Affordable Housing Program Grant Helps Habitat for Humanity St. Tammany West Build Seven Homes for Qualifying Homebuyers

MANDEVILLE, La., Dec. 15, 2014 /PRNewswire-USNewswire/ -- Seven Southeast Louisiana homebuyers will soon see their dreams for homeownership become a reality. The Federal Home Loan Bank of Dallas (FHLB Dallas) and Home Bank have awarded Habitat for Humanity St. Tammany West (HFHSTW) a $45,500 Affordable Housing Program (AHP) grant, which will provide down payment assistance for seven qualifying homebuyers.   

Jeffrey St. Romain, HFHSTW president, says six homes will be built in Mandeville and one near Lacombe, Louisiana. All homes will be built to ENERGY STAR 3.0 specifications. They will vary in size from three bedrooms with 1.5 baths to four bedrooms with two baths. To qualify, potential homeowners must earn 30 to 60 percent of the area median income.

"We understand that there are many families in our community who struggle to become homeowners," said Mr. St. Romain. "Going through our organization allows them the opportunity to purchase a home with zero percent interest, and the grant from Home Bank and FHLB Dallas reduces the principal amount on the loan thereby making homeownership more affordable."

According to Mr. St. Romain, prospective homebuyers are required to perform 300 sweat equity hours for a single-adult family and 400 sweat equity hours for a two-adult family. Prospective homebuyers also participate in financial fitness and first-time homebuyer education.   

"Homeownership stabilizes families and communities," noted Mary Hopkins, director of Financial Reporting with Home Bank. "We are proud to support HFHSTW and their efforts to put deserving families in homes, and we are thrilled that there is an educational component to the program because it's critical that prospective homebuyers understand and can manage the responsibility of homeownership." 

AHP grants are awarded through FHLB Dallas member financial institutions, such as Home Bank, to assist in the development of affordable owner-occupied and rental housing for very low- to moderate-income households. 

This year, FHLB Dallas awarded $9.8 million in AHP funding to 33 projects primarily within its five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. The 2014 grants will result in the creation or rehabilitation of 1,586 housing units.

Since the program's inception in 1990, FHLB Dallas has awarded more than $228 million in AHP grants to help approximately 42,000 families obtain safe, affordable, and quality housing. 

"Our members are committed to the communities they serve, and at FHLB Dallas, we support their efforts through grant programs such as AHP," said Greg Hettrick, vice president and director of Community Investment at FHLB Dallas.

About Home Bank

Home Bank was originally chartered in 1908 as Home Building and Loan. Today it is one of the nation's most stable lending and financial institutions, building on the future by doing what's right for its customers today. Home Bank serves the people and businesses of Lafayette, Baton Rouge, New Orleans, and surrounding Louisiana areas. Earlier this year, Home Bank expanded into the Natchez and Vicksburg, Mississippi area; thereby serving the people and businesses of west Mississippi as well.

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 $37.5 billion as of September 30, 2014, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas.

Contact:

Corporate Communications
Federal Home Loan Bank of Dallas
www.fhlb.com
(214) 441-8445

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SOURCE Federal Home Loan Bank of Dallas

Related Links

http://www.fhlb.com