- June 10, 2022
- Bulletin No: 2022-14
The Federal Home Loan Bank of Dallas (Bank) is pleased to announce a new pilot offering under its Housing Assistance for Veterans (HAVEN) program which is designed to help our members assist eligible veterans, service members or Gold Star Families purchase their first home. Under this pilot offering, first-time homebuyers who meet HAVEN requirements will be eligible for up to $10,000 for down payment and/or closing cost assistance beginning July 1.
HAVEN provides grants to households of veterans or active service members who were disabled during their active military service since September 11, 2001 (9/11), according to the Department of Veterans Affairs, the U.S. military, the federal government or another acceptable source. Alternatively, funds may be provided to Gold Star Families impacted since 9/11. Household income for all HAVEN recipients must not exceed 165 percent of the area median income. The HAVEN-assisted property must be the applicant’s primary residence and may be located anywhere in the United States. Each qualified household may receive up to $10,000 for the following uses:
|HAVEN Program Allowable Funding Uses|
|Home repair or rehabilitation|
|New home construction|
|Down payment assistance*|
*Effective July 1Homebuyers applying for down payment assistance and/or closing costs will be required to complete a first-time homebuyer attestation and homebuyer counseling program. The rate of interest, points, fees and any other charges for a loan made in conjunction with the HAVEN grant must not exceed a reasonable market rate of interest, points, fees and any other charges for a loan of similar maturity, terms and risks. Members must pass on the full amount of the HAVEN grant to the approved household as documented on the final Closing Disclosure. Homebuyers may not receive any cash back at closing. No minimum homebuyer contribution or retention document will be required.
As of June 10, 2022, $270,000 in HAVEN funds were available with funds disbursed on a first-come, first-served basis.
How to Apply and Upcoming Webinar
Applications, guidelines and other information may be found at fhlb.com/haven. You may also register for a webinar to be held at 10:00 a.m. CT on Tuesday, June 21, that will walk through the new pilot offering and application process. For questions regarding HAVEN, please contact Community Investment at email@example.com or 800.362.2944.
Sanjay K. Bhasin
President and Chief Executive Officer