BRYAN, Texas, March 16, 2010 (GLOBE NEWSWIRE) -- Erica Walker dreamed of one day owning her own home, and set for herself a five-year goal to save for that day.
Now, less than four and a half years later, her dream is already a reality. There are still a few boxes to unpack, but Ms. Walker is the proud owner of a three-bedroom, 1.5 bath home on a corner lot in Bryan, Texas. She is the first of her parents' 13 children to own a home. Several of her sisters attended a recent dedication of her home and have been inspired by her accomplishment.
"This is truly a blessing and is setting a foundation for me and my children," she said. "A house is one thing, but a home is different. You can really settle in, and my kids are so excited about it."
The Federal Home Loan Bank of Dallas (FHLB Dallas) and The Bank & Trust of Bryan/College Station awarded a $112,800 Affordable Housing Program (AHP) grant to Habitat for Humanity of Bryan/College Station to provide 20 affordable housing grants to residents in the two adjoining towns. The grant funds were provided to assist qualified first-time homebuyers with down payment and closing costs on a new or existing home.
Mike Holmgreen, vice chairman of Bank & Trust, said the bank appreciates the opportunity to be involved in a worthwhile cause.
"I have a history of working with the Federal Home Loan Bank on various affordable housing projects in Bryan-College Station," said Mr. Holmgreen. "All of the projects have been handled well and have accomplished the goal of establishing affordable and quality homes for our residents."
To date, the AHP grant has been used to assist four recipients and a fifth is in process, said Khris Thurmond, grants and loans specialist at Habitat for Humanity of Bryan/College Station. Each recipient received $5,640, and the nonprofit expects to award all of the funds by the end of the year. Ms. Thurmond also said she is in the process of writing another grant to seek funding for 2011.
Friends and family encouraged Ms. Walker to approach Habitat for Humanity for homebuyer assistance.
Ms. Walker is a teaching assistant for children with autism in the Bryan school district. But with four daughters ranging in age from 10 to 18, saving for a home was a challenge and sometimes emergency expenses impeded her efforts to save for a down payment. As a result, the family was living in cramped quarters in an apartment complex where drug use was common.
Ms. Walker said the required homebuyer education courses and participation in the sweat equity hours prepared her for the rigors of homeownership. She did everything from drywalling to tiling to fulfill her work requirements, and she now knows how to make minor home repairs when the need arises.
Ms. Thurmond said people sometimes have misconceptions about Habitat homes.
"We give a hand-up, not a hand-out," she said, noting that homeowners assisted by Habitat pay a mortgage and taxes, but the mortgage is interest free, and grants, such as the one Ms. Walker received, can help with the down payment. The assistance allows residents in the area to escape substandard housing where gangs, drugs and poor-living conditions can impede their ability to succeed in life.
For more information about FHLB Dallas programs, please contact the Corporate Communications Department at 214.441.8445. For more information about Habitat for Humanity of Bryan/College Station, call 979-823-7200.
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 $65.1 billion as of December 31, 2009, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to more than 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit the FHLB Dallas web site at fhlb.com.
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