MONROE, La., Sept. 22, 2011 (GLOBE NEWSWIRE) -- For retired Monroe, Louisiana, homeowner Brenda Henderson, living on a fixed income meant that some home repairs, by necessity, had to be put on hold, and sometimes they didn't get done at all.
Ms. Henderson's home had previously flooded, and as a result, her carpet and the underlying padding had mildewed and needed to be replaced. Two of the doors were so old that they no longer closed properly and cold air seeped through during the winter. Without the funds to pay for the repairs, Ms. Henderson thought she would just have to live with the problems, but in April she was thrilled to get new carpet throughout her entire home and have two new doors installed.
The work was done thanks to a $4,900 Special Needs Assistance Program (SNAP) grant from Community Trust Bank in Monroe and the Federal Home Loan Bank of Dallas (FHLB Dallas).
Ms. Henderson, who is retired from the Head Start program, learned about the grant program from a former co-worker. Shelia Grayson, vice president and community reinvestment officer at Community Trust Bank, worked with Ms. Henderson to submit her application.
SNAP grants are made available through FHLB Dallas member institutions, such as Community Trust Bank, 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 institution contributes at least $350 toward costs associated with the rehabilitation, the homeowner is eligible to receive up to $7,000 from FHLB Dallas.
In 2011, Community Trust processed 11 SNAP grant applications totaling nearly $55,000.
"The program allows us to play a role in helping applicants get these funds to rehab their homes," Ms. Grayson said. "They are always very grateful to receive the grant. Most are living on fixed incomes and can't afford extra expenses."
If not for the grant money, Ms. Henderson said she doubts that she would have been able to afford the repairs.
"I would have probably had to get the carpet replaced one room at a time, and I don't know if I could have done it," she said. "Applying for the grant wasn't difficult. The lady at the bank took all of my information and submitted the application. In about two weeks, I heard that I'd been approved. It's a good program. I know other people who have benefited from it and they were blessed to receive it."
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