DALLAS, Jan. 26, 2015 /PRNewswire-USNewswire/ -- It took only 11 days for $750,000 from the Special Needs Assistance Program (SNAP) to be allocated to more than 30 member financial institutions of the Federal Home Loan Bank of Dallas (FHLB Dallas).
The SNAP grants from FHLB Dallas will be distributed by the member institutions to more than 150 special-needs individuals for repairs or modifications to their homes. The program began accepting applications January 2, 2015, and funds were exhausted on January 13, 2015.
"Special-needs household" is defined as "elderly, mentally, or physically handicapped persons, persons recovering from physical, alcohol, or drug abuse, or persons living with HIV/AIDS." Income-qualified recipients must meet specific criteria to apply for SNAP grants, including earning no more than 80 percent of the area median income.
A second SNAP offering of $750,000 will become available on August 3, 2015, and will be available until December 31, 2015, or until the funds are exhausted, whichever comes first.
Since the launch of the program in 2009, FHLB Dallas has funded approximately $9.2 million in grants to assist in the repair or modification of 1,846 units across its five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. In 2014, $1.85 million was allocated for SNAP grants.
"FHLB Dallas is very pleased to support members' investment in their local communities," said Greg Hettrick, vice president and director of Community Investment at FHLB Dallas. "The response to this first offering has been overwhelming, which is evidence of the great need for this program."
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $37.5 billion as of September 30, 2014, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas.
Federal Home Loan Bank of Dallas
SOURCE Federal Home Loan Bank of Dallas