GULFPORT — Gulf Coast Renaissance Corp. was recently granted membership into the Federal Home Loan Bank of Dallas (FHLB Dallas). According to Renaissance Corp., a nonprofit organization focused on creating affordable homeownership opportunities and stimulating economic development through the small business sector, it is the first non-bank community development financial institution (CDFI) in the state to be accepted as a member by FHLB Dallas.
FHLB Dallas is one of 12 district banks in the FHLBank System, created by Congress in 1932. FHLB Dallas, with total assets of $33.8 billion as of December 31, 2011, 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.
Renaissance Corp. reports it will benefit in several ways through the FHLB Dallas affiliation. The local nonprofit can receive funds at a favorable rate, which will passed on to approved applicants of many of its business development and housing programs, including the Small Business Development Fund, Green Loan Fund and Dream Fund. As well, Renaissance Corp. can apply for targeted grants that offer increased lending capabilities to local businesses and financial assistance to new homeowners.
“Our membership in FHLB of Dallas is a true milestone in the evolution of Gulf Coast Renaissance Corp.,” said Kimberly LaRosa, president and CEO of Renaissance Corp. “Through our alliance with this long-respected district bank, we will be able to broaden our scope of services and provide more significant business development and homeownership opportunities in the Mississippi communities we serve.”