MANDEVILLE, La., Dec. 15, 2014 /PRNewswire-USNewswire/
-- Seven Southeast Louisiana homebuyers will soon see their
dreams for homeownership become a reality. The Federal Home Loan
Bank of Dallas (FHLB Dallas) and
Home Bank have awarded Habitat for Humanity St. Tammany West
(HFHSTW) a $45,500 Affordable Housing
Program (AHP) grant, which will provide down payment assistance for
seven qualifying homebuyers.
Jeffrey St. Romain, HFHSTW
president, says six homes will be built in Mandeville and one near Lacombe, Louisiana. All homes will be built to
ENERGY STAR 3.0 specifications. They will vary in size from three
bedrooms with 1.5 baths to four bedrooms with two baths. To
qualify, potential homeowners must earn 30 to 60 percent of the
area median income.
"We understand that there are many families in our community who
struggle to become homeowners," said Mr. St. Romain. "Going through
our organization allows them the opportunity to purchase a home
with zero percent interest, and the grant from Home Bank and FHLB
Dallas reduces the principal amount on the loan thereby making
homeownership more affordable."
According to Mr. St. Romain, prospective homebuyers are required
to perform 300 sweat equity hours for a single-adult family and 400
sweat equity hours for a two-adult family. Prospective homebuyers
also participate in financial fitness and first-time homebuyer
education.
"Homeownership stabilizes families and communities," noted
Mary Hopkins, director of Financial
Reporting with Home Bank. "We are proud to support HFHSTW and their
efforts to put deserving families in homes, and we are thrilled
that there is an educational component to the program because it's
critical that prospective homebuyers understand and can manage the
responsibility of homeownership."
AHP grants are awarded through FHLB Dallas member financial
institutions, such as Home Bank, to assist in the development of
affordable owner-occupied and rental housing for very low- to
moderate-income households.
This year, FHLB Dallas awarded $9.8
million in AHP funding to 33 projects primarily within its
five-state District of Arkansas,
Louisiana, Mississippi, New
Mexico, and Texas. The 2014
grants will result in the creation or rehabilitation of 1,586
housing units.
Since the program's inception in 1990, FHLB Dallas has awarded
more than $228 million in AHP grants
to help approximately 42,000 families obtain safe, affordable, and
quality housing.
"Our members are committed to the communities they serve, and at
FHLB Dallas, we support their efforts through grant programs such
as AHP," said Greg Hettrick, vice
president and director of Community Investment at FHLB Dallas.
About Home Bank
Home Bank was originally chartered in 1908 as Home Building and
Loan. Today it is one of the nation's most stable lending and
financial institutions, building on the future by doing what's
right for its customers today. Home Bank serves the people and
businesses of Lafayette,
Baton Rouge, New Orleans, and surrounding Louisiana areas. Earlier this year, Home
Bank expanded into the Natchez and
Vicksburg, Mississippi area;
thereby serving the people and businesses of west Mississippi as well.
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 $37.5 billion as of
September 30, 2014, is a member-owned
cooperative that supports housing and community development by
providing competitively priced advances and other credit products
to approximately 900 members and associated institutions in
Arkansas, Louisiana, Mississippi, New
Mexico, and Texas.
Contact:
Corporate Communications
Federal Home Loan Bank of Dallas
www.fhlb.com
(214) 441-8445
Photo - http://photos.prnewswire.com/prnh/20141215/164500
Logo - http://photos.prnewswire.com/prnh/20140729/130876
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/affordable-housing-program-grant-helps-habitat-for-humanity-st-tammany-west-build-seven-homes-for-qualifying-homebuyers-300009969.html
SOURCE Federal Home Loan Bank of Dallas