- April 20, 2023
- Bulletin No: 2023-09
In response to the devastation caused by the severe storms and tornadoes in parts of Arkansas on March 31, 2023, 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 to apply for the Bank’s Disaster Rebuilding Assistance (DRA) grants.
Arkansas counties eligible for individual assistance include Cross, Lonoke and Pulaski. See them here. The DRP makes subsidized advances available to members to assist individuals and families whose homes or businesses were damaged or destroyed by the storms. DRA grants provide funds for the repair and rehabilitation of owner-occupied housing affected by a disaster event in federally declared disaster areas within FHLB Dallas’ District.
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 October 20, 2023. Click here for more information on DRP or contact Member Services at 844.FHL.BANK (844.345.2265).
Under the DRA:
Grants 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 $12,000 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 eligible for individual assistance 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 grant and, as such, the funds are not repaid, and they are available on a first-come, first-served basis
As of April 19, $878,560 in DRA funds is available, and members may apply until funds are exhausted. For 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