Public officials and representatives of Comerica Bank and the
Federal Home Loan Bank of Dallas (FHLB Dallas) gathered Thursday to
present Partnership Grant Program (PGP) awards to the Fort Worth
Business Assistance Center (BAC Education Foundation) and Housing
Opportunities of Fort Worth, Inc. The grant funds will assist both
organizations with general operating expenses.
A photo accompanying this release is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=11228
PGP grants are awarded through FHLB Dallas member institutions,
such as Comerica Bank, to assist with the operational needs of
nonprofit, community-based organizations involved in affordable
housing and community development. Partnership grants are based on
cash contributions of $500 to $5,000 made by FHLB Dallas member
institutions, which FHLB Dallas matches at a 3:1 ratio. Comerica
Bank made contributions to each organization, which resulted in a
$12,774 PGP grant for the BAC Education Foundation, and a $30,000
PGP grant for Housing Opportunities of Fort Worth, Inc.
"Comerica Bank was proud to nominate these two organizations for
the FHLB Dallas Partnership Grant Program," said Lueretha Slack,
vice president of corporate public affairs and community
reinvestment for Comerica Bank. "Both BAC Education Foundation and
Housing Opportunities of Fort Worth, Inc. help serve critical needs
in our community, and are deserving of these funds to help them
further their missions."
BAC Education Foundation is a subsidiary program of the City of
Fort Worth and has been in operation for approximately 15 years
providing training, counseling, and education to local small
business owners and entrepreneurs. The grant funds will help
support its N.E.W. Beginning program, a 10-week training course
targeted toward entrepreneurs wanting to open a business. BAC
Education Foundation Executive Director Ossana Hermosillo said the
main goal of the program is to promote and create sustainable small
business and economic development.
"This funding will help us hire instructors and counselors for
our educational programs," said Ms. Hermosillo. "We offer a
variety of classes for small business entrepreneurs, and usually
hire contractors or part-time employees to teach these
courses. We feel very fortunate to have received this support
from Comerica Bank and FHLB Dallas, and the funding will help us
continue to promote small business in Fort Worth."
Housing Opportunities of Fort Worth, Inc. was established in
1988 by Founder and Executive Director David O'Brien to provide
homebuyer education and reverse mortgage equity for senior
citizens. Housing Opportunities of Fort Worth, Inc. offers its
services free of charge, and most of its clientele consist of
low-income homebuyers and homeowners spanning across 10
counties.
"Nearly 85 percent of our funding goes directly to customer
services – including our counseling and education courses," said
Mr. O'Brien. "It is very important that we obtain support from
local lending and mortgage institutions, because these entities
work hand-in-hand with what we are trying to accomplish. This
grant speaks volumes for Comerica Bank and FHLB Dallas, as well as
our value to the mortgage industry. As a nonprofit, this type
of funding is critical for our everyday operations."
Several public officials attended yesterday's presentation,
including State Representative Marc Veasey (D-Fort Worth), Charles
Boswell, district director for State Senator Wendy Davis (D-Fort
Worth), Josie Martinez, district manager for State Representative
Lon Burnam (D-Fort Worth), and Fort Worth Mayor Pro Tem W.B. "Zim"
Zimmerman.
Senator Davis said the grants are examples of sound investments
in local economies that will support and grow local small
businesses and strengthen local housing markets, which are both
vital to economic stability and job creation in the Fort Worth
community.
"One of these grants will help educate and counsel low-income
families seeking the American dream of homeownership, and ensure
that these families avoid the traps some unwary buyers were led to
in recent years," said Senator Davis. "The other grant will help
support a critical component of our local economy, that of
supporting and growing small businesses, especially women- and
minority-owned start-ups. Both Housing Opportunities of Fort
Worth, Inc. and BAC Education Foundation are very deserving of this
funding, and I fully support these generous contributions made by
Comerica Bank and FHLB Dallas."
Mayor Pro Tem Zimmerman expressed gratitude for the support of
the two local nonprofits during his speech at yesterday's
event.
"This program supported by Comerica Bank and FHLB Dallas is
another example of corporate citizens reaching out and making a
difference in the community," said Mr. Zimmerman. "The monies
from this grant program support affordable housing — a vital need
here in our city — but, as important, also support the kind of
education and counseling that makes a long-term difference in
people's lives."
For more information regarding FHLB Dallas and its grant
programs, please visit fhlb.com.
About Comerica Bank
Comerica Bank is the commercial banking subsidiary of Comerica
Incorporated (NYSE:CMA), the largest banking company headquartered
in Texas, and strategically aligned by three business segments: The
Business Bank, The Retail Bank, and Wealth Management. Comerica
focuses on relationships, and helping people and businesses be
successful. In addition to Dallas/Fort Worth, Houston, Austin, San
Antonio and Kerrville, 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 $60.9 billion at
September 30, 2011. To receive e-mail alerts of breaking Comerica
news, go to http://www.comerica.com/newsalerts.
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 $31.4 billion as of September 30,
2011, is a member-owned cooperative that supports housing and
community development by providing competitively priced advances
and other credit products to more than 900 members and associated
institutions in Arkansas, Louisiana, Mississippi, New Mexico, and
Texas.
The Federal Home Loan Bank of Dallas logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=3013
The photo is also available via AP PhotoExpress.
CONTACT: Corporate Communications
Federal Home Loan Bank of Dallas
www.fhlb.com
(214) 441-8445
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