PINE BLUFF, Ark., Oct. 18, 2011 (GLOBE NEWSWIRE) -- Weather and the passage of time had taken a toll on the roof and siding of Azzilee Parks' home. The 73-year-old widow wanted her home repaired, but she knew it would be costly. Ms. Parks lives on a fixed income, and home repairs kept getting pushed further down on her to-do list.
The old roof had lost chunks of shingles, and the siding on her home was dilapidated. But in April, she was finally able to have a new roof and siding put on her home thanks to a $6,650 Special Needs Assistance Program (SNAP) grant from the Federal Home Loan Bank of Dallas (FHLB Dallas) and Union Bank and Trust in Monticello.
SNAP grants are made available through FHLB Dallas 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 made $2.1 million in SNAP funding available to its members. Each SNAP recipient is eligible to receive up to $5,000. If the participating 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.
Union Bank and Trust has awarded $110,000 in SNAP grants in 2011 to 17 recipients. Many of whom applied for the grant with the help of the Dream Maker Housing Counseling Agency, a nonprofit organization that helps families realize the dream of home ownership by educating them about the process of buying and owning a home, and helping homeowners maintain their homes through necessary repairs.
Dream Maker Housing has utilized other FHLB Dallas programs, including the Affordable Housing Program (AHP) — designed to help member institutions provide funding to develop affordable owner-occupied and rental housing for very low- to moderate-income families and individuals — and the Homebuyer Equity Leverage Partnership (HELP) program, which provides grant funds to assist eligible first-time homebuyers with down payment and closing costs.
In 2011, Dream Maker Housing obtained 15 SNAP grants for its clients, totaling $98,700.
"The program assists families in obtaining much needed repairs to make their homes safer and healthier," founder Frances Newsome said. Her agency helps applicants complete an application, which she forwards to Cassie Ply, Compliance Officer at Union Bank and Trust.
"It is very rewarding for Union Bank and Trust to partner with Dream Maker Housing and give back to those in need within our community," said Ms. Ply. "Community banking is all about addressing the needs and concerns of our community, and SNAP allows us to reach out and help people by restoring their homes to a safe and livable condition."
Ms. Parks has lived in her home for 40 years. It has been such a long time since the roof was repaired or replaced, that she can't remember when it was done and, she said, "The siding was in terrible shape. It was really torn up. I'm very thankful to have received the grant."
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.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013