- April 10, 2023
- Bulletin No: 2023-08
The Federal Home Loan Bank of Dallas (Bank) has activated its Disaster Relief Program (DRP) and Disaster Rebuilding Assistance (DRA) fund in response to the devastation caused by severe weather, straight-line winds and tornadoes that damaged parts of Mississippi on March 24, 2023.
The DRP makes subsidized advances available to members to assist individuals and families whose homes or businesses were damaged or destroyed by the storm. 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. View the Mississippi counties eligible for individual assistance here. DRP advances are available today through September 10, 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, in an amount 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 by FEMA to be disaster areas that are eligible for individual assistance
- 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
Sanjay K. Bhasin
President and Chief Executive Officer