FHLB Fortified Fund Program | Lapeyre Construction
Understanding the FHLB Fortified Fund Program
At Lapeyre Construction, we are proud to be a Fortified Certified roofing contractor, committed to helping homeowners enhance the resilience of their roofs against severe weather conditions. Below, we answer some common questions homeowners have about the FHLB Fortified Fund Program and how we can assist you throughout this process.
1. What is FHLB?
The Federal Home Loan Bank (FHLB) system consists of 11 regional banks across the United States. These banks provide financial services to member institutions, including affordable housing and community development programs. FHLB Dallas is the specific bank involved in the Fortified Fund Program, offering grants to help homeowners upgrade to Fortified roofs.
2. Why are there banks in their “network” and not in their network?
FHLB member banks are part of a cooperative network. Only institutions that choose to join the FHLB system and meet specific criteria are part of this network. Non-member banks do not participate in the FHLB programs.
3. Why do they have this grant fund?
The Fortified Fund Grant is designed to help homeowners strengthen their homes against extreme weather, reducing damage and loss. By promoting Fortified roofs, the FHLB aims to improve community resilience and reduce the long-term costs associated with disaster recovery. Additionally, participating in such programs can help banks earn Community Reinvestment Act (CRA) credit, which encourages financial institutions to help meet the credit needs of the communities in which they operate.
4. Why don’t all banks in their “network” participate in this grant fund?
Participation in the grant fund is voluntary. While all member banks can potentially participate, some may choose not to due to various factors such as internal policies, resource availability, or strategic focus. Homeowners should check with their local FHLB member bank to see if they participate in the Fortified Fund Program.
5. Who do I send my application to?
Homeowners should submit their Fortified Fund Grant applications to an intermediary organization, which is usually a non-member entity that can profit from this transaction (up to 10% of the grant amount). The intermediary will then process and forward the application to FHLB Dallas. Specific instructions and contacts are typically provided by the intermediary.
Below is a post highlighting contacts we’ve vetted who are participating in this program.
6. What’s an intermediary for the purpose of this fund?
An intermediary is a non-member entity that assists homeowners with the application process for the Fortified Fund Grant. They can profit up to 10% of the grant amount. In contrast, member banks handle the funds but are not allowed to make any money off this transaction. Intermediaries ensure all necessary documents are completed and submitted correctly.
7. How do I know if I qualify?
To qualify for the Fortified Fund Grant, homeowners must meet specific income requirements. Their household income must be 120% or less of the median income for their area. Homeowners must provide income documentation such as tax returns and W-2 forms to verify eligibility. Additionally, the home must be structurally eligible for a Fortified roof as determined by a certified evaluator.
8. How quickly will I know if I qualify?
After submitting the application, the FHLB typically takes about 7 business days to process it. Homeowners will receive an email notification once the funds are committed. The overall timeline may vary depending on the completeness of the application and the intermediary’s processing time.
9. Where does the money come from?
The funds for the Fortified Fund Grant come from the Federal Home Loan Bank of Dallas. The FHLB system is a government-sponsored enterprise that provides financial support and services to its member banks, which, in turn, support community development and housing initiatives.
10. Who receives the money?
Once the application is approved and the funds are committed, the grant money is typically disbursed to the member bank or intermediary handling the application. These funds are then used to pay the roofing contractor and any associated evaluator or intermediary fees as specified in the grant application.
At Lapeyre Construction, we are here to guide you through every step of the Fortified Fund Grant process. Our team is dedicated to ensuring your home is well-protected with a Fortified roof. If you have any questions or need assistance, please don’t hesitate to reach out. We’re here to help!
