DALLAS, Sept. 22, 2009 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) and Benefit Bank are pleased to award a Special Needs Assistance Program (SNAP) grant to Charley Mae Palmer in Fort Smith, Arkansas.
Ms. Palmer bought her newly renovated home in 2006 with assistance from the Crawford-Sebastian Community Development Council, Inc (C-SCDC). Recently, the compressor went out on Ms. Palmer's air conditioning unit. Since she is disabled and living on limited income, Ms. Palmer again turned to C-SCDC for assistance.
Karen Phillips, Homeownership and Asset Developer Center Director at C-SCDC, originally helped Ms. Palmer purchase her home, and was happy to help again with the air conditioning repairs. Ms. Phillips turned to FHLB Dallas and Benefit Bank for assistance, and learned that Ms. Palmer qualified for a SNAP grant. With the funds secured, Ms. Palmer was able to fully repair the compressor to her AC unit.
"Everything worked out really well," said Ms. Palmer. "Karen Phillips always comes through, and I would recommend this program to anyone."
Ms. Phillips said she has a lengthy waiting list of people needing assistance, and SNAP grants have made a big difference for many of her clients.
"Benefit Bank has been wonderful to work with, and has had a huge impact in our community by providing access to FHLB Dallas programs," said Ms. Phillips. "There is so much need in our area, and the SNAP program is one more outlet that can help the people that need it most."
Steve Echols, Senior Vice President at Benefit Bank, works with FHLB Dallas to obtain the grant funds and pass them on to qualified individuals and organizations.
"Benefit Bank is proud to support those living in our community," said Mr. Echols. "Our partnership with FHLB Dallas enables us to be more proactive and provide additional funding to local organizations and individuals that need it most."
In 2009, FHLB Dallas set aside $1 million of its annual AHP funds for SNAP, a new special needs rehabilitation program that provides grant funds to assist income-qualified, special needs homeowners with home repairs and modifications. Each SNAP recipient is eligible to receive up to $5,000. If a member financial institution contributes at least $350 toward costs associated with the rehabilitation, the homeowner is eligible to receive up to $7,000.
For more information about FHLB Dallas programs, contact the Corporate Communications Department at 214.441.8445.
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