WACO, Texas, June 21, 2012 (GLOBE NEWSWIRE) -- Ira Ridge can't seem to talk about her new home without breaking into laughter.
The 54-year-old Waco woman was handed the keys to her own home by Waco Habitat for Humanity (Waco Habitat) in May 2011, and she said her life was changed forever. The neat, gray and burgundy, two-bedroom, one-bath house is the first home Ms. Ridge has ever owned.
"I love my new home," she said between giggles. "It's fantastic."
Ms. Ridge was living in a rented apartment that wasn't in a great part of town when she applied for homeownership through Waco Habitat. "The rent on the apartment was getting to be so high that I was having trouble paying it," she said.
A family friend suggested she contact Waco Habitat about the possibility of having a house built for her.
"Ira was a real joy to work with when we helped build her home over spring break last year," said Waco Habitat Executive Director John Alexander. "Volunteers were primarily college and high school students and Ira worked alongside the students each day with a warm smile on her face. And, she still has that smile when she comes by the office to make her monthly mortgage payment."
Waco Habitat works closely with the Federal Home Loan Bank of Dallas (FHLB Dallas) and Extraco Banks to help qualified applicants obtain Homebuyer Equity Leverage Partnership (HELP) grants to assist with down payment and closing costs on a Habitat home. Ms. Ridge received a $7,000 HELP grant, which provided the upfront payment she needed to purchase her Habitat home.
HELP grants are available through FHLB Dallas member institutions, such as Extraco Banks, to assist income-qualified, first-time homebuyers with down payments and closing costs on a newly constructed or existing home. For 2012, FHLB Dallas made $1 million in HELP funds available to its members on a first-come, first-served basis. Habitat for Humanity affiliates throughout FHLB Dallas's five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas partner with its member institutions to obtain HELP grants to help qualified applications fill the funding gap and purchase a Habitat home.
"Part of Extraco's mission is to touch lives, to make a difference in our communities," said Michael W. Thompson, president and chief executive officer of Extraco Banks. "It's a great feeling helping families realize the American dream of home ownership through the HELP grant program."
Ms. Ridge has thoroughly been enjoying homeownership.
"Where do I start? I love it all," she says. "But there is one thing that I especially love. I keep my grand-daughter while her mother works and I wanted her to have a safe place to play outside. I grew up in the country and I was always outside playing. I wanted her to have that same experience."
The second bedroom in the house is decorated specifically for 4-year-old Haira so that she has her own room when she's staying with her grandmother. She also has a swing-set in the backyard. "We spend hours out there," Ms. Ridge said.
Ms. Ridge works two part-time jobs. During the mornings she's a caregiver for Texas Home Health and in the afternoon she works as a cashier at Pharmacy Plus in nearby Robinson, Texas. During the time between her application approval and the beginning of construction, Ms. Ridge worked the required "sweat equity" hours that is part of the Habitat for Humanity program.
She says homeownership has added a whole new dimension to her life.
"My dream has become a reality," she said. "It's a fantastic feeling to own my own home and this is an experience I will treasure. I met so many wonderful people and I'm just so grateful. I'm overjoyed."
Then, she breaks out again in laughter.
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 $34.2 billion as of March 31, 2012, 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.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013