Legacy CDC awarded grant from Dallas bank
Published 12:04 am Wednesday, July 1, 2020
Allegiance Bank and the Federal Home Loan Bank of Dallas have awarded a $21,000 Partnership Grant Program grant to the Legacy Community Development Corporation, which serves Beaumont, Port Arthur and Orange.
PGP grants help qualified nonprofit organizations fund a variety of administrative activities that are critical to serving their communities. Legacy Community Development Corporation will use the grant money to acquire vacant lots in its downtown Port Arthur revitalization target area.
“Legacy Community Development Corporation is so excited to partner with Allegiance Bank and FHLB Dallas,” Executive Director Vivian Ballou said.
“We look forward to utilizing the awarded grant funds to expand our downtown Port Arthur redevelopment efforts. The funds will be used to acquire additional lots to build affordable housing units for qualified families. We are so appreciative for the opportunity to help families achieve the American dream.”
“We are very thankful for the support that the Federal Home Loan Bank of Dallas has provided to the communities we serve during this difficult period,” said Marcus Vasquez, vice president and fair banking officer, Allegiance Bank.
“The city of Port Arthur has been severely impacted over the past few years by the damage caused by Hurricane Harvey and Tropical Storm Imelda. In addition, the city is now feeling the impact caused by the COVID-19 pandemic. Allegiance Bank is committed to supporting the recovery efforts in Port Arthur and we are thankful for organizations such as Legacy Community Development Corporation as they have worked diligently to create new, affordable housing in Jefferson County.”
Funding of the PGP was increased by $2 million this year under FHLB Dallas’ COVID-19 Relief Program to support community-based organizations 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.
“Legacy Community Development Corporation’s holistic approach is making an impact in Beaumont, Port Arthur and Orange for low- to moderate-income families,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “They provide new homes along with education to help ensure that families become successful homeowners. We are proud to join Allegiance Bank in supporting this community-building work on the Texas Gulf Coast.”