PINE BLUFF, Ark., Nov. 23, 2011 (GLOBE NEWSWIRE) -- The roof on Dorothy Faye Spears' home leaked for almost three years before she decided repairs couldn't be postponed any longer. The only problem for the retired elementary school teacher was where to find the money to pay for it.
Friends reminded Ms. Spears that her sister was able to repair her home several years earlier with help from grant funding, and encouraged Ms. Spears to apply for a grant. She first contacted the City of Pine Bluff for information on any programs that could help her, and was referred to Dream Makers Housing Counseling Agency, Inc.
Dream Makers Housing Counseling Agency, Inc. was established in 1998 with a mission to educate low-income families and help them obtain the dream of homeownership. It has since expanded its services to include helping low-income homeowners with emergency home repairs through a partnership with Union Bank and Trust to utilize grant funds through the Special Needs Assistance Program (SNAP).
SNAP grants are available through FHLB Dallas to its member institutions, such as Union Bank and Trust, to assist income-qualified, special needs homeowners with necessary home repairs and modifications. In 2011, FHLB Dallas and its member institutions awarded nearly $2.1 million in SNAP funding, of which more than $606,000 was awarded to assist 114 special needs households in Arkansas.
Each SNAP recipient is eligible to receive up to $5,000, and if the participating member institution contributes at least $350 toward the costs associated with the rehabilitation, the homeowner is eligible to receive up to $7,000 in grant funds. In July, Ms. Spears was approved for a $6,650 SNAP grant to replace her roof and to make additional repairs.
"Ms. Spears' roof was practically falling in on her, with rotting wood and patches everywhere," said Frances Newsome, founder of Dream Makers Housing Counseling Agency, Inc. "It required far more work than we originally planned. As a matter of fact, the contractor absorbed some of the costs instead of asking for a change order for additional materials, as some of the damage could not be seen until the roof was removed."
Ms. Spears retired from teaching in 1990, and has lived in her home since 1988. Her parents originally bought the house while she was still attending college. She says she can't express how much she appreciates everything that was done on her behalf to help repair her home.
"I feel like someone's looking after me," she said. "I've been truly blessed."
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 September 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.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013