The Federal Home Loan Bank (FHLB) of Dallas announced that they will be donating $1 million in recovery efforts following Hurricane Ida. These donations will help affected communities and FHLB Dallas members, according to Business Wire.
Mike Rigby, the chairman of the Board of Directors of FHLB Dallas and the East Regional president of Legend Bank in Bowie, Texas said, “Hurricane recovery is a long, slow process, and our hearts go out to all who were affected by Hurricane Ida. We remain hopeful for Louisiana’s future as it begins the rebuilding process.”
The member-owned bank is a cooperative with around 800 members. They also have 125 member institutions in Louisiana. According to Business Wire, they have made donations for immediate recovery, food assistance, and long-term recovery efforts.
The Greater New Orleans Foundation received $500,000 for long-term efforts.
Kenneth St. Charles, vice president for philanthropy for the Foundation, said, “This funding certainly will have a major impact on the residents and small businesses in the Southeast Louisiana region where we work.”
The foundations’ grant will go to nonprofits that are at the forefront of recovery, according to Charles.
He told Business Wire, “We’ve already made more than $1 million in grants to nonprofits leading the response. We thank FHLB Dallas for stepping up and helping us so we can continue making these lifesaving grants.”
For food assistance, FHLB donated $175,000 to Second Harvest Food Bank, and $75,000 to World Central Kitchen. They also contributed to five different organizations to provide immediate relief.
All Hands and Hearts received $100,000, Bayou Community Foundation received $75,000, and $25,000 was given to Disaster Services Corporation. Another $25,000 was donated to both the United Way of Southeast Louisiana, and Americares.
The financial institution has also made available $2.5 million in funds from their Hurricane Recovery Grant program. These grants can assist members’ employees who have been affected.
There is also $500,000 in the Disaster Rebuilding Assistance program. It provides repair and rehab funding for qualified homeowners. There are low-cost loans available to members as well through the Disaster Relief Program.
According to Business Wire, homeowner Henry Jones received a $9,890 subsidy through the rebuilding program earlier this year. The subsidy came from FHLB member Hancock Whitney.
“I really appreciate it, and thank God these funds were available because I don’t know how I would have made the repairs without this help,” Jones told Business Wire.
Greg Hettrick, the first Vice President and Director of Community Investment for FHLB Dallas, said these types of partnerships can make a positive impact.
“Natural disasters have the potential to cause great stress and suffering within affected communities,” Hettrick said. “Partnerships such as this one with Hancock Whitney make a positive impact on people like Mr. Jones, who no longer needs to worry about costly home repairs.”
The $500,000 in Disaster Rebuilding Assistance will be disbursed on a first come, first serve basis for those that qualify.
