DALLAS, Aug. 21, 2009 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) awarded a $7,000 Special Needs Assistance Program (SNAP) grant to Ivory Walker of Fort Worth, Texas. The grant was made available through Southwest Bank.
Mr. Walker has lived in his Fort Worth home for 17 years. It began to show wear and tear and was in need of renovations. Mr. Walker is blind and unable to work, so he contacted the city of Fort Worth and HUD for financial assistance. He was directed to Cindi Pimmentel at Southwest Bank, and learned that he could qualify for a FHLB Dallas SNAP grant for home repairs.
In 2009, FHLB Dallas set aside $1 million of its annual Affordable Housing Program (AHP) funds for SNAP, a special needs rehabilitation program that provides grant funds to assist income-qualified, special needs homeowners with home repairs or modifications. Each SNAP recipient is eligible to receive up to $5,000. If a member financial institution contributes at least $350 toward costs associated with the rehabilitation, the homeowner is eligible to receive up to $7,000.
"Rain water was leaking through my roof and into my bathroom," said Mr. Walker. "I needed to replace the roof and renovate the bathroom, but I could not afford it on my own. I was at first only interested in a new roof, but the SNAP funds allowed me to do both, and Ms. Pimmentel at Southwest Bank helped me with the entire process."
The renovations were completed early this summer, and Mr. Walker said it has drastically improved his quality of living. He now has a new roof, and a fully renovated bathroom, complete with a new sink, vanity, fresh paint and decorations.
Because Southwest Bank provided some of its own funding, Mr. Walker qualified for the maximum $7,000 SNAP grant from FHLB Dallas.
"All of our recipients are such good people," said Ms. Pimmentel, Vice President and Community Development Lender at Southwest Bank. "It was a true pleasure working with Mr. Walker, and he was able to utilize the SNAP grant to its fullest. His contractor, Leslie Ford, went above and beyond and was able to maximize the funding to exceed Mr. Walker's needs."
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 $72.1 billion as of June 30, 2009, 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 web site at fhlb.com.