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July 10, 2023
Federal Home Loan Bank of Dallas expands eligibility for veterans housing program
$300K allocated to assist with repairs or down payments
Contributed
The Federal Home Loan Bank of Dallas (FHLB Dallas) has expanded the eligibility for the Housing Assistance for Veterans (HAVEN) program. The program, which has been available only to veterans, active-duty, reserve or National Guard service members who became disabled as a result of their military service since Sept. 11, 2001, will now include service members who became disabled as a result of their military service since Aug. 2, 1990.
“With this expansion, more disabled veterans and Gold Star Families will qualify for assistance for necessary home repairs or for down payment and closing cost assistance,” Greg Hettrick, FHLB Dallas senior vice president and director of Community Investment, said. “Repairing or buying a home can be incredibly expensive. We are pleased to expand HAVEN to more of our active-duty service members, veterans, reservists, National Guardsmen and Gold Star Families.”
HAVEN, which is awarded through participating FHLB Dallas member institutions, provides up to $15,000 per household and includes eligible Gold Star Families, which are the immediate family members of a fallen service member who died while serving in a time of conflict. FHLB Dallas allocated $300,000 in HAVEN funds for 2023, which member financial institutions may access to assist eligible applicants on a first-come, first-served basis.
Recipients may use HAVEN funds to:
· Modify, repair or rehabilitate an existing home or one they plan to purchase to meet the needs of a U.S. veteran or service member
· Offset construction costs of a newly constructed house
· Pay for third-party inspection and developer fees
· Provide funds for down payments and/or closing costs to assist eligible veterans, service members or Gold Star Families in purchasing a first home
Program Requirements:
· Households must have a family income of 165 percent or less of the area median income
· If the HAVEN funds are used for down payment assistance or closing costs, then the grant recipient must qualify as a first-time homebuyer and complete a homeowner counseling course
· Households may not receive any cash back
HAVEN funds are available until the funds are exhausted or until Dec. 31, 2023, whichever occurs first.
See fhlb.com/haven for more information about HAVEN and click here to see a list of participating members. Contact your financial institution if it is on the list of participating HAVEN members or reach out to another in your area on the participating list to see if you or a family member qualifies for HAVEN.
“With this expansion, more disabled veterans and Gold Star Families will qualify for assistance for necessary home repairs or for down payment and closing cost assistance,” Greg Hettrick, FHLB Dallas senior vice president and director of Community Investment, said. “Repairing or buying a home can be incredibly expensive. We are pleased to expand HAVEN to more of our active-duty service members, veterans, reservists, National Guardsmen and Gold Star Families.”
HAVEN, which is awarded through participating FHLB Dallas member institutions, provides up to $15,000 per household and includes eligible Gold Star Families, which are the immediate family members of a fallen service member who died while serving in a time of conflict. FHLB Dallas allocated $300,000 in HAVEN funds for 2023, which member financial institutions may access to assist eligible applicants on a first-come, first-served basis.
Recipients may use HAVEN funds to:
· Modify, repair or rehabilitate an existing home or one they plan to purchase to meet the needs of a U.S. veteran or service member
· Offset construction costs of a newly constructed house
· Pay for third-party inspection and developer fees
· Provide funds for down payments and/or closing costs to assist eligible veterans, service members or Gold Star Families in purchasing a first home
Program Requirements:
· Households must have a family income of 165 percent or less of the area median income
· If the HAVEN funds are used for down payment assistance or closing costs, then the grant recipient must qualify as a first-time homebuyer and complete a homeowner counseling course
· Households may not receive any cash back
HAVEN funds are available until the funds are exhausted or until Dec. 31, 2023, whichever occurs first.
See fhlb.com/haven for more information about HAVEN and click here to see a list of participating members. Contact your financial institution if it is on the list of participating HAVEN members or reach out to another in your area on the participating list to see if you or a family member qualifies for HAVEN.