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Woodforest and FHLB Dallas Community Investment Program Grant Support

Woodforest National Bank (Honorable Mention) - The Woodlands, TX

2022 Community Committment Awards Submission

  • Protecting Older Americans
  • Asset Size: Medium

Woodforest values the opportunity to administer Federal Home Loan Bank of Dallas grant funds for low- and moderate-income homeowners. All grant award recipients are from households with 80% or less of area median income. Most of the grant recipients are older Americans from mid 50s to late 80s, many with disabilities.

Per Habitat for Humanity, older Americans are one of the fastest-growing demographics in the country – by 2030, 20% of the U.S. population will be 65 or older. Yet, more than 19 million older adults are living in homes that are in disrepair or ill-equipped to safely meet their needs.

In 2021, Woodforest teamed up with FHLB Dallas to provide 40 grants (31 were for disaster recovery, and nine were for special needs assistance) for nearly ,000 to LMI residents affected by disabilities and FEMA-declared disasters in 4 Texas cities: Beaumont, Houston, Dallas, and Refugio. These grants support repair and rehabilitation efforts for grant recipients. Plus, the 40 rehabilitations included hiring 12 local small business minority-owned contracting firms to complete the rehabilitation projects and 5 local small business inspection companies (most minority-owned) to provide services for the projects. The financial revenue to these small businesses from this project added over ,000 to the local economies and helped support over 72 local jobs across Texas.

The grants provide for critical home repairs, modifications, and community services specific to each homeowner's lifestyle to preserve their home and their independence. Aging in place extends longevity and quality of life, and safe and stable housing for communities.

Video overview: https://www.dropbox.com/scl/fo/lt5x43q3el6ybk2vnn1pi/h?dl=0&rlkey=0iiui1nurng0uyeweeru73cgc