COVINGTON, La. – Twelve banks, all members of the Federal Home Loan Bank of Dallas, have joined FHLB Dallas to provide an $84,500 grant to the West 30’s Redemption Company in Covington.
PGP grants help qualified nonprofit organizations fund a variety of administrative activities that are critical to serving their communities. West 30’s Redemption Company will use the grant to support residents of Covington’s West 30s neighborhood who have been impacted by the coronavirus pandemic and to fund a variety of administrative activities for its redevelopment program.
“This funding is a great help to our organization as we continue to work to provide quality, affordable housing for families in the West 30s neighborhood in Covington,” said Bryan Burns, founder of West 30’s Redemption Company. “To date, we have renovated 16 houses and built two new ones. We are just starting construction on four new houses. Each of these newly renovated and newly built houses is life-changing for the family who makes it their home.”
Mr. Burns said he was grateful to “our banking partners and to the Federal Home Loan Bank of Dallas for helping us with this amazing grant that covers administrative expenses so that more of our operating funds can be used to renovate and build homes in the West 30s community.
In alphabetical order, the 12 banks that contributed to the PGP grant are:
- American Bank & Trust Co., Covington
- BankPlus, Ridgeland, Miss.
- Citizens Bank & Trust Co., Covington
- Fidelity Bank, New Orleans
- Fifth District Savings Bank, New Orleans
- First Bank and Trust, New Orleans
- Gulf Coast Bank & Trust, New Orleans
- Hancock Whitney, Gulfport, Miss.
- IBERIABANK, Lafayette
- Investar Bank, Baton Rouge
- Resource Bank, Covington
- The First, A National Banking Association, Hattiesburg, Miss.
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.
