LITTLE ROCK, Ark., June 17, 2010 (GLOBE NEWSWIRE) -- Evelyn Cummings, and her husband, Charles, desperately needed a new roof. But the couple, who are in their 70s and have lived in their home for 34 years, did not have the money to replace the leaking roof.
Mrs. Cummings's daughter told her the University District Development Corporation (UDDC) in Little Rock, Arkansas, had a program that assisted qualified special needs homeowners with critical home repairs. UDDC has leveraged Federal Home Loan Bank of Dallas (FHLB Dallas) Special Needs Assistance Program (SNAP) grant funds to provide critical home repairs for seniors in the University of Arkansas at Little Rock community. UDDC was able to access the funds through Centennial Bank, an FHLB Dallas member financial institution in Conway, Arkansas.
The couple received a $5,000 SNAP grant to replace their old roof. "We were happy to receive the grant. It helped us a lot," Mrs. Cummings said. "We'd had that roof a long time and we needed a new one, but we were not financially able to afford a new roof for our home."
Now, not only is there no more leaking, but the home looks better. "The appearance is so great. We love it," Mrs. Cummings said.
UDDC has used FHLB Dallas funds to replace the roofs on eight homes, and replace the HVAC units of two homes within the Little Rock area, said Barrett Allen, community development program officer at UDDC. Repairs for three more homes are in the pipeline, he added.
According to Mr. Allen, the Cummingses were in a particularly dire situation.
"Their roof had several loose shingles on it, to the point that the insurance company wouldn't even insure it anymore," Mr. Allen said. "They were living there and they were worried that if something happened to their home they wouldn't have anything. When SNAP came along, their daughter heard about it and contacted me."
UDDC made the initial contact with the family, collected the information, and was able to get the couple qualified for a SNAP grant.
"Now they have a new roof, they can now get their home insured and know that should anything happen to it they will have their recovery costs to move into a new home," Mr. Allen said. "SNAP is simple and straightforward. It's not a lot of paperwork. It's not very labor intensive. We wish there was more money available, but we'll use it until it's gone."
In 2010, Centennial Bank has received funding for 19 SNAP grants.
"A roof provides protection, support, and security. As a bank, we try diligently to provide those same assurances for our customers," said Bob Birch, regional president for Centennial Bank. "The Cummings family can rest easy tonight knowing they have a solid roof as well as a strong, supportive community bank in Centennial."
SNAP is a rehabilitation program available through FHLB Dallas member institutions to provide grants to assist income-qualified, special needs homeowners with necessary home repairs and modifications. In 2010, FHLB Dallas set aside $1.5 million in SNAP funds, and 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 in grant funds.
For more information about FHLB Dallas programs, please contact the Corporate Communications Department at 214.441.8445.
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 $58.7 billion as of March 31, 2010, is a member-owned cooperative that supports housing and community development by providing competitively priced advances 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.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013