DALLAS--(BUSINESS WIRE)--The Federal Home Loan Bank of Dallas (FHLB Dallas) is making available through its member institutions $500,000 in grants through its new Disaster Rebuilding Assistance program. The program is designed to support households in FHLB Dallas’ member communities that have been declared disaster areas by the Federal Emergency Management Agency (FEMA).
“Large-scale disasters such as Hurricane Harvey in 2017 can devastate a region with little or no notice. As a service-oriented organization, we must equip ourselves with the proper financial assistance tools for our members and their communities. With the creation of this program, we now have an additional vehicle through which our members can provide access to funding for their communities,” said FHLB Dallas President and CEO Sanjay K. Bhasin.
Like all of FHLB Dallas’ grant programs, the grants are available through member institutions. The program will provide homeowners, who are at or below 80 percent of the area median income, up to $10,000 for repair and construction costs not covered by insurance or federal or state emergency assistance.
Homeowners receiving assistance must own homes within FHLB Dallas’ five-state District of Arkansas, Louisiana, Mississippi, New Mexico and Texas, and those homes must be in a FEMA-designated major disaster declaration area.
Funds will be available beginning March 12. Counties or parishes declared as disaster areas and designated for individual assistance by FEMA no earlier than March 12, 2017 are eligible for assistance. Visit fhlb.com/rebuilding for additional details and criteria. Grants funds are only available through a participating member institution.
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 $66.4 billion as of September 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.