Funds to Promote Economic and Artistic Development

The Federal Home Loan Bank of Dallas (FHLB Dallas), along with Community 1^st Bank, provided $9,000 in Partnership Grant Program (PGP) funding to the Las Vegas Arts Council to promote economic and artistic development in Las Vegas, New Mexico.

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From left: Makahla Harapat, executive director of MainStreet de Las Vegas; Richard Lindeborg, president of the Las Vegas Arts Council; Yvette Williams, CEO and President of Community 1st Bank of Las Vegas and Sharon Garcia, vice president and commercial lender at Community 1st Bank. (Photo: Business Wire)

In this case, FHLB Dallas member institution Community 1^st Bank provided a $1,500 grant, which FHLB Dallas matched with $7,500. The Las Vegas Arts Council plans to share the grant with MainStreet de Las Vegas for greater impact.

The FHLB Dallas PGP offers up to a 5:1 match of member contributions — up to $25,000 per FHLB Dallas member — to support community-based organizations (CBOs) involved in affordable housing or economic development activities that complement other FHLB Dallas community investment programs. The program is funded on an annual basis, and funds are distributed through participating FHLB Dallas members.

“We are proud to support these important civic organizations in their efforts to build our local economy and quality of life and are thankful for the matching funds from FHLB Dallas,” said Community 1^st Bank President and CEO Yvette Williams.

The Las Vegas Arts Council and MainStreet de Las Vegas will use the grant to enhance the creative economy of the Las Vegas area. The Council, which operates mainly with volunteers, plans to use the funds to offset costs related to providing gallery space for art exhibits and outdoor space for craft shows.

“This grant will bolster our efforts to attract people to the region and will help us to continue to make this area more vibrant, attracting visitors to stay, eat in local restaurants and support our local artists and artisans,” said Las Vegas Arts Council Board President Richard Lindeborg.

MainStreet de Las Vegas will use its grant funds for downtown economic development, infrastructure projects and administrative costs.

“With these grant funds MainStreet can enhance its projects that help downtown businesses succeed,” MainStreet Director Makahla Harapat said.

Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas, said that PGP grants, often modest in size, can make a big difference by helping small, shoestring nonprofits expand their services.

“This grant to the Las Vegas Arts Council is a great example of how the PGP can be used to enhance economic development in a rural area of our five-state District,” Mr. Hettrick said. “It was a pleasure to partner with Community 1^st Bank on this funding.”

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 $129.4 billion as of September 30, 2024, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.

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