IRVING, Texas--(BUSINESS WIRE)--In recent weeks, Federal Home Loan Bank of Dallas (FHLB Dallas) members in parts of Louisiana have been severely impacted by Hurricane Laura. FHLB Dallas recently announced $923,502 in grants available through its member institutions, and another $75,000 donation to help with recovery efforts in Louisiana.
“Hurricane Laura pummeled portions of Louisiana at a time when the whole country is already reeling from the impact of the coronavirus pandemic,” said FHLB Dallas President and CEO Sanjay K. Bhasin. “We want to be there for our Louisiana members, their employees, families and communities in a meaningful way. Losing one’s home or business is daunting, and we hope these funds will aid our members and their communities in the rebuilding process.”
FHLB Dallas is a member-owned cooperative with approximately 800 members and associated financial institutions in its five-state District, including approximately 125 in Louisiana. The $923,502 in grants is available only through FHLB Dallas member financial institutions through two programs: $273,502 (as of September 11, 2020) in Disaster Rebuilding Assistance grants for home repairs; and $650,000 through the Hurricane Recovery Grant (HRG) program, which is available to help members’ employees with their hurricane recovery efforts.
FHLB Dallas has also made available low-cost loans, known as advances, to member institutions to assist qualified individuals and families in Federal Emergency Management Agency-declared disaster areas (categories A and B) whose homes or businesses were damaged or destroyed as a result of the hurricane.
Additionally, FHLB Dallas will donate $75,000 to the American Red Cross.
“Hurricane Laura has devastated Southwest Louisiana families, businesses and communities,” said Louisiana-based FHLB Dallas Board Chairman Joseph F. Quinlan Jr. “Every bit of funding we give will be critical to recovery efforts.”
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 billion as of June 30, 2020, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. Visit fhlb.com for more information.