TUPELO, Miss., May 17, 2013 (GLOBE NEWSWIRE) -- Frank Tucker purchased his home in Tupelo, Mississippi, six years ago. He is disabled and lives alone, aside from his two cats, and depends on a very limited income to make ends meet. For several years, the roof on his home had been deteriorating. He could not afford to replace it, but postponing the work led to even bigger problems.
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The roof began to leak and damaged the inside of his home. Desperate for help, Mr. Tucker went to the city of Tupelo for assistance. Lynda Ford, community development specialist for the city, referred him to the Special Needs Assistance Program (SNAP), which is available through the Federal Home Loan Bank of Dallas (FHLB Dallas) and its participating member institutions. The city partners with BancorpSouth to utilize the program.
"The city's partnership with BancorpSouth has been remarkable in obtaining these grant funds and directing them to people in our community who need them most," said Ms. Ford. "This program helps people like Mr. Tucker, who have very limited resources, extend the life and durability of their homes."
SNAP grants are available on a first-come, first-served basis to assist income-qualified, special needs homeowners with emergency home repairs and modifications. Since the program's inception in 2009, more than $6 million in SNAP grant funds have been awarded to assist 1,260 eligible homeowners.
"BancorpSouth has been using SNAP since it was first available in 2009," said Christy Minton, assistant vice president at BancorpSouth. "The city of Tupelo has been a valuable partner in dispersing the funds in our community. We are proud to be a part of their efforts, and are always happy to go above our banking duties and give back to those in need."
Mr. Tucker was awarded a $4,672 SNAP grant to replace his roof, as well as replace his kitchen countertops and repair some interior plumbing. He was approved for the grant at the beginning of the year, and the work was completed in February.
"This grant has really been a godsend," said Mr. Tucker. "I couldn't have gone much longer with the old roof – it was really in bad shape. I am very satisfied with the work and appreciate all the help I received."
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.
The photo is also available via AP PhotoExpress.
CONTACT: Corporate Communications Federal Home Loan Bank of Dallas www.fhlb.com (214) 441-8445
Source:Federal Home Loan Bank of Dallas