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Community Advance Programs

Community Advance Programs

FHLB Dallas offers three community advance programs that support local investment. These programs provide favorably priced solutions that support the affordable housing and economic development efforts by our member institutions.

  • Community Investment Program (CIP): Provides favorably priced advances to assist members in funding affordable housing, qualified economic development projects and community revitalization in targeted communities
  • Economic Development Program (EDP): Provides favorably priced advances to assist members in funding qualified economic development projects and community revitalization in targeted communities
  • Special DRP Grant Program: Specialized grant program to assist members' employees and communities affected by flooding in FEMA-declared disaster areas in Louisiana

Community Investment Program

Our Community Investment Program (CIP) provides members with favorably priced advances to support affordable housing initiatives within their communities. CIP Advances can be used to finance land acquisition, construction, or rehabilitation of owner-occupied and rental housing for qualified households. They can also be used to purchase low-income housing tax credits.

Program Requirements

FHLB Dallas members, excluding housing associates and state housing finance agencies, are eligible to receive CIP Advances. Household incomes for single units of owner-occupied housing projects must have household incomes at or below 115 percent of the area’s median income (AMI). Multiple units of owner-occupied housing such as a subdivision, condominium, or new neighborhood development, and rental projects must have at least 51 percent of household incomes at or below 115 percent of the AMI. CIP advances must be used to finance loans that have closed within the past three months or will originate within the next three months from the date of the commitment.

Terms

CIP advances are noncompetitive and available to our Member institutions throughout the year. Members must complete a written application and provide a Transaction Verification Form to prove that the CIP advance was used toward the qualifying project. CIP advances can be fixed rate or floating rate, amortizing or non-amortizing. The terms range from three months to 30 years (for rental housing developments, the amortization term can extend up to 40 years), and the term of the CIP advance may not exceed the term of any financing that the Member makes to the project. If FHLB Dallas determines that the CIP advance was improperly used, it may be converted to a comparable market interest rate.

Application

Members of FHLB Dallas using CIP are required to comply with the Member Products and Credit Policy established by FHLB Dallas.

To apply, download the Community Investment Program Application and for additional information review the Member Products and Credit Policy.

Completed applications and supporting documentation may submitted via email to the Member Services Desk or fax to 214.441.8514.

 

Economic Development Program

At FHLB Dallas, we take pride in helping our members' local economies. Our Economic Development Program (EDP) provides members with favorably priced advances to support qualified economic and commercial development projects that benefit their surrounding communities and neighborhoods. EDP Advances may be used for new construction, renovation, small business financing, public works projects, and historic preservation. Hospitals, nursing homes, locally owned restaurants, and retail shops are just a few examples of the types of community-centric businesses that have benefited from EDP Advances and have ultimately helped boost local economies.

Program Requirements

To qualify for an EDP Advance, the project must create or retain jobs for employees and meet at least one of the following criteria:

  • The project is located in a rural area where the majority of household incomes are at or below 115 percent of the area median income (AMI).
  • The project is located in an urban area where the majority of household incomes are at or below 100 percent AMI.
  • At least 51 percent of the project's employees have incomes that are at or below 80 percent of the AMI.
  • At least 51 percent of the families who will benefit from the project have incomes at or below 80 percent of the AMI.
  • Project qualifies as a small business as defined by section 3(a) of the Small Business Act (15 U.S.C. 632 (a)) and implemented by the Small Business Administration under 13 CFR part 121, or any successor provisions.

A project will also qualify for an EDP Advance if it is located in one of the following targeted areas:

  • Native American Area
  • Federal or approved state disaster area
  • Brownfield Tax Credit, an area eligible for a Federal Brownfield Tax Credit
  • An area impacted by a military base closing
  • Federal Enterprise Community or Empowerment Zone

Terms

EDP Advances are noncompetitive. Our members have access to EDP Advances throughout the year. EDP Advances may be fixed-rate or floating-rate, amortizing or non-amortizing. The terms range from three months to 30 years, but may not exceed the term of any financing that the member makes to the project. If FHLB Dallas determines that the EDP Advance was improperly used, it may be converted to a comparable market interest rate. EDP advances must be used to finance loans that have closed within the past three months, or will originate within the next three months from the date of the commitment. If a member is approved for an EDP Advance (project qualifies as a small business), then that member's borrower may be eligible for an accompanying Economic Development Program Plus (EDPPlus) grant. EDPPlus grants are noncompetitive and available in amounts up to $20,000 on a first-come, first-served basis. EDPPlus grants promote and enhance small business development. To learn more about EDPPlus  please visit the EDPPlus section of the website.

Application

In order to use an EDP Advance, our members are required to comply with the FHLB Dallas Member Products and Credit Policy.

Fax your completed EDP Advance Application and supporting documentation to 214.441.8514, or email Member Services at member.services@fhlb.com.

Disaster Relief Program

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 or state 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, community facilities, as well as the replacement of equipment, inventory, or personal property.

Louisiana Parishes Declared Disaster Areas

In response to severe storms that occurred in parts of Louisiana last week, the Federal Home Loan Bank of Dallas (Bank) has made available its Disaster Relief Program (DRP) to assist recovery efforts in this state.

On February 11, 2017, Livingston and Orleans parishes were designated as disaster areas by the Federal Emergency Management Agency (FEMA).

Funding under the DRP will be available during the period from February 15, 2017 through August 15, 2017. Individuals and business owners located within state or federally declared disaster areas may apply for the funds through the Bank’s member financial institutions.

Mississippi Counties Declared Disaster Areas

In response to severe storms, tornadoes, straight-line winds and flooding that occurred in parts of Mississippi January 20-21, the Federal Home Loan Bank of Dallas (Bank) has made available its Disaster Relief Program (DRP) to assist recovery efforts in this state.

On January 25, the counties of Forrest, Lamar, Lauderdale and Perry were designated as disaster areas by the Federal Emergency Management Agency (FEMA).

Funding under the DRP will be available during the period from February 10, 2017 through August 10, 2017. Individuals and business owners located within state or federally declared disaster areas, may apply for the funds through the Bank’s member financial institutions.

Louisiana Parishes Declared Disaster Areas

The Federal Home Loan Bank of Dallas (Bank) has extended the application deadline for the Special Disaster Relief Program from February 16, 2017 to February 28, 2017. In addition, the cap on the amount of funds available to each member under this program has been raised from $100,000 to $120,000.

In response to severe storms and flooding in parts of Louisiana in August, the Federal Home Loan Bank of Dallas (Bank) has made available our Disaster Relief Program (DRP) to assist with recovery efforts in the state.

On August 14, 2016, the Louisiana parishes of Acadia, Ascension, Avoyelles, East Baton Rouge, East Feliciana, Evangeline, Iberia, Iberville, Jefferson Davis, Lafayette, Livingston, Point Coupee, St. Helena, St. Landry, St. Martin, St. Tammany, Tangipahoa, Vermilion, Washington, and West Feliciana were designated as disaster areas by the Federal Emergency Management Agency (FEMA).

Funding under the DRP will be available during the period from August 16, 2016 through February 28, 2017. Individuals and business owners located within state or federally declared disaster areas may apply for the funds through the Bank's member financial institutions.

About the Disaster Relief Program

The DRP makes subsidized advances available to members to assist individuals and families whose homes or businesses were damaged or destroyed as a result of the storms, tornadoes, straight-line winds, or flooding.

Under the DRP:

  • Funds are priced below the Bank's regular Community Investment Program (CIP) rates.
  • Income eligibility limits are expanded to 165 percent of the area median income.
  • Advances terms range from three months to 30 years.

Individuals and business owners located within any counties that are subsequently declared as disaster areas by FEMA will also be eligible to apply for DRP funds.

Program Requirements

Members that are located in or have branches in a federal or state declared disaster area within FHLB Dallas' District may apply for DRP advances on behalf of affected individuals and organizations.

DRP advances may aid:

  1. Households with incomes at or below 165 percent of the Area Media Income (AMI).
  2. 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:

  1. At least 51% of the projects employees have incomes at or below 165% of the AMI.
  2. At least 51% of the families who will benefit from the project have incomes at or below 165% of the AMI.

Terms

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.

Application

In order to be eligible for DRP advances, we require our Members to comply with our Member Products and Credit Policy.

Download the Disaster Relief Program Application here.

Completed applications and supporting documentation may be faxed to 214.441.8514, or emailed to Member Services at       member.services@fhlb.com.

Available Grant Funds as of February 24, 2017: $73,500

Special Disaster Relief Program

Remaining Special Disaster Relief Program Grant Funds Now Available to Assist Members' Communities; Member Cap Raised to $120,000

On August 14, 2016, the Louisiana parishes of Acadia, Ascension, Avoyelles, East Baton Rouge, East Feliciana, Evangeline, Iberia, Iberville, Jefferson Davis, Lafayette, Livingston, Point Coupee, St. Helena, St. Landry, St. Martin, St. Tammany, Tangipahoa, Vermilion, Washington, and West Feliciana were designated as disaster areas by the Federal Emergency Management Agency (FEMA).

As of February 24, 2017, FHLB Dallas has received requests for $926,500 in grants for use by members to assist their employees whose homes were damaged or destroyed as a result of the August 2016 flooding in Louisiana. Previously, the Bank allocated $1 million in grants to assist members’ employees. As of October 31, 2016, the remaining funds were made available for members to assist other qualified households – in the general public – in affected communities.  

Additionally, the member cap on the amount of funding members may be awarded was raised to $120,000, allowing members who had previously reached the $100,000 maximum the opportunity to request additional funds. The grant funds will be available until funds are exhausted or February 28, 2017, whichever comes first.

Download the Special Disaster Relief Program application. Applications will be processed on a first-come, first-served basis. 

Eligibility:

  • Grants are available for owner-occupied housing in parishes designated for Individual Assistance by the Federal Emergency Management Agency (FEMA), and are intended to assist with reasonable and necessary expenses that are not otherwise compensated for by insurance or other reimbursement.

Program Requirements:

  • Which member institutions are eligible for grants?
    • Members and housing associates that are eligible for advances and (i) are located in, or have branch offices in, or (ii) have employees or customers, whose homes are located in the federally declared disaster areas of Louisiana, may apply for grant funds under this program on behalf of their employees whose homes were damaged or destroyed
  • How much grant money has the Bank set aside?
    • An aggregate amount of $73,500 remained as of February 24, 2017
    • An eligible member institution's total approved grants under this special program may not exceed $120,000
  • How long will this program be available?
    • Until the funds are exhausted or February 28, 2017, whichever comes first
  • Grant eligibility criteria:
    • Households within a qualified, FEMA-declared Louisiana disaster area
      • For households with an income at or below 80 percent of area median income (AMI), adjusted by household size, the maximum grant is $3,000
      • For households with an income above 80 percent and at or below 120 percent of AMI, adjusted for household size, the maximum grant is $2,000
      • For households with an income above 120 percent and at or below 165 percent of AMI, adjusted for household size, the maximum grant is $1,500

Application:

  • What paperwork is needed?
  • Residential Funding Record – documents the details for the households included in the aggregate grant request
  • Income Documentation for all members of each household (e.g., pay stub, W-2, tax return, Letter of Verification of Employment (if employed at a member institution), Supplemental Security Income (SSI) letter, direct deposit bank statement for income sources such as SSI or retirement funds
  •  Income Calculation Worksheet (if applicable) – documents how the household income was calculated

More Information:

    • Contact Member Services at 844.FHL.BANK (844.345.2265)