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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.

  • Hurricane Harvey Relief Programs: Provides three special grant programs to assist members, small businesses and community-based organizations in recovery efforts post-Hurricane Harvey.
  • 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

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.

Texas Counties Declared Disaster Areas

In response to severe flooding caused by Hurricane Harvey, the Federal Home Loan Bank of Dallas (Bank) has made available its Disaster Relief Program (DRP) to assist recovery efforts in Southeast Texas.

On August 25, 2017, the following counties were designated as disaster areas by the Federal Emergency Management Agency (FEMA): Aransas, Austin, Bastrop, Bee, Brazoria, Calhoun, Chambers, Colorado, DeWitt, Fayette, Fort Bend, Galveston, Goliad, Gonzales, Hardin, Harris, Jackson, Jasper, Jefferson, Karnes, Kleberg, Lavaca, Lee, Liberty, Matagorda, Montgomery, Newton, Nueces, Orange, Polk, Refugio, Sabine, San Jacinto, San Patricio, Tyler, Victoria, Walker, Waller, Wharton.

Funding under the DRP will be available during the period from August 28, 2017 through February 28, 2018. 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 eligible to execute advances may apply for DRP advances on behalf of affected individuals and organizations in a federal or state declared disaster area within FHLB Dallas' District.

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.

Hurricane Harvey Relief Programs

Open to FHLB Dallas members and housing associates that are eligible for advances

Available Homeowner Recovery Grant Funds as of October 13, 2017: $2,879,622
Current Member Maximum: $150,000

Available Small Business Recovery Grant Funds as of October 13, 2017: $730,000
Current Member Maximum: $150,000

Available Community Recovery Grant Funds as of October 3, 2017: $0
Current Member Maximum: $30,000

Available Special Disaster Relief Program (DRP) Low-cost Advances as of September 1, 2017:$1,000,000,000

The Income Calculation Worksheet assists in the calculation of the household's income. It is particularly useful for non-salaried wages. (Please save the worksheet to your desktop to use this document.)

Temporary housing for households displaced by Hurricane Harvey

Effective September 1, 2017  the Federal Home Loan Bank of Dallas will allow vacant Affordable Housing Program (AHP) - assisted rental units to be leased temporarily to individuals/households (regardless of their income) who are displaced as a result of Hurricane Harvey. The temporary suspension of household income limits for AHP-assisted rental projects is subject to conditions listed here.

For me information, please contact the Community Investment department at 800.362.2944


Texas Counties Declared Disaster Areas

In response to severe flooding caused by Hurricane Harvey, the Federal Home Loan Bank of Dallas (Bank) has made available its Disaster Relief Program (DRP) to assist recovery efforts in Southeast Texas.

On August 25, 2017, the following counties were designated as disaster areas by the Federal Emergency Management Agency (FEMA): Aransas, Austin, Bastrop, Bee, Brazoria, Calhoun, Chambers, Colorado, DeWitt, Fayette, Fort Bend, Galveston, Goliad, Gonzales, Hardin, Harris, Jackson, Jasper, Jefferson, Karnes, Kleberg, Lavaca, Lee, Liberty, Matagorda, Montgomery, Newton, Nueces, Orange, Polk, Refugio, Sabine, San Jacinto, San Patricio, Tyler, Victoria, Walker, Waller, Wharton.

Funding under the DRP will be available during the period from August 28, 2017 through February 28, 2018. Individuals and business owners located within state or federally declared disaster areas may apply for the funds through the Bank’s member financial institutions.     

Eligibility requirements and important information about Hurricane Harvey Relief Programs are available in Bulletin 2017-22.

Applications for all grant programs will be available no later than September 8, 2017.

The Bank will begin accepting all grant program applications at 8:00 a.m. (CT) on September 15, 2017. All applications will be processed on a first-come, first-served basis. 

 

For more information, contact the Member Services Desk at 844.FHL.BANK (844.345.2265) or Member.Services@fhlb.com.