FORDYCE, ARKANSAS – June 18, 2013 – (RealEstateRama) — Joyce King lost her job in 2009 as the recession left an indelible mark on her town and the nation.
After a local plant closed down, Ms. King was forced to look for new opportunities in the small town of less than 5,000 people where work options were limited. Back and knee injuries affected Ms. King’s ability to find new employment. Now she lives on disability, but her income isn’t enough to cover major home repairs such as the ones her house needed.
Ms. King, 59, grew up in Fordyce and lives in the home where she grew up. She heard about the Special Needs Assistance Program (SNAP) from others in the community and from the local newspaper. SNAP is offered by the Federal Home Loan Bank of Dallas (FHLB Dallas) through its member institutions, such as FBT Bank & Mortgage, and provides grants to assist income-qualified, special-needs homeowners with necessary home repairs and modifications.
She received a $5,000 SNAP grant to repair her home. The scope of work included a new roof, new underpinnings on the house, and some plumbing/drainage work. The work was completed in 2012.
“The old roof was about as old as the house is. This house is maybe 40-plus years old. It was leaking,” Ms. King said. Although the roof had undergone patching over the years, it simply was no longer enough, she added. “The SNAP funds were a godsend. I would recommend it to anyone.”
Scott Smith, vice president, at FBT Bank & Mortgage said SNAP offers an opportunity to help its community.
“It’s truly a heart-warming program — to see the smiles on homeowners’ faces when they are able to get these critical repairs done,” he said. “It is gratifying as a hometown bank to be able to make a difference in the lives of residents here.”
SNAP was established in 2009 by FHLB Dallas and is available through its member institutions. Since its inception, SNAP has awarded more than $6 million in grant funds to 1,260 eligible homeowners. In 2013, FHLB Dallas made available $1 million in SNAP grants.
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 billion as of March 31, 2013, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit the FHLB Dallas website at fhlb.com.
Federal Home Loan Bank of Dallas