VICTORIA, Texas, Oct. 26, 2009 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) and First Victoria National Bank awarded a $4,996 Special Needs Assistance Program (SNAP) grant to Arthur and Cora Franklin to assist with home renovations.
Mr. and Mrs. Franklin have lived in their home in Victoria, Texas for 13 years. They have a 17-year old daughter, 5-year old grandson, and 24-year old daughter who lives with a disability. Mrs. Franklin said that because their home needed so many repairs, the family considered moving because of the high costs of renovations.
Mrs. Franklin said she regularly contacted the city of Victoria for information regarding grants to assist with home renovations. The city partners with First Victoria National Bank to identify and assist qualified homeowners for SNAP grants. Mrs. Franklin qualified for the grant, and the funds provided a new roof, kitchen cabinets, doors, windows, flooring, and electrical outlets.
"This grant helped us keep our home," said Mrs. Franklin. "I am so appreciative for all of the work they did. They really accomplished a lot. It was way too much for us to do on our own."
"Our partnership with the city of Victoria enables us to reach out to a larger group of people," said Liz Freyer, Senior Vice President at First Victoria National Bank. "The city is one of the first places people look to when needing assistance, and SNAP is a great option because it's a fast process with less documentation. First Victoria National Bank has been a partner of the city of Victoria for many years, and we are pleased to provide assistance to those in our community."
The Franklins moved out of their house in mid-June to allow for the renovations, and the work was completed by late August.
"My home looks totally different," said Mrs. Franklin. "It's wonderful."
In 2009, FHLB Dallas set aside $1 million of its annual Affordable Housing Program (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. By September, SNAP funds were exhausted so FHLB Dallas made available an additional $500,000 outside of its AHP program for SNAP II in an effort to continue assisting its members in supporting their communities. Each SNAP and SNAP II recipient is eligible to receive $5,000. The amount increases up to $7,000 if a member financial institution contributes at least $350 toward costs associated with the rehabilitation.
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