Helping Our Neighbors
As leaders in our communities, we believe it is our duty to help our neighbors recover from disastrous events. To ensure funds are readily available, we offer our members a Disaster Relief Program (DRP). This program provides advances, priced below regular CIP interest rates, to our members. These advances help finance the recovery efforts of projects located in federal declared disaster areas within FHLB Dallas' five-state District of Arkansas, Louisiana, Mississippi, New Mexico and Texas. These DRP advances may be used to fund construction or renovations to residential or commercial properties or community facilities, as well as the replacement of equipment, inventory or personal property.
Eligible Federally Declared Disasters
DRP advances are available today through March 3, 2021 for communities impacted by the federally declared disaster Hurricane Laura. They are also available today through May 7, 2021 for communities impacted by the federally declared disaster Hurricane Delta.
Members that are eligible to execute advances may apply for DRP advances on behalf of affected individuals and organizations in a federal declared disaster area within FHLB Dallas' District.
DRP advances may aid:
- Households with incomes at or below 165 percent of the Area Median Income (AMI).
- Businesses located in communities in which the average family income is at or below 165 percent of the AMI.
Businesses that will create or retain jobs and meet at least one of the following criteria:
- At least 51 percent of the project's employees have incomes at or below 165 percent of the AMI.
- At least 51 percent of the families who will benefit from the project have incomes at or below 165 percent of the AMI.
We price DRP advances below our regular CIP advance interest rates. DRP advances are noncompetitive and available to our member institutions if disasters occur throughout the District. DRP advances can be fixed rate or floating rate, amortizing or non-amortizing. The terms range from three months to 40 years, and the term of the DRP advance cannot exceed the term of any financing that the Member makes to the project. If we determine that the DRP advance was improperly used, it may be converted to a comparable market interest rate.
To be eligible for DRP advances, we require our members to comply with our Member Products and Credit Policy.
A completed Disaster Relief Program Application and supporting documentation may be faxed to 214.441.8514, or emailed to Member Services at email@example.com.