FORT WORTH, Texas, Nov. 15, 2013 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) and Comerica Bank are pleased to announce they have awarded a $20,000 grant to a Fort Worth, Texas, nonprofit.
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The $20,000 grant was awarded through FHLB Dallas' Partnership Grant Program (PGP) to Housing Opportunities of Fort Worth, Inc. (HOFW), a nonprofit established to assist low- to moderate-income families with accessing and maintaining affordable homeownership through homebuyer education and housing counseling. This 25-year-old organization provides one-on-one services in English and Spanish to a vast majority of their customers.
"FHLB Dallas and Comerica Bank's donation is such a wonderful gift to our community," said Fort Worth Mayor Betsy Price. "This thoughtful contribution will help Housing Opportunities of Fort Worth continue to do what they do best – provide counsel for families in need."
This is the second partnership grant HOFW has received in the past few years. The grant was announced today at a check presentation and media event at Comerica's 8th – Magnolia Banking Center in Fort Worth.
"We will be using the grant to augment the other funds we get for homebuyer education, default delinquency, and reverse equity mortgage counseling," said David O'Brien, Jr., executive director of HOFW. "These funds are extremely important to us because we do not charge for our services."
With a staff of only four people, HOFW serves roughly 500 families a year, all in a one-on-one counseling setting.
"We realize that small, community-based organizations have very specialized needs," said Bre Chapman, senior vice president and director of corporate communications and external affairs at FHLB Dallas. "Our PGP provides funding for the operational needs of small organizations so they can put more of their funds toward furthering their missions within the communities they serve. Comerica Bank has been a valued partner, and we appreciate its continued support of the PGP and community organizations, such as HOFW, that promote affordable housing."
Through the PGP, FHLB Dallas awards partnership grants through its member institutions, like Comerica 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. In 2013, FHLB Dallas awarded $225,000 in partnership grants through its member institutions.
In addition to the grant announced today for Housing Opportunities of Fort Worth, FHLB Dallas and Comerica also awarded a $20,000 partnership grant to a Houston organization.
Mr. O'Brien said Comerica Bank has been an invaluable partner. The organization learned of the PGP from Lueretha Slack, vice president and North Texas CRA market manager for Comerica Bank.
"Comerica has been extremely valuable, as has Lueretha," Mr. O'Brien said. "We live by the grace of private foundations and the mortgage industry, and the fact that Comerica is literally down the street from my office and the fact we have a good relationship with them helps us tremendously. Any time we have funding from a financial institution, it helps us leverage funds we receive from private foundations and HUD."
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.
About Comerica Bank
Comerica Incorporated (NYSE:CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. To find Comerica Bank on Facebook, please visit www.facebook.com/ComericaCares. Follow Comerica on Twitter at @ComericaCares and follow Comerica Chief Economist Robert Dye on Twitter at @Comerica_Econ.
The photo is also available via AP PhotoExpress.
