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Member Bulletin
  • June 26, 2024
  • Bulletin No: 2024-20

Relief Programs for New Mexico Counties Impacted by Fires

The Federal Home Loan Bank of Dallas (Bank) has activated its Disaster Relief Program (DRP) in response to the devastation in several New Mexico counties caused by the South Fork and Salt Fires that began on June 17, 2024. DRP makes subsidized advances available to members to assist individuals and families whose homes or businesses were damaged or destroyed by a disaster event.

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
  • ‚ÄčAdvance terms range from 3 months to 40 years 

New Mexico counties currently eligible for individual assistance are Lincoln, Otero and the Mescalero Tribe sovereign land. Due to the ongoing nature of this disaster, subsequent counties may be added and can be found here. DRP advances are available today through December 26, 2024. Click here for more information on the DRP or contact Member Services at 844.FHL.BANK (844.345.2265). 

In addition, 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 
 

Sincerely,

Sanjay K. Bhasin 
President and Chief Executive Officer