Corporation of New Orleans and West 30’s Redemption Company of Mandeville.
Partnership Grant Program grants help qualified nonprofit organizations fund a variety of administrative activities that are critical to serving their communities.
“Investar is proud to support the great work of these three nonprofits,” said Ryan Finnan, consumer banking president, Investar. “Rosalind Jones, our community development officer for Baton Rouge and Prax Melancon, community development officer for New Orleans, are vital to building relationships to offer affordable housing solutions to those with low-to-moderate incomes. By joining with the Federal Home Loan Bank of Dallas for these grants, we were able to help defray some of the administrative costs that can be a challenge for charitable organizations.”
The three Community-Based Organizations will use the grant money in the following ways:
Scotlandville Community Development Corporation, Baton Rouge, $6,000
Scotlandville’s mission is to be a catalyst for change and to revitalize the community through affordable housing, economic investment and social development. Over the years, it has built 25 new, single-family homes, and renovated 10 more; all of which were sold to low-to-moderate income families. It also has completed a $5 million project that includes 58 single-family houses in what had been a blighted area. Scotlandville plans to use the grant to conduct educational and financial seminars and for external communications and operational support.
Tulane/Canal Neighborhood Development Corporation, New Orleans, $6,000
Tulane/Canal helps make housing more affordable and safer for families in the Tulane Gravier and Treme neighborhoods of New Orleans by developing affordable housing, providing financial counseling for clients and offering repairs for homeowner-occupied properties. The grant will be used to offset the cost of salaries, homebuyer counseling software and phone bills.
West 30’s Redemption Company, Mandeville, $3,450
West 30’s mission is to help one family at a time through the blessing of home ownership in the West 30’s neighborhood of Covington, Louisiana. The grant will be used to assist West 30’s residents impacted by the COVID-19 pandemic to offset costs incurred, provide economic and rental assistance and to provide housing.
“These three community organizations in New Orleans, Mandeville and Baton Rouge are working hard for the low-income residents of the neighborhoods they serve,” said Greg Hettrick, first vice president and director of Community Investment, FHLB Dallas. “We hope these grants can help the Scotlandville, Tulane/Canal and West 30’s nonprofits with administrative expenses that might otherwise be drawn from the program budgets they rely on to serve families.”
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 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.