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Member Bulletin
  • June 07, 2024
  • Bulletin No: 2024-17

Relief Programs for Arkansas Counties Impacted by Severe Storms

The Federal Home Loan Bank of Dallas (Bank) has activated its Disaster Relief Program (DRP) in response to the devastation in several Arkansas counties caused by severe storms, straight-line winds, tornadoes and flooding from May 24 to May 27, 2024. DRP makes subsidized advances available to members to assist individuals and families whose homes or businesses were damaged or destroyed by the storms.

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 3 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. Arkansas counties currently eligible for individual assistance are Benton, Boone and Marion. View the Arkansas counties eligible for individual assistance here. DRP advances are available today through December 5, 2024. Click here for more information on the DRP or contact Member Services at 844.FHL.BANK (844.345.2265).

As of July 8, 2024, $1.25 million will be available through the Bank’s Disaster Rebuilding Assistance (DRA) Program. DRA grants provide funds for the repair and rehabilitation of affected owner-occupied housing in federally declared disaster areas. Each member may utilize up to $350,000 until the funds are exhausted or November 15, 2024, whichever occurs first. For more detailed program information, including application forms, visit our website or contact Community Investment at 800.362.2944.

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 current ownership and must have had primary ownership of the home at least 30 days prior to the related disaster
  • DRA is a grant and, as such, the funds are not repaid, and they are available on a first-come, first-served basis
To learn more about the DRA and the FHLB Dallas FORTIFIED Fund, which helps income-qualified homeowners with purchases of storm-resistant roofs, register for our webinar on June 18, 2024.
Sanjay K. Bhasin
President and Chief Executive Officer