DALLAS, Aug. 26, 2009 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) is pleased to announce it has awarded a $7,000 Special Needs Assistance Program (SNAP) grant to Mildred Martin for repairs to her home. The grant was awarded through BankPlus in Jackson, Mississippi.
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Ms. Martin, a 72-year-old disabled homeowner in Hickory, Mississippi, was awarded the grant through the FHLB Dallas SNAP Program, a new grant program FHLB Dallas introduced in January. BankPlus contributed $350, which allowed Ms. Martin to receive the maximum $7,000 grant.
The grant was used to repair Ms. Martin's roof and replace her porch, which had become dangerously unstable due to weak support columns.
"BankPlus and the Federal Home Loan Bank of Dallas have made a dream come true," Ms. Martin said. "I am enjoying sitting on my porch with my children and grandchildren and not worrying about the roof falling on our heads."
Nine homeowners have received SNAP grants through BankPlus this year.
"We are a huge partner of Federal Home Loan Bank (of Dallas) programs," said Mark Ouellette, Vice President and Director of Affordable Housing at BankPlus. "Whenever a new product comes out, I'm very interested to learn more about it. They are always intended to benefit our communities."
In addition to the SNAP, BankPlus also participates in the Affordable Housing Program and the Homebuyer Equity Leverage Partnership program, two other FHLB Dallas grant programs.
"I love working with the Federal Home Loan Bank of Dallas," Mr. Ouellette said. "Part of that is because of the people, and part of it is because I've been participating in FHLB Dallas grant programs for several years. It's a great partnership of doing the right thing for people that need our help."
In 2009, FHLB Dallas set aside $1 million of its annual AHP funds for SNAP, a new 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.
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.
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