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Overview

Program Requirements

Member Enrollment Application

SNAP Funding Manual

 

 

Overview

 

SNAP funds available as of 1/13/2015 = $0

 

Current Member Maximum = $45,000

 

The Federal Home Loan Bank of Dallas is pleased to announce the offering of its 2015 Special Needs Assistance Program (SNAP) for member financial institutions. SNAP provides grant funds for rehabilitation costs of eligible special needs homeowners.

 

The Bank has initially set aside $750,000 of its annual Affordable Housing Program (AHP) funds for SNAP. The SNAP funds will be available beginning Friday, January 2, 2015, and will be available until the SNAP funds have been exhausted.

The second $750,000 offering of SNAP funds will be available on August 3, 2015 and will be available until the SNAP funds have been exhausted or December 31, 2015, whichever occurs first. SNAP funds are disbursed on a first-come, first-served, homeowner-by-homeowner basis.  

The maximum SNAP award per household is $5,000 unless the member contributes $350 toward the rehabilitation costs and/or inspection fees, in which case the maximum SNAP award per household is $6,000. Members may receive up to $60,000 in SNAP funds for every $1,000,000 of SNAP funds offered by the Bank.

 

Members interested in participating in SNAP must complete a one-time Member Enrollment Application and execute the SNAP Subsidy Agreement. Thereafter, members will be eligible to request SNAP funds during each annual offering cycle.

 

To receive additional information regarding SNAP, members should call the Community Investment Department at 800.362.2944.

 

Note: If by August 31, 75 percent of the SNAP funds for the year have not been disbursed to members, the Bank, at its discretion, may remove the member cap for the remainder of the year.

 

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Program Requirements 

  • Households must have a family income of 80 percent or less of the median income for the area.
  • Only special needs households are eligible. Please see Attachment A of the Affordable Housing Program Implementation Plan for the definition of “special needs”. The household will qualify if at least one household member meets the special needs definition. Please see the SNAP Funding Manual for acceptable documentation to evidence special needs.  
  • SNAP funds may not be used in conjunction with any approved AHP or HELP grant.
  • The member shall pass on the full amount of the SNAP funds as a grant for the benefit of the household for which the SNAP funds were approved, which must be documented in applicable documents related to the rehabilitation.
  • Actual invoices or signed cost estimates and a pre-rehabilitation inspection report are required evidencing the amount of SNAP funds requested. Verification of the completed rehabilitation work via a post-rehabilitation inspection report is required.
  • The member, or its designee, will be responsible for ensuring that the SNAP-assisted unit is subject to a retention document.  The retention document must be signed by the homeowner and must meet the requirements of Section 1291.9(a)(7) of the AHP regulations (located at 12 C.F.R. part 1291) and Attachment F of the Affordable Housing Program Implementation Plan.
  • Pre- and post-inspections of the rehabilitation work are required and must be conducted by an independent third party selected by the member. Unless the intermediary is a government controlled entity, the third party inspector must not be related to the intermediary. The combined inspection fees and developer fee may not exceed 15% of the rehabilitation cost portion of the SNAP funds. If the member conducts their own pre- and post-inspections of the rehabilitation work at no cost, the developer fee to the intermediary may not exceed 10% of the rehabilitation cost portion of the SNAP funds.
  • Homeowners may not receive any cash back from the rehabilitation.
  • The Bank will grant up to $5,000 toward the rehabilitation, unless the member contributes $350 toward the rehabilitation costs and/or inspection fees, in which case the Bank will grant up to $6,000 toward the rehabilitation.
  • Subject to the following sentences, SNAP funds may be used to pay for third party inspection costs and developer fees, in an amount not to exceed 15% of the rehabilitation cost portion of the SNAP funds. The party inspection costs and developer fees may be paid with SNAP funds only if (i) the costs are not paid by any other source (including the member) and (ii) the homeowner receiving the cost assistance utilizes SNAP funds to rehabilitate the home.  
  • The rate of interest, points, fees and any other charges for a loan made in conjunction with the SNAP subsidy must not exceed a reasonable market rate of interest, points, fees and other charges for a loan of similar maturity, terms and risk.
  • The SNAP assisted property must be located within the Bank’s district of Arkansas, Louisiana, Mississippi, New Mexico or Texas.

 

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Member Enrollment Application

 

In order for a member institution to enroll in the SNAP Program, the following application and agreement must be completed and signed by an authorized individual at your institution.

 

Member Enrollment Application
SNAP Subsidy Agreement

 

Funding Manual

 

The following funding manual can be viewed and printed using Adobe Acrobat Reader (if you do not have Acrobat Reader, you may download a free copy).

 

Please note: As of January 1, 2015, the Bank has clarified the basis of the developer fee and inspection fee limits. Please click here for a summary of the changes. Please also note that some of the information entered into the initial forms will carry throughout the manual to avoid repetitive entries.

 

2015 SNAP Funding Manual
Income Calculation Tool

 

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