LITTLE ROCK, Ark., Sept. 6, 2011 (GLOBE NEWSWIRE) -- For the past several years, John "Rudy" Cullum has been dealing with a leaking roof that was damaged during a wind storm, but he was unable to afford the repairs on his limited income.
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In addition, the moisture from the damaged roof had caused mold to seep in, damaging his drywall and furniture.
"My home was built in 1966 and had not had any updates or repairs," Mr. Cullum said. "I had not been well and had a very limited income. It was pretty rough."
Mr. Cullum contacted a community organization, Better Community Development, Inc. (BCD, Inc.) in Little Rock. The organization utilizes Special Needs Assistance Program (SNAP) grant funds from the Federal Home Loan Bank of Dallas (FHLB Dallas), which are administered through FHLB Dallas's member institutions. Mr. Cullum received a $5,140 SNAP grant from FHLB Dallas and Centennial Bank in July, which was used to replace his roof.
"The Lord was gracious to me," Mr. Cullum said. "This grant was certainly a lovely gift. I live on a fixed income and it doesn't go very far. You couldn't find a man who is more thankful. I couldn't have paid thousands of dollars for a new roof."
SNAP is a rehabilitation program available through FHLB Dallas member institutions, such as Centennial Bank, that provides grant funds to assist income-qualified, special needs homeowners with necessary home repairs and 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 from FHLB Dallas.
"As a community bank, one of our core values is to enrich the communities we serve. We help our customers achieve goals every day, but in situations such as this one, it's really special to know our organization played a part helping the Cullum family in conjunction with the Special Needs Assistance Program," said Bob Birch, Little Rock regional president for Centennial Bank.
BCD, Inc., a local nonprofit, community, and faith-based organization works with FHLB Dallas member institutions to distribute SNAP grants to eligible homeowners.
"We are fortunate to have partners, such as Centennial Bank, that are willing to help individuals and families maintain their homes," said Ruth Jones, employment and housing specialist for BCD, Inc. "There is hope for everyone when we work together to help others. BCD recognizes that owning a home is one of the American Dreams, therefore, we strive to help low-income homeowners maintain their homes, regardless of their finances, in order to remain in their homes and continue to have a productive quality of life."
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 $31.4 billion as of June 30, 2011, 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 website at fhlb.com.
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