DALLAS, March 25, 2011 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (Bank) is pleased to announce it is making additional funds available for its Homebuyer Equity Leverage Partnership (HELP) and Special Needs Assistance Programs (SNAP) for 2011.
The Bank announced in January that it would provide initial allocations of $750,000 for HELP and $750,000 for SNAP. In addition to the initial allocations, the Bank has added another $950,000 in HELP funds for a total of $1.7 million and an additional $1.35 million in SNAP funds for a total of $2.1 million in 2011.
HELP is a program funded through the Bank's Affordable Housing Program (AHP) under which the bank disburses funds through its member institutions that assist low- to moderate-income, first-time homebuyers with down payment and closing costs. The Bank provides up to $5,000 to assist homebuyers, or up to $7,000 if the member or another lender contributes at least $350 in financial assistance or other concessions in connection with the home purchase.
SNAP, also an AHP set-aside program, provides grants through the Bank's member institutions that assist special needs households with home rehabilitation and modification costs. Special needs households can receive up to $5,000 in SNAP funds, or up to $7,000 if the member or another lender contributes at least $350 in concessions associated with the rehabilitation.
Grant funds are available until they are exhausted or December 31, 2011, whichever comes first.
"HELP and SNAP continue to be among the Bank's most heavily utilized grant programs," said Bank President and CEO Terry Smith. "The increased contributions to these programs will assist our members in helping first-time homebuyers obtain affordable homes, and special needs households with repairs and modifications to their homes, many of which are critical in nature."
Please refer to the Community Investment section of the Bank's website at fhlb.com/community for the appropriate funding manuals, and the Bank's Implementation Plan, which provides specific details on all of the Bank's grant programs.
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 $39.7 billion as of December 31, 2010, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to more than 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit the FHLB Dallas website at fhlb.com.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013
CONTACT: Corporate Communications Federal Home Loan Bank of Dallas www.fhlb.com (214) 441-8445
