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Brazos Valley CDC and FHLB Dallas Award Give to Texas Community Capital

Funds Will Offset Operational and Administrative Charges For Austin-Based Nonprofit

AUSTIN, Texas–( COMPANY WIRE )–Brazos Valley Community developing Corp. (Brazos Valley CDC) therefore the Federal mortgage loan Bank of Dallas (FHLB Dallas) have actually granted a $6,000 Partnership give Program (PGP) award to Texas Community Capital (TCC).

PGP funds assist qualified nonprofit companies fund a selection of functional and administrative tasks which are critical to serving their communities.

TCC provides specific loan and investment products that promote financial and community development in underserved Texas communities to improve the grade of life of low- to moderate-income individuals. With the Rio Grande Valley Multibank, it initiated the Community Loan Center (CLC) to supply affordable short-term loans as an option to high-priced payday loan providers.

With PGP funds, TCC intends to market and expand the CLC to areas presently perhaps maybe not offered.

TCC can be checking out the growth of an inexpensive housing loan investment to aid nonprofit designers with acquiring land for affordable housing.

“There are very little resources for organizational funds for tiny nonprofit businesses, which is the reason why this grant system can be so unique and vital for the operations, ” said Texas Community Capital Executive Director Matt Hull. “The funds through the PGP grant will let us continue steadily to offer solutions when it comes to Austin community. ”

Brazos Valley CDC Executive Vice President Paul Turney said the PGP funds have actually enabled the organization to aid neighborhood companies, such as for instance Texas Community Capital.

“We are grateful for the partnership we now have with FHLB Dallas in addition to possiblity to assist nonprofits that are local and succeed, ” he stated.

Funding under FHLB Dallas’ PGP ended up being increased by $2 million in 2020 under FHLB Dallas’ COVID-19 Relief Program to aid CBOs tangled up in affordable housing tasks, stimulating business development or providing smaller businesses with technical help. The employment of funds of these companies ended up being expanded to incorporate relief that is COVID-19.

Through this grant that is unique, FHLB Dallas user organizations add from $500 to $6,000 up to a CBO, which FHLB Dallas fits at a unique, greater 5:1 ratio (when compared to previous 3:1 ratio) causing a match all the way to $30,000. If numerous user organizations donate to the exact same CBO in one single 12 months, the utmost FHLB Dallas match for people user efforts is $60,000 per 12 months. The total grant to the CBO would be the sum of the member contribution(s) plus the FHLB Dallas match in both cases. Funds are granted yearly through FHLB Dallas and its particular user organizations.

Greg Hettrick, very very first vice president and manager of Community Investment at FHLB Dallas, said PGP funds help out with community development.

“By supporting businesses like Texas Community Capital through the PGP, resources may be used to increase programs far beyond that which was initially available. The PGP funds enable our people to work well with community-based businesses to make an impact that is positive their community, ” he said.

Begin to see the list that is complete of 2020 PGP grant recipients. To learn more concerning the 2020 PGP grants along with other Dallas that is FHLB community items and programs, be sure to visit fhlb.com/pgp.

About Brazos Valley CDC, Inc.

Brazos Valley CDC Inc. Seeks to supply quality products and services towards the residents and organizations associated with community in a way as to increase the affordability of safe and decent housing, particularly for the lower income; also to act as a car and help out with in whatever way feasible, through networking and/or developing of partnerships along with other non-profits, for-profits and government entities, for the true purpose of motivating online payday VA community development, financial development and basic enhancement into the quality lifestyle for all your residents for the areas served.

Concerning the Federal Mortgage Loan Bank of Dallas

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