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Bulletins

Bulletin No.: 2017-22
September 1, 2017

TO: MEMBERS

SUBJECT: Bank Provides $7 Million in Grants and Donations to Hurricane Harvey Recovery Efforts

In response to Hurricane Harvey, the Federal Home Loan Bank of Dallas (Bank) is making available more than $6.7 million through three grant programs: $4.5 million is available to help members' employees with their recovery efforts; $2.0 million is available to assist small businesses with their recovery efforts; and $225,000 is available to support community-based organizations (CBOs) involved in the recovery efforts.

The Bank will make additional contributions totaling $275,000 to assist our members affected by the storm. These donations are as follows: $100,000 to the Hurricane Harvey Relief Fund through the Texas Bankers Foundation in conjunction with the Texas Bankers Association, Independent Bankers Association of Texas and others; $150,000 for disaster relief supplies and $25,000 to Gregory Portland Independent School District to help with furniture, materials and supplies.

In addition, the Bank will make available $1 billion in low-cost Special Disaster Relief Program (SDRP) advances for members to support their customers in communities affected by the floods. Details will be forthcoming on this program.

Applications for all grant programs will be available no later than September 8, 2017, at fhlb.com/communityadvances. The Bank will begin accepting applications for the grant programs at 8:00 a.m. (CT) on September 15, 2017. Applications will be processed on a first-come, first-served basis. 

For information on how to access the following grant programs, please register for a Hurricane Harvey Relief Funds Webinar on September 12, 2017, from 10:00 a.m. to 11:00 a.m. (CT). Register at fhlb.com/communityadvances.

Homeowner Recovery Grant

The Bank is making available, through its member institutions and member housing associates, $4.5 million in Homeowner Recovery grants designed to assist members' employees whose homes were damaged or destroyed by Hurricane Harvey or the subsequent flooding. 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, and have employees whose homes are located in the FEMA-declared disaster areas of Texas, may apply for grant funds under this program on behalf of their employees whose homes 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 $150,000
  • 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
  • Order of Grant Disbursement
    • Opened initially to members' employees until November 15, 2017
      • First-come, first-served until funds are exhausted
    • Opened to general public after November 15, 2017, if funds are not exhausted prior to that date
      • First-come, first-served until the funds are exhausted
  • 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

If all Homeowner Recovery grant funds are not used by November 15, 2017, the remaining grant funds will be available for use by members to assist qualified households in the general public (based on the same eligibility and income levels noted above) until the funds are exhausted.

Small Business Recovery Grant

Through the Small Business Recovery grant program, the Bank is making available to members $2 million in funds to aid small businesses in their communities with Hurricane Harvey recovery efforts. The grants are available 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 SBA grants per member may not exceed $150,000
  • 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

Community Recovery Grant

Through the Community Recovery grant program, the Bank is making available $225,000 in funds to assist members in providing relief assistance to CBOs involved with affordable housing, stimulating small business or providing small business technical assistance. The CBOs must be located in FEMA-designated disaster areas and assisting in Hurricane Harvey relief efforts. The CBOs may use the funds toward operational needs in conjunction with the relief efforts.

  • 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 CBOs in FEMA-declared disaster areas in Texas
  • What is the maximum Community Recovery grant amount available per member?
    • Aggregate Community Recovery grants per member may not exceed $30,000
  • Eligibility Criteria
    • CBO must have a 501(c)(3) IRS designation
    • CBO must be assisting in recovery efforts from Hurricane Harvey
    • CBO must be involved in affordable housing, stimulating small business or providing small business technical assistance
  • Grant Limit Per CBO
    • The maximum grant per CBO is $10,000
  • Order of Grant Disbursement
    • First-come, first-served until the funds are exhausted
  • What Paperwork is Needed?

Contact Member Services at 844.FHL.BANK (844.345.2265) for questions or more information. Our thoughts are with all affected members and all affected by this storm.

Sincerely,

 

Sanjay K. Bhasin
President and Chief Executive Officer