PLAINVIEW, Ark.--(BUSINESS WIRE)--Sherman Tippy and his wife realized their longtime dream of homeownership when they built their home in 1992. After the former heavy equipment operator retired, he noticed that the 25-year-old home was starting to show its age.
“Our roof was so old that it started leaking into our laundry room,” said Mr. Tippy, 77. “The leak became so bad it left a stain on the ceiling.”
Mr. Tippy learned about the Special Needs Assistance Program (SNAP) from his daughter, Barbara Tippy, who was familiar with the Federal Home Loan Bank of Dallas (FHLB Dallas) and its programs. He was awarded $5,000 through FHLB Dallas and River Town Bank. With this grant, Mr. and Mrs. Tippy replaced their roof as well as replaced doors and windows that were in desperate need of repair.
SNAP assists income-qualified, special-needs homeowners with critical home repairs and modifications. The program is offered by FHLB Dallas through its member institutions, including River Town Bank.
Diann Graves, vice president and credit administrator at River Town Bank, guided Mr. Tippy as he applied for the SNAP grant.
“River Town Bank is proud to use SNAP to help seniors living on fixed incomes,” said Ms. Graves. “SNAP helps those in our community live more comfortable lives.”
Since SNAP’s inception in 2009, more than $11.6 million has been awarded in grants through FHLB Dallas member institutions to assist more than 2,300 families across FHLB Dallas’ five-state District of Arkansas, Louisiana, Mississippi, New Mexico and Texas. In 2016, FHLB Dallas awarded nearly $1 million in SNAP grants that assisted 205 families. The 2017 SNAP funding, made available in January on a first-come, first-served basis, has been exhausted.
“Through SNAP and FHLB Dallas’ other Community Investment programs, FHLB Dallas and our members try to create better lives for those in need,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas.
Thanks to the grant, Mr. and Mrs. Tippy no longer worry about leaks.
“My life changed for the better because now I don’t have to worry about my roof leaking,” said Mr. Tippy. “It just makes life more comfortable.”
About River Town Bank
In 1934, River Town Bank opened under the name of Bank of Dardanelle. Under the leadership of local hometown bankers, the bank has grown to include branch offices in Dardanelle, Russellville, Danville, Atkins, Dover, and Conway, Arkansas. On August 14, 2006, Bank of Dardanelle changed its name to River Town Bank. Although the name changed, the bank has continued to be one of the few locally owned and operated banks in the area. This name change reflects the bank’s commitment to ensure quality service to all communities in our service area, regardless of the location.
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 $57.5 billion as of March 31, 2017, is a member-owned cooperative that supports housing and community investment by providing competitively priced loans and other credit products to approximately 850 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.