HOUSTON, Nov. 14, 2013 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) and Green Bank are pleased to announce they have awarded two Houston community organizations $11,750 in grants through the Partnership Grant Program (PGP).
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The Women's Resource of Greater Houston was awarded a $6,000 grant to support free financial education classes offered by the organization. A $5,750 grant was awarded to the Credit Coalition, which will use the funds to offset administrative expenses.
State Representative Sarah Davis expressed her support of both groups.
"Financial literacy is vital to individual prosperity," Representative Davis said of The Women's Resource of Greater Houston. "The Women's Resource of Greater Houston has provided financial education courses to more than 30,000 individuals, and this grant will allow many more women of all socio-economic backgrounds the opportunity to take charge of their personal economic well-being. I congratulate the Women's Resource of Greater Houston on their hard work and dedication to helping women achieve the American dream."
The Women's Resource of Greater Houston will use its grant to support free financial education classes offered by the organization.
"We are honored to receive the contribution and have our work acknowledged by FHLB Dallas and Green Bank," said LaTanya Flix, executive director of The Women's Resource of Greater Houston. "We are fortunate to be selected for the grant. The funds will help ensure that our organization can continue the vital work of providing accurate, unbiased, and free financial education to many of our city's most vulnerable residents. The Credit Coalition's financial literacy class participants will similarly benefit."
The Credit Coalition's "Fundamentals of Good Credit" course is recognized as an approved homebuyer counseling/education course for many Houston-area down payment assistance providers.
"The Credit Coalition is a valuable resource to the Houston community, and has empowered numerous individuals toward the dream of homeownership," Representative Davis said of the group. "Their educational resources have provided numerous Houstonians the opportunity to change their financial future and this well-deserved grant award will allow the coalition to continue helping individuals shed their burden of debt."
The Credit Coalition's grant will go into its general fund to pay for books and fund operating costs associated with the financial education classes it offers.
"The people who take our six-week financial education classes come from all walks of life," said Sherrie Young, executive director at the Credit Coalition. "About 90 percent of our class participants earn less than 80 percent of the median income and they want to get their financial future on track. Through our financial and homebuyer counseling and education, we empower our participants to make informed, reasonable, and responsible decisions regarding their financial and housing goals."
Through the PGP, FHLB Dallas awards partnership grants through its member institutions, like Green Bank, to provide funding for the operational needs of community-based organizations involved in affordable housing and community development. FHLB Dallas matches a member's cash contribution to a community-based organization of $500 up to $5,000 at a 3:1 ratio. Through its member institutions, FHLB Dallas awarded $225,000 in partnership grants in 2013.
"Green Bank is very pleased to partner with FHLB Dallas in presenting partnership grants to these two Houston-based nonprofits, which provide invaluable credit and housing counseling to low- to moderate-income individuals," said David Matthews, executive vice president and CRA officer for Green Bank. "Green Bank has enjoyed an excellent working relationship with both the Credit Coalition and The Women's Resource of Greater Houston."
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 $31.3 billion as of September 30, 2013 is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit the FHLB Dallas website at fhlb.com.
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