DALLAS--(BUSINESS WIRE)--Adding to its collection of community investment programs, the Federal Home Loan Bank of Dallas (FHLB Dallas) made available a way for members to provide relief to homeowners impacted by disasters by making $500,000 available through the Disaster Rebuilding Assistance Program earlier this year. Available only through FHLB Dallas members, the grant program is a source of immediate funds to provide assistance to households in FHLB Dallas’ member communities that have been declared disaster areas eligible for individual assistance by the Federal Emergency Management Agency (FEMA).
The flooding in June and July that damaged parts of Cameron, Hidalgo and Jim Wells counties in Texas, resulted in a subsequent FEMA individual assistance disaster declaration. As a result, qualified homeowners who are at or below 80 percent of the area median income could receive up to $10,000 in grant funds for repair and construction costs that are not covered by insurance or federal or state emergency assistance. As with all FHLB Dallas grant programs, residents must apply through an FHLB Dallas member institution.
“Natural disasters, such as hurricanes or flash flooding can devastate a region with little or no notice. It is our duty as a service-oriented organization to provide financial assistance tools for our members and their communities through programs such as the Disaster Rebuilding Assistance Program to assist with the recovery process,” said FHLB Dallas Vice President and Affordable Housing Program Manager Bruce Hatton.
Under the Disaster Rebuilding Assistance Program:
• Grants are available through FHLB Dallas member institutions for repair or construction costs not already funded by insurance or state or federal emergency assistance
• Homes must be located within FHLB Dallas’ five-state District of Arkansas, Louisiana, Mississippi, New Mexico and Texas, and must be in a FEMA-designated major disaster declaration area eligible for individual assistance
• Homeowners must have 30 days of current ownership and must have had primary ownership of the home as of the date of the FEMA disaster declaration
• This is a grant program and funds are not repaid
• Grants are available on a first-come, first-served basis
FHLB Dallas member institutions may apply for Disaster Rebuilding Assistance Program grants until funds are exhausted or December 31, 2018, whichever comes first. Visit fhlb.com/rebuilding for additional details and criteria or contact Community Investment at 800.362.2944. 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 $75.9 billion as of June 30, 2018, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 825 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. Visit fhlb.com for more information.