FHLB Dallas and Liberty Bank Award SNAP Grant to Rural Arkansas Homeowner


BONO, Ark., Nov. 30, 2009 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) and Liberty Bank awarded a $5,000 Special Needs Assistance Program (SNAP) grant to Sandra Sartin to assist with home renovations.

Ms. Sartin has lived in her home in Bono, Arkansas, a small town outside of Jonesboro, for three years. She said her home desperately needed renovations, but she couldn't cover all of the expenses on her own. Ms. Sartin had very old carpet and flooring, which had torn and left holes in places. She also needed to replace doors that were broken or had fallen off the doorframe.

Debra Taylor, vice president of lending at Liberty Bank, worked with Ms. Sartin on her home loan, and suggested that she apply for a SNAP grant through FHLB Dallas. Ms. Sartin applied, and she said within days she was approved.

"The grant enabled me to get all new flooring and two new doors," said Ms. Sartin. "It just looks wonderful. I am very appreciative of the assistance."

Liberty Bank has awarded seven SNAP grants to Arkansas residents in 2009. Ms. Taylor said it is very rewarding that Liberty Bank is able to use FHLB Dallas grants to give back to the local community.

"It's all about giving back to those who need it most," said Ms. Taylor. "Liberty Bank participates in the SNAP program in order to help people improve their living situation. It is so rewarding to help those in need and hear someone, like Sandy, say 'thank you.'"

Ms. Sartin has banked with Liberty Bank for approximately six years, and was very grateful to hear about the program. She said the process was very quick and easy. Ms. Sartin applied for the grant in July and renovations were completed in September.

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 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 $67.3 billion as of September 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



            

Tags


Contact Data