July 31, 2024 Newswires

Federal Home Loan Bank of Dallas Launches $35 Million Loan Fund to Support Affordable Housing and Economic Development

Business Wire

The Funds will Assist Underserved Lower Income Communities

DALLAS--(BUSINESS WIRE)--
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.