Bulletin No.: 2018-13
July 12, 2018
SUBJECT: Grant and Advances Programs Available to Texas Counties Declared Disaster Areas
In response to severe storms and flooding that occurred in the Rio Grande Valley in June, the Federal Home Loan Bank of Dallas (Bank) has made available its Disaster Relief Program (DRP), a low-cost advance program, to assist recovery efforts in the affected area. Additionally, affected residents are eligible for the Bank's Disaster Rebuilding Assistance Program, a new grant program designed to support households in the Bank's member communities that have been declared disaster areas by the Federal Emergency Management Agency (FEMA).
On July 6, 2018, Cameron and Hidalgo counties were designated as disaster areas by FEMA. As a result, qualified homeowners who are at or below 80 percent of the area median income may receive up to $10,000 in Disaster Rebuilding Assistance Program grants for repair and construction costs that are not covered by insurance or federal or state emergency assistance. As with all the Bank's grant programs, residents must apply through a member institution.
Under the Disaster Rebuilding Assistance Program:
- Grants are available for repair or construction costs not already funded by insurance or state or federal emergency assistance
- Homes must be located within the Bank's five-state District of Arkansas, Louisiana, Mississippi, New Mexico and Texas, and must be in a FEMA-designated major disaster declaration area
- 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
- This is a grant program and funds are not repaid
- Grants are available on a first-come, first-served basis
Members may apply for Disaster Rebuilding Assistance Program grants until funds are exhausted or December 31, 2018, whichever comes first. For more detailed program information, including application forms, visit fhlb.com/rebuilding or contact Community Investment at 800.362.2944.
The DRP makes subsidized advances available to members to assist individuals and families whose homes or businesses were damaged or destroyed as a result of the storms and/or flooding.
Funding under the DRP will be available during the period from July 12, 2018 through January 14, 2019. Individuals and business owners located within FEMA-declared disaster areas may apply for the funds through the Bank's member financial institutions.
Under the DRP:
- Funds are priced below the Bank's regular Community Investment Program (CIP) rates
- Income eligibility limits are expanded to 165 percent of the area median income
- Advances terms range from three months to 40 years
Individuals and business owners located within any counties that are subsequently declared as disaster areas by FEMA will also be eligible to apply for DRP funds.
For more detailed program information, including application forms and subsequently designated counties, visit the Bank's website at fhlb.com/communityadvances and select the "Disaster Relief" tab, or contact Member Services at 844.345.2265. Thank you for your valued partnership.
Sanjay K. Bhasin
President and Chief Executive Officer