Bridge Builders Award
Raymond R. Christman, President, Federal Home Loan Bank of Atlanta and M. Craig Pascal, Vice President, Community Development Specialist, Washington, DC branch of BB&T of NC, for their understanding of the value of culture-based community development and their dedication towards creating opportunities for them to exist and thrive in the Washington, DC region through the successful EDGE Program which has benefited such organizations as The Dance Institute of Washington and Joe’s Community Arts Organization in Mt Rainier, Maryland.
The Federal Home Loan Bank of Atlanta’s (FHLBA) Economic Development and Growth Enhancement Program (EDGE) has been improving communities throughout the southeast for six years through innovative financing partnerships with member banks that benefit community economic development projects.
Under the leadership of Ray Christman, FHLBA is the first Federal Home Loan Bank to offer the EDGE program. By creating and underwriting a loan program that encourages local bank institutions to partner with local community development programs, EDGE has enabled the development of projects in communities where traditional financing would not be a viable option.
As one of FHLBA member banks, Branch Banking & Trust of North Carolina (BB&T) has been one of the more active members in the EDGE program. But no local member bank has been more active in the program than BB&T’s Washington, DC branch managed by Vice President and Community Development Specialist, Craig Pascal, who has taken the commitment to heart, and has had more successful award winners than any other bank in the region.
As a result of the two leaders’ efforts, the Anacostia neighborhood of Washington, DC now has a Youth and Community Center. The Dance Institute of Washington will be able to build a facility for studios and a childcare center in the Columbia Heights neighborhood. In Maryland, Joe's Community Arts Organization will be able to renovate a warehouse for arts education and studio space. These projects were possible because BB&T saw an opportunity to leverage EDGE loans for local neighborhood investment and took the time and effort to work with each organization and the FHLBA to make them possible.
By emphasizing innovative financing and the spirit of cooperation, Christman and Pascal illustrate that viable alternatives to traditional financing can help communities accomplish great quality of life projects in the neighborhoods they serve. Recognizing the power of cultural facilities to make communities better places to live, together they are supporting ventures that may not have otherwise been feasible.