Economic Development at FHLBanks
PROGRAM: Economic Development and Growth Enhancement Program (EDGE)
MEMBER: Branch Banking & Trust of North Carolina (BB&T Bank)
RESULT: In the Shaw neighborhood of Washington, D.C., Emmaus Services for the Aging opened a community space for seniors in a rehabilitated, formerly abandoned home. Nearby, the Dance Institute of Washington built its facility with studios and a childcare center. In Maryland, Joe’s Movement Emporium renovated a warehouse for arts education and studio space.
PROGRAM: Community Investment Cash Advance (CICA)
MEMBER: Hanover Insurance Group
RESULT: The redevelopment of vacant commercial property in a low-income neighborhood of Worcester, Mass., as a new mixed-use space with commercial, retail and residential opportunities.
PROGRAM: Loan Fund
MEMBER: Wisconsin Women’s Business Initiative Corporation (WWBIC)
RESULT: Eight loans totaling more than $160,000 to small business owners such as Deidra Taylor, owner of Paper Chasers Processing, a 100 percent female- and minority-owned business that has provided legal paper processing to the greater Milwaukee area since 1993.
FHLB: Des Moines
PROGRAM: Community Investment Advance
MEMBER: First National Bank in Fontanelle, Iowa
RESULT: $3 million to assist in the construction of two wind turbines in Greenfield by Wolverine Wind Energy, LLC and Bulldog Wind Energy.
FHLB: San Francisco
PROGRAM: Access to Housing and Economic Assistance for Development (AHEAD)
MEMBER: Charles Schwab Bank
RESULT: In Sparks, Nev., the Nevada Certified Farmers Market Association received a $25,000 grant to establish a permanent, year-round farmers’ market for low-income famers and entrepreneurs.
MEMBER: Bank of Marin
RESULT: Funding for the Marin City Community Development Association’s workforce training program for low-income residents in the renewable energy field.
Carol Wayman is the federal policy director of CFED. Her e-mail address is email@example.com.