• January 05, 2024
• Bulletin No: 2024-01

The Federal Home Loan Bank of Dallas (Bank) is pleased to announce its 2024 Community Investment offerings. In 2024, the Bank will make available far more in statutory Affordable Housing Program (AHP) and Homeownership Set-Aside Program funds than in any previous year. The AHP funding level for 2024 will be announced in mid-February. Additionally, beyond these programs, we provide grant and loan programs to assist our members with funding for veterans’ assistance, small business financing, support for community organizations, assistance with heirs’ property issues and funding of storm-resistant roofing. See below for 2024 information on each program.

Affordable Housing Program (AHP) General Fund

The AHP General Fund is the Bank’s competitive housing subsidy program. AHP subsidies support the purchase, construction or rehabilitation of owner-occupied and rental housing that serves income-qualified households.

• Up to $2 million per project available nationwide (up from $850,000 in 2023)
• Sustainable projects and in-District projects are eligible for higher scoring
• Apply from April 2, 2024 to May 1, 2024, via the GrantConnect portal

The Bank will hold several AHP Workshops throughout the District beginning in February. See fhlb.com/events for dates and locations. Registration will open later this month. See fhlb.com/ahp and the Bank’s Affordable Housing Program 2024 Implementation Plan for more information.

Homebuyer Equity Leverage Partnership (HELP)

HELP provides subsidies for down payment and/or closing cost assistance for eligible first-time homebuyers.

• $15.5 million available (up from $6.5 million in 2023)
• Up to $20,000 per homeowner (up from $15,000 in 2023)
• Member cap of $1.55 million (up from $325,000 in 2023) with up to half (or $775,000) available to support homebuyers residing outside of the Bank’s District
• Members must submit a one-time enrollment application and agreement
• Available until the funds are exhausted or December 31, 2024, whichever occurs first
• Submit applications via the GrantConnect portal

Special Needs Assistance Program (SNAP)

SNAP provides subsidies for housing rehabilitation to meet the needs of households containing a resident with special needs. See fhlb.com/snap and the Bank’s Implementation Plan for more information.

• $2 million available
• $12,000 per household (up from $10,000 in 2023)
• Member cap of $25,000 per offering (see funding windows below)
• Members must submit a one-time enrollment application and agreement
• SNAP-assisted properties must be located within the Bank’s District
• Submit applications via the GrantConnect portal
• Two funding windows:
  • 8:00 a.m., Tuesday, February 6, 2024 to 5:00 p.m., Thursday, February 8, 2024
  • 8:00 a.m., Tuesday, June 4, 2024 to 5:00 p.m. Thursday, June 6, 2024

Disaster Rebuilding Assistance (DRA)

DRA is designed to support households in the Bank’s member communities that have been declared disaster areas eligible for individual assistance by the Federal Emergency Management Agency (FEMA). See fhlb.com/dra for more information.

• $2.5 million available (up from $2 million in 2023)
• Up to $12,000 per homeowner for repairs not covered by insurance or federal or state emergency assistance
• DRA will be provided in two offerings with funding available in January and July
• Annual member cap of $350,000 with an initial limit of $175,000 during the first offering
• Assists homeowners at or below 80 percent of the area median income
• Each offering is administered on a first-come, first-served basis until the funds are exhausted
• Any funds remaining at the end of the first offering will be added to the second offering

Small Business Boost Program (SBB)

SBB provides recoverable assistance to finance the start up or expansion of qualified small businesses. SBB funds are intended to help participating members provide financing for qualified small businesses by filling the gap between what the member can finance and the loan request made by an eligible small business. SBB is provided to members as a secondary, unsecured loan in conjunction with a loan made by the member to the small business. See fhlb.com/sbb for more information.

• $3 million available
• The jobs requirement is one job for every $62,500 in SBB funds
• Maximum loan amount is the lesser of $125,000 or 50 percent of the member’s loan amount
• No payments are due on the SBB loan in the first year
• Principal amortization begins in year two at which time the member may charge up to 3 percent interest on the SBB loan
• The Bank charges 3 percent interest beginning in the third year of the loan
• Examples of uses: Fill a financing gap due to lack of equity, a shortfall in collateral or initial cash flow challenges
• Available until December 6, 2024

Housing Assistance for Veterans (HAVEN)

HAVEN is a housing program designed to provide grants to households of veterans or active service members who were disabled as a result of an injury during their active military service since August 2, 1990. The program supports necessary home modifications or offsets new construction costs. It can also be used for homebuyer down payment assistance.

Grant recipients must have a household member who qualifies as disabled by the Department of Veterans Affairs, a branch of the U.S. military, the federal government or another acceptable source. Alternatively, the funds can be awarded to Gold Star Families impacted during this time frame. See fhlb.com/haven for more information.

• $300,000 available
• Up to $20,000 per household (up from $15,000 in 2023)
• Funds may be used for home modification, rehabilitation, new construction or down payment assistance
• Funds are available for qualifying veterans or Gold Star Families
• Available until the funds are exhausted on December 31, 2024, whichever comes first
• Available nationwide

Partnership Grant Program (PGP)

The PGP provides funding for the operational needs of community-based organizations (CBOs), which are 501(c)(3) nonprofit organizations involved in affordable housing, local community development and small business technical assistance within the District. PGP applications will be accepted beginning Monday, May 6, 2024, through Friday, May 31, 2024.

• $1 million available (up from $400,000 in 2023)
• The Bank will match member contributions of $500-$5,000 to eligible CBOs at a 5:1 ratio (up from a 3:1 ratio in 2023)
• Up to $25,000 per application available (up from 12,000 in 2023)
• To qualify, the CBO’s annual revenue must be equal to or less than $1 million (up from $600,000 in 2023)
• Application window: May 6 through May 31, 2024
• Grant recipients will be selected via a lottery system until the funds are exhausted

FHLB Dallas FORTIFIED Fund

The FHLB Dallas FORTIFIED Fund provides grants for homeowners that qualify at or below 120 percent of the area median income to install a FORTIFIED Roof that is designed to withstand hurricanes, high winds, hail and severe thunderstorms.

• $4 million available (up from $1.75 million in 2023)
• Up to $15,000 per homeowner to replace a roof
• Up to $7,500 on a new construction home for a FORTIFIED roof
• Intermediary organizations who apply on behalf of the homeowner may receive up to $750,000
• The roof must be completed in accordance with FORTIFIED requirements certified by the Insurance Institute for Business & Home Safety
• Available until the funds are exhausted or December 31, 2024, whichever occurs first
• Awarded on a first-come, first-served basis

Heirs’ Property Program (HPP)

The HPP provides grants to organizations with experience addressing heirs’ property issues. Heirs’ property refers to property inherited without a will or legal documentation of ownership. As property is passed down, each successive generation generally results in more heirs being added to the inheritance. The absence of a deed or will can become more complicated as time passes and is a barrier to the ability to sell, collateralize, improve or otherwise transfer the property.

• $2 million available (up from $1 million in 2023)
• Nonprofit, governmental entities or federally recognized tribes (collectively, “Organizations”) located within the Bank’s district may receive up to $100,000 to remediate tangled titles
• Organizations may receive up to $25,000 to provide preventative services like property financial literacy education or preparation of wills
• Application window: Tuesday, September 3, 2024, through Monday, September 30, 2024
• Reviewed in the order received at the end of the application period

Community Investment Program (CIP)

The CIP provides advances to assist members in financing owner-occupied and rental housing by providing a favorably priced, match-funding source.

• Funds are noncompetitive and available year-round
• Uses include:
  • Purchase or rehabilitation of owner-occupied and rental housing for income-qualified families
  • Purchase of mortgage-backed securities representing a pool of loans that could be funded directly with CIP advances
  • Investment in low-income housing tax credits
• All member institutions eligible to obtain standard advances from the Bank may apply for CIP advances

Economic Development Program (EDP)

The EDP provides members with favorably priced advances to support qualified economic and commercial development projects that benefit their surrounding communities. Hospitals, nursing homes, locally owned restaurants and retail shops are just a few examples of the types of community-centric businesses that have benefited from EDP advances.

• EDP advances may be used for new construction, renovation, small business financing, public works projects and historic preservation
• Funds are noncompetitive and available year-round
• All member institutions eligible to obtain standard advances from the Bank may apply for EDP advances

Disaster Relief Program (DRP)

The DRP helps finance any project that assists in recovery efforts in communities within the Bank’s five-state District that have been declared disaster areas by FEMA. Individuals and business owners located within federally declared disaster areas may apply for funds through the Bank’s member financial institutions. For more information, visit fhlb.com/disaster.

How to Apply

Detailed information on each of these programs, including applications and enrollment forms, guidelines and other information may be found at fhlb.com/community.

Please check fhlb.com periodically for program announcements. For questions regarding AHP, HELP, SNAP, DRA, HAVEN, PGP, FORTIFIED Fund or HPP, please contact Community Investment at 800.362.2944. For questions regarding SBB, CIP, EDP or DRP, please contact Member Services at 844.FHL.BANK (844.345.2265).

I hope you will use our affordable housing and economic development programs in 2024.