- August 15, 2023
- Bulletin No: 2023-19
The Federal Home Loan Bank of Dallas (Bank) has added $500,000 to its Disaster Rebuilding Assistance (DRA) program for 2023 in response to members’ requests. The additional funds can be used to help repair storm-damaged homes in parishes or counties within the Bank’s five-state District that have been declared disaster areas eligible for individual assistance by the Federal Emergency Management Agency (FEMA) since January 1, 2019.
The Bank disburses DRA funds to homeowners on a first-come, first-served basis during an annual offering cycle. That cycle, beginning in January of each year, continues until the amount of funds allocated to DRA for the year is exhausted.
Because this year’s DRA funds have previously been exhausted and an additional allocation of $500,000 is being made, these supplemental funds will be made available starting August 22 and will continue until the $500,000 is exhausted or until November 15, 2023, whichever occurs first.
DRA subsidies are available to affected residents in the Bank’s member communities. Individuals may apply for the funds through the Bank’s member financial institutions.
Disaster Rebuilding Assistance:
- Subsidies are available to homeowners who are at or below 80 percent of the area median income, up to $12,000 for repair and construction costs not covered by insurance or federal or state emergency assistance
- Homes must be located within parishes or counties 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
Sanjay K. Bhasin
President and Chief Executive Officer