DALLAS/Oct. 8, 2009 -- The Federal Home Loan Bank of Dallas (FHLB Dallas) and Comerica Bank awarded Partnership grants to Business Assistance Center, Inc., Jeffries Street Learning Center, and City Wide Community Development Corporation (City Wide CDC). The funds will assist the organizations with operational costs.
Partnership grants are offered through FHLB Dallas's member institutions and are awarded on a first-come, first-served basis. The grants provide funding for operational needs of community-based organizations involved in affordable housing and community development. FHLB Dallas matches members' cash contributions to a community-based organization of $500 up to $5,000 at a 3:1 ratio.
"We are honored to partner with the Federal Home Loan Bank of Dallas to support these organizations as they continue to provide invaluable services to residents and businesses in the Dallas area," said Chuck Gummer, Texas Market President, Comerica Bank. "These nonprofits are dedicated to promoting sustainable communities through economic revitalization and growth, which aligns with the priorities of both Comerica and the FHLB Dallas."
The Business Assistance Center, Inc. received a $20,000 Partnership grant from FHLB Dallas and Comerica Bank. Van Howard, President and Executive Director of the Business Assistance Center, said this is the first Partnership grant the organization has received through FHLB Dallas and Comerica Bank.
"The Partnership grant will allow us to maximize the contribution made by Comerica Bank," said Mr. Howard. "The grant funds will assist our micro-enterprise program, a 16-week training course of instruction, education, planning and business development for new business owners. The program has already assisted 17 small business owners in 2009, and we hope to continue our progress as we prepare for the upcoming year."
Jeffries Street Learning Center received a $20,000 Partnership grant on behalf of Comerica Bank and FHLB Dallas to assist with the first-time homebuyer and financial literacy classes.
"It is amazing how many people come to our classes and simply don't know much about buying a home or general finances," said Susan Riley-Joseph, Executive Director of Jeffries Street Learning Center. "They come to us to learn and for resources. The Partnership grant will allow us to continue these programs, and help those in our area achieve the American Dream of homeownership."
FHLB Dallas and Comerica Bank awarded City Wide CDC a $12,000 Partnership grant to assist in hiring an intern for the Urban Lancaster Village project in Dallas.
"Urban Lancaster Village is an $18 million project that will begin in May 2010, and span the course of 18 months," said Sherman Roberts, President of City Wide CDC. "The intern we hired did the research and put together a 'master plan' for the design work and development of this project. The project will consist of 156 multifamily, affordable housing units, and retail outlets will be located at the bottom of the building. It will also include 7,300 square feet of office space and a five-story parking garage."
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 $72.1 billion as of June 30, 2009, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to more than 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit the FHLB Dallas web site at fhlb.com.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013 [http://www.globenewswire.com/newsroom/prs/?pkgid=3013]
About Comerica
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 & Institutional 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. Comerica reported total assets of $63.6 billion at June 30, 2009. To receive e-mail alerts of breaking Comerica news, go to http://www.comerica.com/newsalerts [http://www.comerica.com/newsalerts].
Federal Home Loan Bank of Dallas Corporate Communications (214) 441-8445 www.fhlb.com [http://www.fhlb.com]
