Arkansas-based affordable housing nonprofit, IN Affordable Housing has received a $17,750 Partnership Grant Program (PGP) from five banks including the Federal Home Loan Bank of Dallas, Arvest, Bank OZK, Bancorp South Bank, Bank OZK and First Security Bank.
The nonprofit creates and preserves affordable housing opportunities in targeted neighborhoods for families with limited incomes through training, financial education, and advocacy.
The grant includes FHLB Dallas members, which includes a 3:1 match from FHLB Dallas. Bank OZK provided $9,333, Arvest Bank provided $5,583, while Bancorp South Bank and First Security Bank each provided $1,117.
Roma Isom, director of IN Affordable Housing, said: “These grants will help us offset some of our expenses including pre-development costs associated with our single-family housing construction such as architectural, engineering and legal fees, title reports and survey costs.”
First Security Bank Assistant Vice President and CRA Officer Andrea Hogan Lewis said the PGP allows nonprofits to use funding for operations, capacity building and administrative expenses, providing flexibility to cover routine costs.
In 2021, FHLB Dallas awarded $400,000 in PGP funds, and its members provided an additional $200,250 for an impact of more than $600,000 in its five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas.
In the past year, US banks have been allocating increasing investment to fund affordable housing, particularly for people from minority backgrounds and underserved communities.
Last month, Citi Action launched a racial equity initiative worth $1 billion which includes a three-year commitment to support minority communities with affordable housing, as well as investment in Black-owned businesses.
In October, M&T Bank launched a $43 billion community growth plan to support underserved communities, while Fifth Third Bank co-launched a $180 million neighborhood investment program across Los Angeles, Washington DC, Dallas, and Detroit.