IRVING, Texas--(BUSINESS WIRE)--The Federal Home Loan Bank of Dallas (FHLB Dallas) is providing $6.7 million in grants and another $275,000 in donations to help with Hurricane Harvey recovery efforts in Southeast Texas counties designated for assistance by the Federal Emergency Management Agency (FEMA). FHLB Dallas is a member-owned cooperative with approximately 840 members and associated financial institutions in its five-state District, including approximately 475 in Texas.
The $6.7 million in grants is available through FHLB Dallas member financial institutions through three programs: $4.5 million is available to help members’ employees with their housing recovery efforts; $2 million is available to assist small businesses with their recovery efforts; and $225,000 is available to support community-based organizations (CBOs) involved in the recovery.
Additionally, FHLB Dallas will donate $100,000 to the Hurricane Harvey Relief Fund, through the Texas Bankers Foundation in conjunction with the Texas Bankers Association, Independent Bankers Association of Texas and others; $150,000 for disaster relief supplies and $25,000 to the Gregory-Portland Independent School District to help with furniture, materials and supplies.
“We have several member institutions with offices in the FEMA-declared disaster areas in Southeast Texas. As our members, their families and friends deal with this calamitous event, in a small way we want to help with the recovery efforts,” said FHLB Dallas President and CEO Sanjay K. Bhasin. “Internally, our employees are collecting clothing, toiletries and other supplies, as well as making donations to several charities helping with the recovery. We will be providing a two-to-one match of their monetary donations.”
In addition to the $7 million in grants and donations, FHLB Dallas and the other Federal Home Loan Banks have committed $1 million to assist with immediate disaster relief efforts. The donations are as follows: $250,000 to the American Red Cross; $250,000 to Americares; $150,000 to Direct Relief; $200,000 to United Way of Greater Houston; $50,000 to the Houston Food Bank; $50,000 to Food Bank of Corpus Christi; and $50,000 to Coastal Bend Community Foundation.
FHLB Dallas will also announce today $1 billion in low-cost loans (known as advances) available to members to support their customers in communities affected by the hurricane.
“As an FHLB Dallas director in Louisiana, I have seen first-hand the horrific impact of hurricane and flood-related disasters such as this one,” said FHLB Dallas Chairman of the Board of Directors Joseph F. Quinlan Jr. “Hurricane Harvey has taken a devastating toll on the people, businesses, economies and communities in Southeast Texas. The recovery will be long and challenging, and every bit of help we can give will be critical to the stabilization of the economy and the rebuilding process.”
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 $62.9 billion as of June 30, 2017, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 840 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. Visit fhlb.com for more information.