HOBBS, N.M., Jan. 18, 2011 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) and Wells Fargo New Mexico are pleased to announce that they have awarded a $21,000 Partnership Grant Program (PGP) award to Habitat for Humanity of Hobbs.
Habitat Hobbs will use the funds for administrative expenses, said Executive Director Michael Henderson.
"We were very pleased that we had received the partnership grant and very excited that we had some additional funds available to us," Mr. Henderson said. "Without the grants and without sponsors and donations we would not exist. Our homeowners' payments for their homes are set at such a reasonable rate that those rates do not immediately cover the costs incurred during construction."
Mr. Henderson said Habitat Hobbs learned of the grant through one of their board members, Kathie Wiseman, who also works for Wells Fargo as a business associate.
Partnership grants are offered through FHLB Dallas's member institutions, such as Wells Fargo New Mexico, and awarded on a first-come, first-served basis. The grants provide funding for operational needs of community-based organizations involved in affordable housing and community development. FHLB Dallas matches a member's cash contributions to a community-based organization of $500 up to $5,000 at a 3:1 ratio. Through its member institutions, FHLB Dallas awarded $225,000 in partnership grants in 2010, and will again offer $225,000 in PGP funds through its member institutions in 2011.
"Wells Fargo is honored to provide grant funding to Habitat for Humanity in Hobbs," said Lisa Riley, regional president for Wells Fargo New Mexico. "The outstanding collaboration of the FHLB Dallas program to provide matching funds up to 3:1 of our investment is all the more reason for our communities to thrive, grow and provide much needed housing. We could not be more thrilled for the investment in our Hobbs community."
In addition to the partnership grant, Well Fargo employees have been active in Habitat for Humanity projects nationally through Wells Fargo's Housing Foundation. Since it was established in 1993, the Wells Fargo Housing Foundation has teamed up with Habitat for Humanity to create low-income homeownership opportunities, contributing more than $65 million in grants, more than 150,000 volunteers and more than 4 million volunteer hours.
About Wells Fargo New Mexico
Wells Fargo, New Mexico's largest financial services company based on deposits, has 1,800 team members, 96 banking stores and 13 financial stores. Wells Fargo & Company (NYSE:WFC) is a nationwide, diversified, community-based financial services company with $1.2 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 278,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked #19 on Fortune's 2009 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially.
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 $51.6 billion as of September 30, 2010, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to more than 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information on FHLB Dallas's partnership grants and other programs, visit fhlb.com.
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CONTACT: Corporate Communications Federal Home Loan Bank of Dallas www.fhlb.com (214) 441-8445