US residents may qualify for home repair funds

The University District Development Corporation (UDDC) is accepting requests from eligible homeowners in the University District interested in participating in the Federal Home Loan Bank of Dallas’ Special Needs Assistance Program (“SNAP”). SNAP funds provide up to $5,000 toward minor repair costs for homeowners age 55 or older or those having a documented disability and income of 80 percent or below the median income for the area. The median income for University District homeowners is $34,450 (1-person), $39,400 (2-people), $44,300 (family of three), $49,200 (family of four).

The Federal Home Loan Bank of Dallas’ region includes Arkansas, Louisiana, Mississippi, Texas, and New Mexico. During this round of funding each local member bank can receive up to $60,000 for rehabilitation grants, and the Dallas region has a total of $1,000,000 to award on a first-come, first-serve basis.

The UDDC partners with local member banks and makes funds available to homeowners in the University District. Homeowners receiving the grant must stay in their home for five years for the loan to be fully forgiven. This is the UDDC's third year to participate in SNAP and fourth year the FHLB has funded the program. Several University District homeowners benefited in previous years.

For more information contact Barrett Allen at 501-683-7361 or blallen@ualr.edu.