HELP Grant Assists New Orleans-Area Resident with First Home Purchase

MARRERO, La., July 31, 2014 /PRNewswire/ -- All Rasheed Kelly wanted was a home in a nice neighborhood so her kids could safely play outside. The 35-year-old single mother of six said her rental house was not in a good neighborhood.

"My family and I needed to live somewhere where I wouldn't worry when my kids were playing in the front yard," said Ms. Kelly, a server at a local restaurant. "It was a goal of mine to buy a nice home that I could pass down to my kids, but I never thought it would happen since I didn't have a down payment."

Ms. Kelly met with Prax Melancon, vice president and mortgage CRA development officer at IBERIABANK. He identified that Ms. Kelly qualified for a grant through the Federal Home Loan Bank of Dallas' (FHLB Dallas) Homebuyer Equity Leverage Partnership (HELP) grant program, to assist with her down payment.

HELP grants are offered by FHLB Dallas through its member institutions, like IBERIABANK, to provide income-qualified, first-time homebuyers, up to $7,000 in grant funds to assist with down payments and closing costs.

To date in 2014, IBERIABANK has utilized $18,000 in HELP grants to assist four families with down payments and/or closing costs.

"Through our partnership with the HELP program, we are honored to support Ms. Kelly's dream of being a homeowner," said IBERIABANK New Orleans President Hunter Hill. 

A $5,000 HELP grant was awarded to Ms. Kelly through FHLB Dallas and IBERIABANK. The grant was applied toward her down payment which reduced the amount of her monthly mortgage payment.

"I am so thankful for the HELP grant, as it made my payment affordable," said Ms. Kelly. "My kids and I are so happy that now we are in a safe neighborhood."

Since its inception, FHLB Dallas has awarded nearly $14.3 million in HELP grants to assist more than 2,700 families. For 2014, FHLB Dallas has made available $1 million in HELP funds through its members. To learn more about HELP and other FHLB Dallas grant programs, please visit fhlb.com.

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 $33.6 billion as of June 30, 2014, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit the FHLB Dallas website at fhlb.com.

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