- January 22, 2021
- Bulletin No: 2021-02
In response to the devastation caused by Hurricane Zeta in parts of Louisiana in October 2020, the Federal Home Loan Bank of Dallas (Bank) has activated its Disaster Relief Program (DRP), a low-cost advance program, to assist recovery efforts in the affected areas. Additionally, Disaster Rebuilding Assistance subsidies are available to affected residents in the Bank’s member communities that have been declared disaster areas eligible for individual assistance by the Federal Emergency Management Agency (FEMA).
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 storm.Under the DRP:
- Funds are priced below the Bank’s regular Community Investment Program rates
- Income eligibility limits are expanded to 165 percent of the area median income
- Advance terms range from three months to 40 years
Click here for more information on DRP or contact Member Services at 844.FHL.BANK (844.345.2265).
Disaster Rebuilding Assistance:
- Subsidies are available, through the Bank’s member financial institutions, to homeowners who are at or below 80 percent of the area median income, up to $10,000 for repair and construction costs not covered by insurance or federal or state emergency assistance
- Homes must be located within the parishes listed in the link above or any parishes that are subsequently declared as disaster areas by FEMA
- Homeowners must have 30 days of current ownership and must have had primary ownership of the home as of the date of the FEMA disaster declaration
- Disaster Rebuilding Assistance is a subsidy and, as such, the funds are not repaid
- Subsidies are available on a first-come, first-served basis
Members may apply for Disaster Rebuilding Assistance subsidies until funds are exhausted. As of January 20, $490,110 in Disaster Rebuilding Assistance funds are available. For more detailed program information, including application forms, visit fhlb.com/rebuilding or contact Community Investment at 800.362.2944.
Sanjay K. Bhasin
President and Chief Executive Officer