10 Homeowners Awarded Funding for Critical Home Repairs

Woodforest National Bank and FHLB Dallas Disburse More Than $49,000

BEAUMONT, Texas--(BUSINESS WIRE)--Woodforest National Bank® (Woodforest) and the Federal Home Loan Bank of Dallas (FHLB Dallas) worked together to disburse more than $49,000 in Special Needs Assistance Program (SNAP) funding to nine homeowners in the Beaumont-Port Arthur area of Texas and a 10^th in Ellis County south of Dallas, Texas, to make home repairs.

Through FHLB Dallas member institutions such as Woodforest, SNAP provides subsidies for the repair and rehabilitation of owner-occupied housing of eligible, special-needs individuals, who often are older homeowners or disabled persons living on fixed incomes.

In 2021, the maximum SNAP award per household was $6,000 unless the member or another lender contributed $350 toward the rehabilitation costs and/or inspection fees. In this case, the maximum award per household would be $7,000. Visit fhlb.com/snap for 2022 information.

“We are proud to join FHLB Dallas to provide these critical grants to residents with special needs across Texas,” said Krystian Reyes, community development relationship manager at Woodforest. “The fact that the program’s annual funding is typically fully allocated within days of it being made available to FHLB Dallas members is a testament to its immense need. We’ve seen first-hand how it has made a positive difference in the lives of these 10 homeowners.”

Karelyn Young, 81, of Beaumont, Texas, and a client of Helbig CDC who referred her to Woodforest, was one of the recipients. A $5,945 subsidy was used to install drywall and flooring in several rooms, add a new storm door and update a bathroom. Ms. Young said her home was damaged during Hurricane Harvey from water that got into the home.

“I have no idea what I would have done without this help,” Ms. Young said. “I thank God for this program because I didn’t have any money to do repairs.”

FHLB Dallas set aside $2.5 million of its 2021 Affordable Housing Program funds for SNAP, and the 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.

“Our members are best equipped to see the needs in the communities they serve,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “Woodforest made a big impact in its first year to award SNAP funding, and we are thrilled to have them using this program.”

To learn more about SNAP, visit fhlb.com/snap.

About Woodforest National Bank

Celebrating 40 years of community banking service, Woodforest National Bank has successfully stood among the strongest community banks in the nation, proudly offering outstanding customer service since 1980. Woodforest currently operates over 760 branches in 17 states across the United States and is an Outstanding CRA rated institution. For more information about Woodforest National Bank, please visit woodforest.com.

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 $60.2 billion as of September 30, 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.