Federal Home Loan Bank of Dallas Launches $35 Million Loan Fund to Support Affordable Housing and Economic Development
31 Julio 2024 - 1:15PM
Business Wire
The Funds will Assist Underserved Lower Income
Communities
The Federal Home Loan Bank of Dallas (FHLB Dallas) has launched
the Community Advancement through New Opportunities and
Partnerships Yielding Results (CANOPY) Fund, a loan fund aimed at
supporting affordable housing and economic development
initiatives.
Focusing on underserved, rural and low- to moderate-income
households and communities, CANOPY is a pilot program for Community
Development Financial Institutions (CDFIs) that are members of FHLB
Dallas. Through the program, FHLB Dallas CDFI members can access
low-cost, unsecured loan funds for terms of up to 10 years.
“The CANOPY fund allows CDFI loan funds to do more of what
they’re doing and have a greater impact,” said Greg Hettrick,
senior vice president and director of Community Investment at FHLB
Dallas. “It’s our way of being able to expand our reach and support
a greater part of the overall community.”
The pilot program serves FHLB Dallas’ District of Arkansas,
Louisiana, Mississippi, New Mexico and Texas.
This loan fund demonstrates FHLB Dallas’ support of the distinct
community development initiatives of its varied member institutions
that include CDFIs, a sentiment echoed by the leading trade group
for CDFIs, Opportunity Finance Network (OFN).
“OFN is pleased to see FHLB Dallas launch this initiative to
provide low-cost, long-term capital to the CDFIs that are members
of FHLB Dallas. CDFIs have the unique expertise and experience to
drive economic growth in underserved communities,” said OFN’s
Executive Vice President, Chief Public Policy Officer and Head of
Government Affairs Dafina Williams. “We look forward to growing our
partnership with FHLB Dallas to support affordable housing and
community development projects.”
For more information about CANOPY, visit fhlb.com.
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 $126.2 billion as of June 30, 2024, is a
member-owned cooperative that supports housing and community
development by providing competitively priced advances and other
credit products to approximately 815 members and associated
institutions in Arkansas, Louisiana, Mississippi, New Mexico and
Texas. Visit fhlb.com for more information.
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Corporate Communications Federal Home Loan Bank of Dallas
fhlb.com (214) 441-8445