News Column

HELP Grant Assists New Orleans-Area Resident with First Home Purchase

August 16, 2014



By a News Reporter-Staff News Editor at Investment Weekly News -- All Rasheed Kelly wanted was a home in a nice neighborhood so her kids could safely play outside. The 35-year-old single mother of six said her rental house was not in a good neighborhood.

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"My family and I needed to live somewhere where I wouldn't worry when my kids were playing in the front yard," said Ms. Kelly, a server at a local restaurant. "It was a goal of mine to buy a nice home that I could pass down to my kids, but I never thought it would happen since I didn't have a down payment."

Ms. Kelly met with Prax Melancon, vice president and mortgage CRA development officer at IBERIABANK. He identified that Ms. Kelly qualified for a grant through the Federal Home Loan Bank of Dallas' (FHLB Dallas) Homebuyer Equity Leverage Partnership (HELP) grant program, to assist with her down payment.

HELP grants are offered by FHLB Dallas through its member institutions, like IBERIABANK, to provide income-qualified, first-time homebuyers, up to $7,000 in grant funds to assist with down payments and closing costs.

To date in 2014, IBERIABANK has utilized $18,000 in HELP grants to assist four families with down payments and/or closing costs.

"Through our partnership with the HELP program, we are honored to support Ms. Kelly's dream of being a homeowner," said IBERIABANK New Orleans President Hunter Hill.

A $5,000 HELP grant was awarded to Ms. Kelly through FHLB Dallas and IBERIABANK. The grant was applied toward her down payment which reduced the amount of her monthly mortgage payment.

"I am so thankful for the HELP grant, as it made my payment affordable," said Ms. Kelly. "My kids and I are so happy that now we are in a safe neighborhood."

Since its inception, FHLB Dallas has awarded nearly $14.3 million in HELP grants to assist more than 2,700 families. For 2014, FHLB Dallas has made available $1 million in HELP funds through its members. To learn more about HELP and other FHLB Dallas grant programs, please visit fhlb.com.

Keywords for this news article include: Mortgage, Homebuyer, Real Estate, Banking and Finance, Federal Home Loan Bank of Dallas.

Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2014, NewsRx LLC


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Source: Investment Weekly News


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