KERRVILLE, Texas, Oct. 14, 2011 (GLOBE NEWSWIRE) -- Following her divorce a few years ago, Heather Martinez didn't think that becoming a homeowner was in the cards. But that was before the single mother of two began working with Habitat for Humanity of Kerr County (HFHKC).
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Through HFHKC, Ms. Martinez learned about a program through the Federal Home Loan Bank of Dallas (FHLB Dallas) and Hill Country State Bank that offered grants to assist income-qualified, first-time homebuyers with their down payment and closing costs. Through the Homebuyer Equity Leverage Partnership (HELP) program, Ms. Martinez qualified for a $7,000 HELP grant, and she and her two children are now living in their new home.
"I was renting an apartment and just wanted the opportunity to own my home," said Ms. Martinez, who works as a receptionist. "Realistically, it wouldn't have been possible for me to go out and buy a home. With the divorce I had to start over. I'm blessed to have received the grant because that's a lot of money, and I wouldn't have been able to come up with it right away. It would have taken me a long time."
HFHKC works with Hill Country State Bank to leverage HELP funds from FHLB Dallas to assist first-time homebuyers, and further lower the cost of their homebuyers' mortgages. The organization and Hill Country State Bank have assisted three homeowners this year with HELP funds.
"As a community banking institution, Hill Country State Bank is committed to assisting our residents with their affordable housing needs," said Ronnie Miller, executive vice president at Hill Country State Bank. "We are proud to partner with HFHKC and FHLB Dallas to award the HELP grant to Ms. Martinez."
Ms. Martinez started her homebuying process with HFHKC about three years ago, and says the organization answered all of her questions and kept her informed.
"The HELP grants have the perfect acronym. They help Habitat help our families and help our families help themselves," said Mary Ellen Summerlin, president of the HFHKC Board of Directors. "Ultimately, the program helps us all because our community becomes a better, more economically sustainable place to live. We are all most grateful to FHLB Dallas and to Hill Country State Bank."
Now, Ms Martinez and her two children, ages 10 and 19, are enjoying their new, three-bedroom, two-bathroom home in Kerrville, Texas.
"It's bigger than the apartment we were living in and it's in a brand new neighborhood," she said. "I was the second homeowner to move in. It's going to be exciting to see this neighborhood grow over the next few years."
And because she and her family helped build their home and others, Ms. Martinez says she feels a special sense of pride in her new neighborhood.
"I'm ecstatic to be a homeowner. Sometimes it feels surreal. It's a wonderful feeling and a proud feeling," she said. "I helped build the houses in this neighborhood and other neighborhoods. I helped frame my own home. You take a special pride in your home and in your neighbors' homes. It's just a wonderful feeling of accomplishment and pride."
In 2011, FHLB Dallas made $1.7 million in HELP funds available to its members. HELP grant recipients can receive up to $5,000 in grant money. The amount can increase up to $7,000 if a member, or another mortgage lender, contributes at least $350 toward costs associated with providing the mortgage to the homeowner.
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 $31.4 billion as of June 30, 2011, 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 website at fhlb.com.
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