Grants Will Assist the Baton Rouge and New Orleans Area Organizations
BATON ROUGE, La.–(BUSINESS WIRE)–Investar Bank, National Association (Investar) and the Federal Home Loan Bank of Dallas (FHLB Dallas) have awarded a total of $15,450 in Partnership Grant Program (PGP) funds to Scotlandville Community Development Corp. of Baton Rouge, Tulane/Canal Neighborhood Development Corp. of New Orleans and West 30’s Redemption Co. (West 30’s) of Mandeville, Louisiana.
PGP grants help qualified nonprofit organizations fund a variety of operational and 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 at 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 (CBOs) will use the grant money in the following ways:
Scotlandville Community Development Corp., Baton Rouge, $6,000
Scotlandville’s mission is to revitalize the community through affordable housing, economic investment and social development. Over the years, it has built and renovated homes for low- to moderate-income residents. Scotlandville Community Development Corp. plans to use the grant to conduct educational and financial seminars and for external communications and operational support.
Tulane/Canal Neighborhood Development Corp., New Orleans, $6,000
Tulane/Canal Neighborhood Development Corp. 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 owner-occupied properties. The grant will be used to offset the cost of salaries, homebuyer counseling software and phone bills.
West 30’s Redemption Co., Mandeville, $3,450
West 30’s mission is to help families through the blessing of homeownership 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 expenses, provide economic and rental assistance and to provide housing.
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.
“These three community-based organizations are working hard for the residents they serve,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “We hope these grants from Investar and the Federal Home Loan Bank of Dallas can help these nonprofits with administrative expenses that might otherwise be drawn from the program budgets they rely on to serve families.”
About Investar Bank, National Association
Investar Holding Corp. (NASDAQ: ISTR), parent company of wholly-owned subsidiary Investar Bank, National Association (“Investar”), had total assets of approximately $2.4 billion as of June 30, 2020. Investar is a full-service community bank headquartered in Baton Rouge, La. offering extensive banking products and services for individuals and businesses for nearly 15 years. The Bank has 31 branches serving several markets across South Louisiana, Texas and Alabama. Investar Bank NMLS ID# 481188. Equal Housing Lender. Member FDIC. To learn more, visit www.InvestarBank.com.
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.
Federal Home Loan Bank of Dallas