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Bulletins

Bulletin No.: 2016-30
November 3, 2016

TO: MEMBERS

SUBJECT: Remaining Special Disaster Relief Program Grant Funds Now Available to Assist Members' Communities; Member Cap Raised to $100,000

Through October 31, 2016, the Federal Home Loan Bank of Dallas (Bank) received requests for $475,500 in grants to be used by members to assist their employees whose homes were damaged or destroyed as a result of the August 2016 flooding in Louisiana. Previously, the Bank allocated $1 million in grants to assist members' employees. As of October 31, 2016, the remaining funds were made available for members to assist other qualified households – in the general public – in affected communities.

Additionally, the member cap on the amount of funding members may be awarded was raised to $100,000, allowing members who had previously reached the $50,000 maximum the opportunity to request additional funds. The grant funds will be available until funds are exhausted or February 16, 2017, whichever comes first.

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

Requirements

Grants are available for owner-occupied housing in parishes 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 compensated for by insurance or other reimbursement.

  • Which member institutions are eligible for grants?
    • Members and housing associates that are eligible for advances and (i) are located in, or have branch offices in, or (ii) have employees or customers, whose homes are located in the federally declared disaster areas of Louisiana, may apply for grant funds under this program on behalf of their employees or customers whose homes were damaged or destroyed
  • How much grant money has the Bank set aside?
    • An aggregate amount of $524,500 remained as of October 31, 2016. Please check fhlb.com/communityadvances for current availability  
    • An eligible member institution's total approved grants under this special program may not exceed $100,000
  • How long will this program be available?
    • Until the funds are exhausted or February 16, 2017, whichever comes first
  • Grant eligibility criteria:
    • Households within a qualified, FEMA-declared Louisiana disaster area
      • For households with an income at or below 80 percent of area median income (AMI), adjusted by household size, the maximum grant is $3,000
      • For households with an income above 80 percent and at or below 120 percent of AMI, adjusted for household size, the maximum grant is $2,000
      • For households with an income above 120 percent and at or below 165 percent of AMI, adjusted for household size, the maximum grant is $1,500
  • What paperwork is needed?
  • 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 (if employed at a member institution), 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

Sincerely,

 

Sanjay K. Bhasin
President and Chief Executive Officer