JACKSON, Miss.--(BUSINESS WIRE)--With two children, nine grandchildren and one great grandchild, Penny Lee, a 57-year-old food service employee in Jackson, Mississippi, knows the importance of spending time with family.
A long-time Jackson resident, she has lived in her current home for more than 20 years. But over time, the home where she consistently hosted her family began to need repairs she couldn’t afford. The roof leaked, porch rails were broken and there were holes in the walls from years of grandchildren playing within the home.
Miss Lee had handymen patch things until a $7,000 Special Needs Assistance Program (SNAP) subsidy from BankPlus and the Federal Home Loan Bank of Dallas (FHLB Dallas) funded more substantial repairs including a new roof, trim, porch railings and repairs to interior walls.
“I thank God every day for you all. People are giving me so many compliments. ‘Oh Penny,’ they say, ‘I just love it.’ I am so, so happy,” Miss Lee said. “I appreciate what this program is doing for people who are struggling.”
She learned about SNAP through her neighbor and applied through Habitat for Humanity, which worked as a partner with BankPlus to identify potential SNAP recipients.
“FHLB Dallas offers many programs that help us make a meaningful impact on our neighbors and communities,” said Mark Ouellette, first vice president and director of affordable housing at BankPlus. “The SNAP subsidy enabled Miss Lee to make several needed improvements to her home.”
Through member institutions such as BankPlus, SNAP provides subsidies for the repair and rehabilitation of owner-occupied housing of eligible, special-needs individuals. The maximum SNAP award per household is $6,000 unless the member or another lender contributes $350 toward the rehabilitation costs and/or inspection fees. Then the maximum award per household is $7,000.
FHLB Dallas set aside $2.5 million of its 2021 Affordable Housing Program funds for SNAP, and all SNAP funds were allocated in January for the highly sought-after program. Last year, FHLB Dallas awarded $2.5 million in SNAP subsidies that assisted 421 families. Since the program’s 2009 inception, nearly $20.5 million in funding has been awarded across FHLB Dallas’ five-state District.
“Struggling to maintain aging homes is a real concern for homeowners, particularly during the pandemic. We are pleased to continue our long-standing partnership with BankPlus to help area residents improve their homes,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas.
To learn more about SNAP, visit fhlb.com/snap.
Founded in 1909, BankPlus is one of the Southeast's premier regional banks serving consumers and businesses with the latest technology through a full suite of financial services, including retail banking, commercial banking, mortgage lending and wealth management. With approximately $5 billion in total assets, BankPlus operates 79 financial centers throughout Mississippi, Alabama and Louisiana. For more information about BankPlus, visit bankplus.net.
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 $61.1 billion as of March 31, 2021, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit our website at fhlb.com.