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Bulletins

Bulletin No.: 2017-29
November 16, 2017

TO: MEMBERS

SUBJECT: Remaining Hurricane Harvey Homeowner Recovery Grants Now Available to Assist General Public; Member Caps Increased

Beginning Thursday, November 16, 2017, the Federal Home Loan Bank of Dallas (Bank) is making available through its members $1.7 million in Homeowner Recovery grants to assist homeowners in the general public whose homes were damaged or destroyed as a result of Hurricane Harvey or the subsequent flooding that occurred in August. The Bank also has $500,000 in Small Business Recovery grants available to members to assist small businesses in members communities that were impacted by the storm.

In September, the Bank made available to members $4.5 million in Homeowner Recovery grants to assist members’ employees who were affected by the hurricane. While the funds were initially made available to members’ employees affected by the storms, the Bank announced at that time that any remaining funds would be made available for use by members to assist the general public after November 15, 2017. At that time, the Bank also announced it would make available $2 million in Small Business Recovery grants. As a result of high demand for both programs, the Bank has reallocated some of the funds between the two programs and increased the member cap for the remaining Homeowner Recovery and Small Business Recovery funds from $150,000 to $250,000 and from $150,000 to $200,000, respectively. Members’ employees continue to be eligible for the Homeowner Recovery grants.

Applications for the grant funds are available at fhlb.com/communityadvances. Applications will be processed on a first-come, first-served basis. 

For your ease of reference, below is a summary of both grant programs:

Homeowner Recovery Grant

Homeowner Recovery grants are designed to assist homeowners in members’ communities whose homes were damaged or destroyed by Hurricane Harvey or the subsequent flooding. Members’ employees continue to be eligible for the funds. Grants are available for owner-occupied housing in counties designated for Individual Assistance by the Federal Emergency Management Agency (FEMA), and are intended to assist with reasonable and necessary expenses that are not otherwise covered by insurance or other reimbursement. A list of FEMA-designated counties is available at fhlb.com/communityadvances.

Requirements

  • Which member institutions are eligible for grants?
    • Members and housing associates that are eligible for advances may apply for grant funds under this program on behalf of their employees and other homeowners whose homes are located in FEMA-declared disaster areas of Texas and were damaged or destroyed
  • What is the maximum Homeowner Recovery grant amount available per member?
    • An eligible member institution’s total approved grants under the Homeowner Recovery grant program may not exceed $250,000 
  • Eligibility
    • Owner-occupied homes that were damaged or destroyed by the hurricane, or subsequent flooding, and are located in FEMA-declared disaster areas in Texas
  • Eligibility Amounts Per Household
    • Contingent on household income
      • Household income <= 80 percent AMI, grant up to $10,000
      • Household income > 80 percent and <= 120 percent, grant up to $8,000
      • Household income > 120 percent and <= 165 percent, grant up to $6,000
  • Availability
    • Opened to general public after November 15, 2017
      • First-come, first-served until the funds are exhausted
      • Member employees are still eligible to apply for assistance
  • What paperwork is needed?
    • A member must complete a written application to apply for the Homeowner Recovery grant. The application is available on fhlb.com/communityadvances
  • Residential Funding Record – documents the details for the households included in the aggregate grant request
  • Income documentation for all members of each household (e.g., pay stub, W-2, tax return, Letter of Verification of Employment, Supplemental Security Income (SSI) letter, direct deposit bank statement for income sources such as SSI or retirement funds)
  •  Income Calculation Worksheet (If applicable) – documents how the household income was calculated

Small Business Recovery Grant

The Small Business Recovery (SBR) grants are available, through members, for small business owners as defined by the Small Business Administration (SBA) that are in counties that have been designated for Individual Assistance by FEMA. The funds are intended to assist with reasonable and necessary expenses to repair or rebuild the business that are not otherwise covered by insurance or other reimbursement.

  • Which member institutions are eligible for grants?
    • Members and housing associates that are eligible for advances may apply for grant funds under this program on behalf of small businesses in FEMA-declared disaster areas in Texas
  • What is the maximum Small Business Recovery grant amount available per member?
    • Aggregate SBR grants per member may not exceed $200,000
  • How long will this program be available?
    • Until the funds are exhausted
  • Eligibility Criteria
    • Small businesses that have been damaged or destroyed by Hurricane Harvey, or subsequent flooding, and are located in FEMA-declared disaster areas in Texas
    • Businesses that qualify as small businesses as defined by the SBA
    • Small businesses located in areas that are less than or equal to 120 percent of AMI 
  • Use of Funds Examples
    • Building rehabilitation/repair
    • Machinery and equipment repair/purchase
    • Replacement of lost inventory
    • Working capital
  • Grant Limit Per Small Business
    • The maximum grant per small business is $15,000
  • Order of Grant Disbursement
    • First-come, first-served until funds are exhausted
  • What paperwork is needed?
    • A member must complete a written application to apply for a Small Business Recovery grant. The application is available at fhlb.com/communityadvances
    • Small Business Recovery grant application. Provide the following information as part of the application:
      • An overview of the small business (including a brief summary of the business conducted, information about its products and/or services and the market it serves)
      • Explanation of how the small business will use the grant
      • Brief description of the business’ recovery plan
    • Census Tract demographic data
    • Photo of the damage, if available

For questions or to make an application for either program, please contact our Member Services Desk at 844.FHL.BANK (844.345.2265) or by email at Member.Services@fhlb.com. The Bank is committed to aiding our affected members and their communities as they recover from this disaster, and we continue to see the generous support from other members throughout the District.

Sincerely,

 

Sanjay K. Bhasin
President and Chief Executive Officer