Tolleson Private Bank and FHLB Dallas Award Grants to Two Dallas Nonprofits
Tolleson Private Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) have awarded $24,000 in Partnership Grant Program (PGP) awards to two apartment complexes in Dallas, Texas, developed by Catholic Housing Initiative to house seniors.
PGP grants help qualified nonprofit organizations fund a variety of operational and administrative activities that are critical to serving their communities.
Half of the funds will go toward offsetting administration and operating expenses at Notre Dame Place, which provides housing to low-income seniors in Central Dallas. The other half will offset similar expenses at Villa Santa Maria in East Dallas, which provides housing to seniors of mixed incomes.
“Few grants offer the flexibility to apply funds toward administrative and operational expenses,” said Bill Hall, executive director of Catholic Housing Initiative. “We are thankful to have these funds to help offset some of our day-to-day expenses of providing affordable housing to seniors in the Dallas-Fort Worth area.”
Tolleson Private Bank said it was looking for an opportunity to support quality, affordable housing to the area’s aging population.
“Housing costs continue to rise in Dallas and so many of our seniors are living on incomes that just don’t stretch very far,” said Steve Westerheide, executive vice president of operations and compliance at Tolleson Private Bank. “This was an opportunity for us to make a positive impact on our city and its residents.”
Funding under FHLB Dallas’ PGP was increased by $2 million in 2020 under FHLB Dallas’ COVID-19 Relief Program to support community-based organizations (CBOs) involved in affordable housing activities, stimulating small business development or providing small businesses with technical assistance. The use of funds for these organizations was 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.
Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas, said Notre Dame Place and Villa Santa Maria provide affordable living options.
“Operating senior housing can be costly and service intensive,” Mr. Hettrick said. “Our partnership with Tolleson Private Bank will help Notre Dame Place and Villa Santa Maria to continue to provide safe and affordable housing to Dallas residents as they age.”
About Tolleson Private Bank
As a complement to Tolleson Wealth Management, Tolleson Private Bank was formed in 2003 to offer highly responsive, customized and complementary cash management and banking services. Founded in 1997 as a family office for the Tolleson family, Tolleson Wealth Management is a multi-family office serving clients with all things financial. Tolleson Private Bank continues to focus on serving client needs with a personalized approach. Member FDIC, Equal Housing Lender.
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 $83.8 billion as of March 31, 2020 is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 805 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. Visit fhlb.com for more information.