DALLAS, Sept. 30, 2009 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (Bank) is pleased to announce it has approved $1.5 million for the Homebuyer Equity Leverage Partnership II (HELP II) program and $500,000 for the Special Needs Assistance Program II (SNAP II). This one-time, special allocation of Bank earnings is part of the Bank's ongoing efforts to assist its members in supporting their communities.
"Our members have a long history of supporting their communities. We have seen a significant increase in demand as our members have heavily utilized both the HELP and SNAP programs in 2009," said Bank President and CEO, Terry Smith. "We hope that the additional funds will further assist affordable housing projects through the end of the year."
Demand for funds through HELP and SNAP have been extensive, resulting in additional allocations to both programs throughout the year. Thus far in 2009 the Bank has contributed $8.3 million through its Affordable Housing Program (AHP), including $2 million for HELP grants and $1 million for SNAP grants.
Each year the Bank returns 10 percent of its earnings in the form of AHP grants to the communities served by its members. Funds for HELP and SNAP were exhausted by September. The additional $2 million approved for HELP II and SNAP II is in addition to the Bank's annual 10 percent of earnings contribution to the AHP.
HELP II will be designed exactly the same as HELP, which provides down payment and closing costs assistance to income-qualified, first-time homebuyers. SNAP II will be designed exactly the same as SNAP, which provides grants to special needs households to assist with home repairs and modifications costs. Like the funds provided through HELP and SNAP, HELP II and SNAP II funds will only be accessible to Bank members. HELP II and SNAP II funds will be available on a first-come, first-served basis through the earlier of December 31, 2009, or full utilization of the funds. Visit the Bank's web site, at fhlb.com, or contact the Bank's Community Investment Department at 800.362.2944 for more information on SNAP II and HELP II.
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.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013