- May 11, 2022
- Bulletin No: 2022-11
In response to the devastation caused by fire and high winds in May, 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, 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) are eligible for the Bank’s Disaster Rebuilding Assistance (DRA) subsidies.
View the New Mexico counties eligible for individual assistance here. The DRP will make subsidized advances available to members to assist individuals and families whose homes or businesses were damaged or destroyed by fire or winds.
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
Individuals and business owners located within FEMA-declared disaster areas may apply for the funds through the Bank’s member financial institutions. DRP advances are available today through November 10, 2022. Click here for more information on DRP or contact Member Services at 844.FHL.BANK (844.345.2265).
- Through the Bank’s member financial institutions, subsidies are available 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 counties listed in the link above or any counties 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
- DRA is a subsidy and, as such, the funds are not repaid, and they are available on a first-come, first-served basis
As of May 6, 2022, $407,000 in DRA funds are available, and members may apply until funds are exhausted. 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