FORT SMITH, Ark., Oct. 20, 2009 (GLOBE NEWSWIRE) -- A $5,000 Homebuyer Equity Leverage Partnership (HELP) grant from the Federal Home Loan Bank of Dallas (FHLB Dallas) was awarded to Katie Gengler, a first-time homebuyer in Fort Smith, Arkansas. The grant, made available through Liberty Bank of Arkansas, assisted Ms. Gengler with down payment and closing costs.
Ms. Gengler, 23, has lived in Fort Smith for three years, and had previously rented an apartment. When she began looking to buy a home, a friend referred her to the HELP program. Ms. Gengler contacted Liberty Bank of Arkansas, a member bank of FHLB Dallas, and qualified for a HELP grant.
"The grant significantly helped me purchase my home," said Ms. Gengler. "It minimized the down payment so that I had to pay very little out of pocket. And, my mortgage is only slightly more than what I was paying in rent at my apartment."
Ms. Gengler moved into her three-bedroom, two-bathroom home in July.
"Liberty Bank is proud to be a part of such an awesome program," said Shelia Kelton, Mortgage Loan Officer at Liberty Bank of Arkansas. "Assisting homebuyers with their first home purchase is rewarding, and Liberty Bank embraces the opportunity to give back to our community through homeownership."
In 2009, FHLB Dallas set aside $2 million of its annual Affordable Housing Program (AHP) funds for HELP to assist income-qualified, first-time homebuyers with down payment and closing costs. By September, HELP funds were exhausted so FHLB Dallas made available an additional $1.5 million outside of its AHP program for HELP II in an effort to continue assisting its members in supporting their communities. Each HELP and HELP II recipient is eligible to receive $5,000. The amount increases to $7,000 if a member financial institution or another mortgage lender contributes at least $350 toward costs associated with providing the mortgage to the homeowner.
For more information about FHLB Dallas programs, please contact the Corporate Communications Department at 214.441.8445.
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 $72.1 billion as of June 30, 2009, 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 web site at fhlb.com.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013