The Dallas Area Habitat for Humanity received a grant from the Federal Home Loan Bank (FHLB) of Dallas and the First National Bank Texas (FNBT) to help qualified first-time home buyers with their down payments and closing costs. The grant was for $72,000, according to an August 4 press release.
Dallas Area Habitat was presented with a ceremonial check on August 3.
Funding for the grant came from FHLB Dallas Homebuyer Equity Leverage Partnership (HELP) program. It provided funding for 12 qualified first-time homebuyers.
“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,” the press release states.
“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 Beasoche Jr., vice president of Community Development at First National Bank Texas.
One recent Dallas Habitat homeowner, 37-year-old Kellye Coleman, was able to purchase her home in May with help from the program. In addition to the no-interest mortgage from Habitat, the single mother of three received a $6,000 HELP subsidy for the downpayment and closing costs.
“I have always wanted to give my children their own bedrooms,” Coleman shared in the press release. “We have a huge yard now, and my kids can just run and play outside, which they have never been able to do before.”
The house is located close to where Coleman’s children go to school.
Bruce Hatton, the vice president and Affordable Housing Program manager at FHLB Dallas, shared his excitement about the recent grant in the press release.
“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,” Hatton said.
The Dallas Area Habitat for Humanity helps lower-income families fulfill the dream of home ownership. The organization serves families that fall between 25% and 60% of the median income in their area.
“Through affordable homeownership opportunities, financial education, advocacy efforts, and neighborhood empowerment programs, Dallas Habitat transforms families, revitalizes neighborhoods, and is working together to build a better Dallas,” the website states. “Strategically bringing together public and private funding, community leadership and vision, and thousands of volunteers—we will break the cycle of poverty and transform our communities.”
The Dallas area chapter of Habitat for Humanity has built 54 homes so far with more than 85,000 volunteer hours, according to the organization’s website. The nonprofit has also educated over 1,000 clients and taken in eight million pounds of donated goods.
