TUPELO, Miss., Oct. 23, 2009 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) and Trustmark National Bank awarded a $7,000 Homebuyer Equity Leverage Partnership (HELP) grant to Tamiko Knowles, a first-time homebuyer in Tupelo, MS.
Ms. Knowles has lived in Tupelo for almost six years, where she previously rented an apartment. When Ms. Knowles began looking to buy a home, she attended a homebuyers' seminar and learned about possible grant options for first-time homeowners. Ms. Knowles worked with Trustmark National Bank to receive the HELP grant, and used it in conjunction with other grants she obtained through the city of Tupelo.
"The grant helped tremendously with principal reduction and down payment costs," said Ms. Knowles. "Buying a home is more expensive than renting an apartment, but it's a trade-off. I'm now building equity and paying off something that will one day be mine."
Ms. Knowles closed on her house on October 7, and plans to move in on October 24. She is especially excited that her 4-year-old daughter will now have her own room.
"Trustmark is pleased with our partnership with the Federal Home Loan Bank of Dallas and the HELP program," said Steffani Jenkins, Vice President and Director of Community Development at Trustmark National Bank. "We are delighted to be able to assist customers with securing the funds necessary to purchase their first home, and the HELP program is one in which everyone involved benefits."
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 may be increased up 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