- January 08, 2019
- Bulletin No: 2019-01
The Federal Home Loan Bank of Dallas (Bank) is pleased to announce its 2019 Community Investment offerings.
Community Investment Program (CIP)
The Community Investment Program (CIP) provides advances to assist members in financing owner-occupied and rental housing by providing a favorably priced, match-funding source. Funds are available year-round and can be used for a variety of purposes including: (1) the purchase or rehabilitation of owner-occupied and rental housing for income-qualified families; (2) the purchase of mortgage-backed securities representing a pool of loans that could be funded directly with CIP advances; and (3) investment in low-income housing tax credits.
Economic Development Program (EDP)
The Economic Development Program (EDP) offers advances to assist members with financing economic development or revitalization projects in targeted communities by providing a favorably priced, match-funding source. These projects provide job creation and/or job retention for low- and moderate-income wage earners, and/or provide services to low- and moderate-income families and communities. EDP advances are often used to finance purchases, as well as to finance renovation, small business, capital improvement and historic preservation projects. The EDP is noncompetitive, and funds are available year-round. All member institutions that are eligible to obtain standard advances from the Bank may apply for EDP advances.
Disaster Relief Program (DRP)
The Disaster Relief Program (DRP) provides low-cost advances to help members finance any project that assists in recovery efforts in federally declared disaster areas within the Bank's five-state District. Individuals and business owners located within federally declared disaster areas may apply for assistance through the Bank's member financial institutions. For more information, go to fhlb.com/communityadvances.
Disaster Rebuilding Assistance Program
The Disaster Rebuilding Assistance Program is designed to support households in member communities that have been declared disaster areas by the Federal Emergency Management Agency (FEMA). The program provides homeowners who are at or below 80 percent of the area median income with up to $10,000 for repair and construction costs that are not covered by insurance or federal or state emergency assistance. More than $460,000 in Disaster Rebuilding Assistance Program funds are currently available.
Affordable Housing Program (AHP)
The Affordable Housing Program (AHP) is the Bank's competitive housing grant program. AHP funds can be used to purchase, construct or rehabilitate owner-occupied, supportive housing and rental projects that serve income-qualified households. AHP grants are awarded annually through the Bank's member institutions. The Bank will accept AHP grant applications from April 1, 2019 through May 16, 2019. The 2019 AHP funding allocation will be announced in the first quarter of 2019. All applications for AHP grants must be submitted through the Bank's online system, which will be available during the application period. Please check fhlb.com/ahp for additional details and program announcements. Detailed information about the AHP is available in the Bank's Implementation Plan, which can be found in the Community Investment section of fhlb.com.
Homebuyer Equity Leverage Partnership (HELP)
The Homebuyer Equity Leverage Partnership (HELP) program provides grants up to $10,000 that can be used for down payment and/or closing cost assistance for eligible first-time homebuyers. Members interested in participating in HELP must submit a one-time enrollment application and agreement; thereafter, they will be eligible to request HELP funds during each annual offering. Members that have previously enrolled for HELP need not enroll again. For 2019, the Bank has set aside $3.75 million of its annual AHP funds for HELP grants. The Bank began accepting member requests for HELP funds on January 2, 2019. New this year, members may use up to $93,750 (half of the member cap, which was increased to $187,500) to support homebuyers residing outside of the District.
Special Needs Assistance Program (SNAP)
The Special Needs Assistance Program (SNAP) provides grants up to $7,000 that can be used for housing rehabilitation to meet the needs of homeowners with special needs. Members interested in participating in SNAP must submit a one-time enrollment application and agreement; thereafter, they will be eligible to request SNAP funds during each offering. The SNAP-assisted property must be located within the Bank's District. Please refer to the Bank's Implementation Plan for more detailed information about SNAP. For 2019, the Bank has set aside $2.25 million from its AHP funds for SNAP grants. SNAP grants will become available on January 9, 2019.
Housing Assistance for Veterans (HAVEN)
Housing Assistance for Veterans (HAVEN) is a unique housing program designed to provide grants to households of veterans or active service members who were disabled as a result of an injury during their active military service since the tragic events of September 11, 2001. The program is designed to support necessary home modifications/rehabilitation.
HAVEN grant recipients must have a member of the household who qualifies as disabled by the Veteran's Administration, a branch of the U.S. Military, the federal government or another acceptable source. Alternatively, the funds may be awarded for home repairs/rehabilitation to Gold Star Families which have lost an immediate family member through his or her military service since September 11, 2001. Under HAVEN, the Bank grants recipients up to $10,000 toward the modification/rehabilitation of a qualifying property located anywhere in the United States. The Bank made available $300,000 in HAVEN funds beginning January 2, 2019.
Partnership Grant Program (PGP)
The Partnership Grant Program (PGP) provides funding for the operational needs of community-based organizations (CBOs), which are comprised of nonprofit organizations involved in affordable housing, local community development funds and small business technical assistance providers within the District. The Bank partners with its members by matching at a 3:1 ratio the contributions made by members to eligible CBOs. The lifetime PGP funds limitation on CBOs participating in the PGP has been raised from $36,000 to $60,000. This will enable previously funded CBOs to apply for PGP assistance again. The Bank has allocated $300,000 in PGP funds for 2019. PGP applications will be available online beginning May 20, 2019 and will be due no later than June 20, 2019.
Small Business Boost Program (SBB)
Launching on January 22, the Small Business Boost Program (SBB) will provide recoverable assistance (with specific repayment terms) that is intended to strengthen the local economies in the communities Bank members serve by helping to create and retain jobs. Members are encouraged to utilize the new program for financing qualified small business transactions that would not otherwise meet member loan underwriting criteria. SBB funds will be awarded to small businesses and disbursed through the member as a secondary, unsecured loan. As small businesses grow and repay the SBB loan, the Bank will recycle the funds back into the program to help finance future small business transactions. SBB funds will be made available in two funding rounds. Beginning January 22, 2019, $1.5 million will be available in SBB funds. Any remaining funds as of the close of this funding round on Friday, June 28, 2019 will roll into the next funding round, which will begin on July 15, 2019. An additional $1.5 million will be allocated to the second funding round.
How to Apply
Detailed information on each of these programs, including applications or enrollment forms, guidelines and other information may be found on the Bank's website at fhlb.com/community.
Please check fhlb.com periodically for program announcements. For questions regarding AHP, HELP, SNAP, PGP, Disaster Rebuilding Assistance Program, SBB or HAVEN, please contact Community Investment at 800.362.2944. For questions regarding CIP, DRP and EDP, please contact Member Services at 844.FHL.BANK (844.345.2265).
I hope you will utilize our affordable housing and economic development programs in 2019.
Sanjay K. Bhasin
President and Chief Executive Officer