Funds Provided Down Payment Assistance for Buyers of 12 Habitat Homes
First National Bank Texas (FNBT) and the Federal Home Loan Bank of Dallas (FHLB Dallas) presented $72,000 to the Dallas Area Habitat for Humanity in a ceremonial check presentation on Wednesday.
FNBT and FHLB Dallas provided the funding from FHLB Dallas’ Homebuyer Equity Leverage Partnership (HELP) program in 2022 to help 12 income-qualified, first-time homebuyers with down payment and closing cost expenses connected to the construction of their homes through Dallas Area Habitat for Humanity.
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Kellye Coleman, a 37-year-old customer service representative and single mother of three, had been dreaming of making the transition from renting to homeownership as the rent on her two-bedroom apartment increased each year. Thanks to a no-interest mortgage from Dallas Area Habitat and a $6,000 HELP subsidy, she moved into a four-bedroom, two-bathroom home in Dallas’ historic Joppa neighborhood in May.
“I have always wanted to give my children their own bedrooms,” Ms. Coleman said. “We have a huge yard now, and my kids can just run and play outside which they have never been able to do before.”
In addition to having their own backyard, Ms. Coleman’s children live close to their schools and can enjoy nearby nature trails.
“Down payments and closing costs can be barriers to homeownership, and we are thrilled to have had the opportunity to partner with FHLB Dallas to contribute to the purchasing of new affordable homes in the Dallas metropolitan area,” said Pedro Beascochea Jr., vice president Community Development Innovation specialist at First National Bank Texas.
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HELP subsidies are offered by FHLB Dallas through its member institutions to assist first-time homebuyers with down payments and closing costs on new or existing homes. For 2022, FHLB Dallas set aside $4 million for HELP subsidies made available through its members on a first-come, first-served basis.
“We are honored to partner with FNBT to make the dream of homeownership a reality for Ms. Coleman and the 11 other families who have moved into these homes,” said Bruce Hatton, vice president and Affordable Housing Program manager at FHLB Dallas
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