Funds to Support Housing and Community Investment
DALLAS, Sept. 21 /PRNewswire/ -- The Federal Home Loan Bank of Dallas
(FHLBank Dallas) today announced the establishment of a $5 million special
Disaster Relief Grant Program to address the housing and community investment
needs of communities in Louisiana and Mississippi devastated by Hurricane
Katrina. The grants may also be used to support hurricane-displaced residents
in other locations within the Bank's five-state District.
The grants will be awarded through FHLBank Dallas member institutions, and
can be used for a variety of purposes including rehabilitation, construction,
working capital, infrastructure development and capital improvements, as well
as for principle reduction and/or down payment and closing cost assistance for
single-family homebuyers. Additional program details will be available
shortly on the Bank's website at http://www.fhlb.com .
"Our member institutions have already shown tremendous support for the
devastated communities, and these grants will extend their ability to help
individuals, families and small businesses disrupted by this storm," said
Terry Smith, President and CEO of the Federal Home Loan Bank of Dallas.
In addition, the Bank will also make two charitable contributions toward
the disaster relief effort: $100,000 on behalf of its member institutions,
and $45,000 raised through an employee and director matching contribution
program.
Subsidized loans are already being made through the Bank's Disaster Relief
Program, and applications are currently being accepted for the Bank's
Affordable Housing Program (AHP), which helps member institutions meet the
affordable housing needs of their communities. Longer term, the Bank's
Economic Development (EDP) and Community Investment (CIP) Programs will
provide member access to at-cost loans to fund the construction and
rehabilitation of single-family homes and multi-family housing facilities,
businesses and municipalities.
Additional information about these programs is available in the "Community
Investment" section on the Bank's website at http://www.fhlb.com , or by
calling the Community Investment Department at 800.362.2944.
The FHLBank Dallas is one of 12 district banks in the FHLBank System
created by Congress in 1932. The Bank, with assets of $65 billion, is a
member-owned cooperative that supports housing and community development
through low-cost funding and other credit products provided to more than 880
member and affiliated institutions in Arkansas, Louisiana, Mississippi, New
Mexico and Texas.
SOURCE Federal Home Loan Bank of Dallas
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Related links:
http://www.fhlb.com
CONTACT:
Larry Marshall of Federal Home Loan Bank of
Dallas, +1-214-441-8442
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