Disaster Relief Program for Hurricanes Gustav and Ike The Disaster Relief Program for Hurricanes Gustav and Ike is designed to assist households and businesses affected by Hurricane Gustav and Hurricane Ike through the disaster relief programs outlined below. These programs are designed to support the recovery efforts in areas that the Federal Emergency Management Agency (FEMA) has declared disaster areas due to Hurricane Gustav or Hurricane Ike (federally-declared disaster areas). Applications for both of the grant programs will be processed on a first-come, first-served basis until all funds are exhausted. Housing Disaster Relief Grant (HDRG) Program Hurricane Gustav Funds Available As of 11/14/2008 = $1,702,000 Hurricane Ike Funds Available As of 11/14/2008 = $931,583 Overview Provides grants to assist income-qualified households affected by Hurricane Gustav or Hurricane Ike with the purchase, rehabilitation or reconstruction of owner-occupied housing. A separate HDRG grant fund has been established for each Hurricane. All member institutions eligible to obtain advances from the Bank may apply for HDRG grants in an amount up to $250,000 per Hurricane. To qualify for an HDRG grant, a Hurricane-affected household must have an income at or below 120% of the median income for the area (AMI). The maximum HDRG grant for a household with an income at or below 80% of AMI is $10,000. The maximum HDRG grant for a household with an income above 80% and at or below 120% of AMI is $7,000. Uses of Funds Down payment assistance Closing Cost Assistance Rehabilitation (including reconstruction) Program Requirements The assisted household must reside in a county/parish designated for Individual Assistance by the Federal Emergency Management Agency as a result of Hurricane Gustav on or after September 2, 2008, or Hurricane Ike on or after September 13, 2008. The Total Income for a household as stated on the Household Income Certification Form must be at or below 120% of AMI, as published annually by the U.S. Department of Housing and Urban Development and as adjusted for household size. The household and the member institution must provide income documentation to substantiate the household's income stated on the Income Calculation Tool located on the Bank's website. The member institution must pass on the full amount of the HDRG to the household as documented by a signed HUD-1 Settlement Statement (for down payment or closing costs assistance) or invoices (for rehabilitation or reconstruction work completed). A signed cost estimate along with the signed Funding Certification for Rehabiliation will be accepted in lieu of invoices. HDRG Application Income Calculation Tool Economic Development Disaster Relief (EDDRG) Program Hurricane Gustav Funds Available As of 11/14/2008 = $652,743 Hurricane Ike Funds Available As of 11/14/2008 = $610,000 Overview Provides grants to small businesses in income qualified census tracts affected by Hurricane Gustav or Hurricane Ike for the use of funds set forth below. A separate EDDRG fund has been established for each hurricane. The small business must demonstrate that it is promoting economic development in the affected area through the creation or retention of jobs. The maximum EDDRG grant for a small business is $20,000. All member institutions eligible to obtain advances from the Bank may apply for EDDRG grants in an amount up to $100,000 per hurricane. Uses of Funds Repair or replacement of the small business's machinery, equipment and/or inventory Rehabilitation (including reconstruction) of an already-existing building of the small business Program Requirements The assisted small business must qualify as a "small business concern" as that term is defined by section 3(a) of the Small Business Act (15 USC § 632(a)) and implemented by the Small Business Administration under 13 CFR part 121, or any successor provisions. The small business must be located in a county/parish designated for Individual Assistance by the Federal Emergency Management Agency as a result of Hurricane Gustav on or after September 2, 2008, or Hurricane Ike on or after September 13, 2008. The small business must be located in a census tract in which the median family income percentage is at or below 120% of the median income for the area. The small business must demonstrate that it is promoting economic development in the affected area through the creation or retention of jobs. The member institution must pass on the full amount of the EDDRG grant to the small business as documented by invoices or purchase orders.  A signed cost estimate along with the signed attached Funding Certification for Rehabilitation, Reconstruction or Repair will be accepted in lieu of invoices. EDDRG Application Gustav or Ike Disaster Relief Program (GIDRP) Overview The GIDRP is a special advance program designed to finance any project that assists in the recovery efforts of any county/parish designated for individual assistance by the Federal Emergency Management Agency (FEMA) as a result of Hurricane Gustav on September 2, 2008, or Hurricane Ike on September 13, 2008. The program provides aid to families and individuals whose homes or businesses were damaged or destroyed. Disaster Relief advances are available at 10 basis points below the Bank's regular Community Investment (CIP) program rates, which are already priced at the Bank's cost of funds. Income eligibility limits are expanded to 165 percent of the area median income. Uses of Funds GIDRP Advances can be used for: Residential and Rental Properties Community Facilities Personal Property Equipment and Inventory Business Property Program Requirements Advance terms range from overnight up to 30 years. Six month advance commitments for Disaster Relief funds are available for a period of one year following the federal disaster declarations for Hurricane Gustav and Hurricane Ike.   Advances must aid businesses located in communities with an area median income at or below 165%, Advances must aid individuals with incomes at or below 165% of the area median income. Member institutions must be located in or have branches located in the officially declared disaster area(s). Homes or businesses must be located in the officially declared disaster area. Community development advances (which include Disaster Relief Program, EDP, CIP, and AHP advances) may not exceed, at the time the advance is approved, the lesser of 15 percent of an institution's total assets, or $200 million. Members must agree and must limit their mark-up to 300 basis points on owner-occupied housing development and 400 basis points on a rental housing development and 400 basis points for economic development. Application Process Members agree to comply with the Community Investment policies and procedures established by the Bank. Upon approval of the application, disbursement of funds is subject to the credit and collateral requirements of the Bank. A transaction verification form is required to be completed by the member institution and returned to the Bank within 30 days of funding. Complete appplications and supporting documentation should be mailed or faxed to the following: Federal Home Loan Bank of Dallas Member Sales Group P.O. Box 619026 Dallas, TX 75261-9026 Fax: 214.441.8551 For additional information or questions regarding qualification, please contact the Bank's Member Sales Group at 800.442.9841, or visit the Bank's web site at fhlb.com. All GIDRP applications will be considered highest priority. GIDRG Application HURRICANE GUSTAV Qualifying Parishes For Louisiana: Acadia, Allen, Ascension, Assumption, Avoyelles, Beauregard, Calcasieu, Cameron, Catahoula, Concordia, East Baton Rouge, East Carroll, East Feliciana, Evangeline, Franklin, Grant, Iberia, Iberville, Jefferson, Jefferson Davis, Lafayette, Lafourche, LaSalle, Livingston, Madison, Morehouse, Ouachita, Orleans, Plaquemines, Pointe Coupee, Rapides, Richland, Sabine, St. Bernard, St. Charles, St. Helena, St. James, St. John the Baptist, St. Landry, St. Martin, St. Mary, St. Tammany, Tangipahoa, Tensas, Terrebonne, Union, Vermilion, Vernon, Washington, West Baton Rouge, West Carroll, West Feliciana and Winn. Qualifying Counties For Mississippi: Adams, Hancock, Harrison, Washington and Wilkinson. HURRICANE IKE Qualifying Parishes For Louisiana: Acadia, Allen, Beauregard, Calcasieu, Cameron, Iberia, Jefferson, Jefferson Davis, Lafourche, Livingston, Plaquemines, Sabine, St. Martin, St. Mary, St. Tammany, Tangipahoa, Terrebonne, Vermilion and Vernon. Qualifying Counties For Texas: Angelina, Austin, Brazoria, Chambers, Cherokee, Fort Bend, Galveston, Greg, Grimes, Hardin, Harris, Harrison, Houston, Jasper, Jefferson, Liberty, Madison, Matagorda, Montgomery, Nacogdoches, Newton, Orange, Orleans, Polk, Rusk, Sabine, San Augustine, San Jacinto, Shelby, Smith, Trinity, Tyler, Walker, Waller and Washington. The declarations do not impact previous declarations for Texas counties impacted by Hurricane Dolly. See Disaster Relief Program section for program information. Return to top of page. Return to Community Investment Main page © 2005  Federal Home Loan Bank of Dallas. All Rights Reserved.