SAN ANTONIO, Feb. 11, 2010 (GLOBE NEWSWIRE) -- A $5,000 Homebuyer Equity Leverage Partnership (HELP) grant from the Federal Home Loan Bank of Dallas (FHLB Dallas) and Broadway Bank assisted first-time homebuyer Nora Cedillo Contreras in buying her first home.
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A friend referred Ms. Contreras to Habitat for Humanity of San Antonio, where she learned of the HELP grants that were available to qualified first-time homebuyers to assist them with down payment and closing costs. Through the Habitat San Antonio program, Ms. Contreras also was able to contribute "sweat equity" toward the construction of her new home, which further lowered the costs associated with buying her first home.
"I am a single parent and just didn't think I would be able to ever become a homeowner due to financial reasons," said Ms. Contreras, who was able to close on her home and begin moving in during Thanksgiving week.
Stephanie Wiese, Vice President of Development and Communications for Habitat for Humanity of San Antonio, said most families who participate in the program complete at least 300 hours of "sweat equity" on their homes.
"This $5,000 HELP grant reduces the principal on our Habitat families' zero percent interest mortgages," Ms. Wiese said. "This makes our homes even more affordable to our very hard working families."
Habitat for Humanity San Antonio was able to access the HELP grant through Broadway Bank in San Antonio.
"Knowing that we are able to help renters make the transition to homeownership is very rewarding," said Jeannette Westbrook, Senior Vice President, Community Reinvestment, at Broadway Bank. "The $5,000 grant families receive through the HELP program is a huge factor in making the homes affordable."
In 2009, FHLB Dallas, through its members, awarded nearly $3.2 million in HELP and subsequent HELP II grants throughout its five-state District, including nearly $1.2 million in Texas. HELP II was a special, one-time allocation in 2009 because of overwhelming demand for the funds. Each HELP recipient is eligible to receive $5,000. The amount may be increased up to $7,000 if a member financial institution or another mortgage lender contributes at least $350 toward costs associated with providing the mortgage to the homeowner.
For more information about FHLB Dallas programs, please contact the Corporate Communications Department at 214.441.8445.
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 $67.3 billion as of September 30, 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.
About Broadway Bank
Broadway Bank was founded in 1941 to serve the San Antonio community. It has evolved from a small neighborhood bank into the largest independently-owned bank headquartered in the San Antonio metropolitan area, and continues to operate as a locally-owned and operated financial institution. Broadway Bank offers a full range of sophisticated financial services including retail banking, private banking, military banking, business banking, and wealth management. With more than $2 billion in total assets, the highly-rated Broadway Bank and its military division, Eisenhower Bank, operate 38 locations in the surrounding area and South Central Texas. Visit the Broadway Bank website at broadwaybank.com and Eisenhower Bank at eisenhowerbank.com for more information.
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