WAVELAND, MISSISSIPPI, August 25, 2015 – The floors in Fay Johnson's Waveland, Mississippi, home were buckling. The electrical system had problems, and the bathroom sink and toilet needed replacing. But living on disability, the 50-year old retired prep cook for Holiday Inn could not afford repairs.Then through the Hancock Resource Center, she learned about the Special Needs Assistance Program (SNAP) from the Federal Home Loan Bank of Dallas (FHLB Dallas). SNAP grants are available through FHLB Dallas' participating members, like The First, A National Banking Association, to assist income-qualified, special-needs homeowners with necessary home repairs and modifications.
Jane Stock, construction coordinator at Hancock Resource Center, said SNAP is very beneficial for income-qualified residents in need.
"We patiently await the SNAP grants every year that allow us to help low-income, elderly, and disabled people in our community," Ms. Stock said. "We are very fortunate to have received this funding to help residents like Fay Johnson with her much-needed home repairs. She was excited and thankful for the repairs. We are grateful for the SNAP grant program, as well."
C. Jerome Brown, senior vice president and director of Community Development at The First, A National Banking Association, said his institution is glad to provide help to homeowners in need through the Hancock Resource Center.
"The First is honored to help fund the great work of Hancock Resource Center, which has existed since 2008 to provide Hancock County families with stable housing," Mr. Brown said. "The grant programs from FHLB Dallas, like the Special Needs Assistance Program and others, help us to support the center in revitalizing a community still recovering from the economic downturn and Hurricane Katrina."
Ms. Johnson said the repairs helped tremendously. "I didn't have the money to do all of this, so I appreciate and thank FHLB Dallas and The First," she said.
In 2015, FHLB Dallas made $1.5 million in SNAP grants available in two rounds. The first $750,000, offered in January, was snapped up in 11 days. The second offering of $750,000 was exhausted in less than four hours when it became available August 3.
Greg Hettrick, vice president and director of Community Investment at FHLB Dallas, said SNAP has a positive impact at the local level.
"FHLB Dallas recognizes the tremendous need for SNAP across our District. We are pleased to offer this assistance through our members," Mr. Hettrick said. "In this way, our members gain access to specialized funding, which allows them to support their communities and change lives."
Since SNAP's inception in 2009, nearly $9.2 million has been awarded in grants through member institutions to assist 1,846 families across FHLB Dallas' five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas.
About The First, A National Banking Association
The First, headquartered in Hattiesburg, Mississippi, began as a dream on a back porch in South Mississippi. A group of local businessmen talked about creating a bank that would take care of business by taking care of people one customer at a time and The First was born. Now, that dream has grown from a back porch to cities and towns all over South Mississippi, South Alabama, and Louisiana. The First is more than a bank because it is still a group of friends building relationships and taking care of business one customer at a time! The First currently has 31 locations and assets exceeding $1 billion.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $42.6 billion as of June 30, 2015, is a member-owned cooperative that supports housing and community investment by providing competitively priced loans and other credit products to approximately 865 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit fhlb.com.