DALLAS, Sept. 2, 2009 (GLOBE NEWSWIRE) -- A $7,000 Homebuyer Equity Leverage Partnership (HELP) grant from the Federal Home Loan Bank of Dallas (FHLB Dallas) was awarded to Chad Almquist, a first-time homebuyer in New Orleans, Louisiana.
The grant, made available through Fidelity Homestead Savings Bank, assisted Mr. Almquist with costs associated with buying his first home.
Mr. Almquist, a 25-year-old manager of a retail web site, said he learned of the grant through a lender at Fidelity Homestead Savings Bank. Mr. Almquist had been renting, and decided it was time for him to become a homeowner.
"The grant made it possible," Mr. Almquist said. "It wouldn't have been possible without the extra $7,000, for sure. It went toward my down payment, which reduced my monthly payment."
Fidelity contributed funds toward costs associated with providing the mortgage, allowing Mr. Almquist to receive the maximum grant award under the HELP program.
"Day in and day out, we at Fidelity work to improve the lives of our customers and this community," said Boyd Boudreaux, Fidelity's President and CEO. "Thanks to this program and the expertise of our retail bankers, we are thrilled that we were able to help Mr. Almquist attain that American dream of home ownership."
Mr. Almquist closed on his 1,500-square-foot, three-bedroom, two-bathroom home at the end of July. His home is near a city park, and his fenced-in backyard gives his Springer Spaniel-Labrador mix, Dax, lots of room to run.
"It feels good to know the money's not going to someone else," he said, of not having to pay rent anymore. "I'm helping myself, and not someone else."
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. Each HELP 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