BRYAN, Texas, March 4, 2010 (GLOBE NEWSWIRE) -- In 2009, the Federal Home Loan Bank of Dallas (FHLB Dallas) awarded a $112,800 Affordable Housing Program (AHP) grant to Habitat for Humanity of Bryan/College Station to assist 20 very low to low-income, first-time homebuyers within the two adjoining towns. The grant funds will assist each qualified homebuyer with down payment and closing costs on his or her new home.
Habitat worked with The Bank & Trust of Bryan/College Station, a member bank of FHLB Dallas, to obtain the AHP grant. The Bank & Trust considers community involvement to be part of its mission as an independent, locally owned bank, said Mike Holmgreen, vice chairman of The Bank & Trust.
"If we have the opportunity to help Habitat for Humanity obtain funding for affordable housing assistance then we are happy to do it," he said.
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.
Debra Gaines, one of the four recipients, said homeownership definitely comes with benefits. Her two rambunctious boys, ages 8 and 9, each have their own bedroom, which has cut down on disputes and has given them a sense of independence. For Ms. Gaines, she's able to paint the walls whatever color she pleases and add design elements to her liking.
Ms. Gaines said she likes the personal control that homeownership has given her, as well as the opportunity to build equity in something that she'll eventually own outright.
Ms. Gaines, a customer service representative for West Corp., said she initially moved into her Habitat home on a lease arrangement. Earlier this year, she closed on the house – a three-bedroom, 1.5 bath home in Bryan. Because the house was built in 2006, she didn't get to enjoy the excitement associated with raising her own walls, but she still found it inspirational to put in her "sweat equity" by helping others raise their walls. The Habitat program requires participants to provide up to 500 hours of onsite construction work, what they refer to as sweat equity. Prospective homeowners attend through several informational workshops.
One of the best experiences of the process was learning everything that goes into building a home, Ms. Gaines said. Her experiences included roofing, painting and building walls.
Habitat, now in its 21st year in Bryan/College Station, has completed 177 homes in the area and has another nine that are either under construction or will be soon, said Ms. Thurmond.
"For such a small community to support an organization like this, we are very blessed," Ms. Thurmond said. "New Habitat homeowners take pride that they live in a neighborhood where they can feel safe and where neighbors watch out for each other. Many are escaping rental properties where safety, cramped quarters, and absentee landlords affected their quality of 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 advances 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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