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 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 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.
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 Media 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% of the projects employees have incomes at or below 165% of the AMI.
At least 51% of the families who will benefit from the project have incomes at or below 165% 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.
In order to be eligible for DRP advances, we require our Members to comply with our
Member Products and Credit Policy.
Disaster Relief Program Application here.
Completed applications and supporting documentation may be faxed to
214.441.8514, or emailed to Member Services at firstname.lastname@example.org.