GREENWOOD, Miss., May 28, 2015 /PRNewswire-USNewswire/ -- Lora
and Michael Gallion were lifelong
renters and living on a fixed income. The only houses the couple
could afford were run-down spaces that were almost
uninhabitable.
Then one day, the Gallions saw a sign about the Baptist Town
Cottages, a revitalized neighborhood in Greenwood, Mississippi, with new homes for
families earning less than 50 percent of the area median
income.
"I'm so glad we saw the sign," said Mrs. Gallion, 50, a former
certified nursing assistant now living on disability. "We had
looked at other homes to rent, but even at $400 a month, the condition of them was not
good."
The Gallions were introduced to Emily
Roush Elliott, a Rose Architectural Fellow and Baptist Town
Cottages' project manager. The couple attended a homeownership
class, where Ms. Roush Elliott
discussed the home-buying process, but the Gallions' fixed income
did not provide money for a down payment. Ms. Roush Elliot said they might qualify for a
Homebuyer Equity Leverage Partnership (HELP) grant.
HELP is offered by the Federal Home Loan Bank of Dallas (FHLB Dallas) through its member
financial institutions. In this case, the grant was made available
through Planters Bank & Trust Company. HELP provides grants to
income-qualified, first-time homebuyers for down-payment or
closing-cost assistance on new or existing homes.
The Gallions were awarded a $4,000
HELP grant, which was applied toward their down payment.
Eric Miller, first vice president at
Planters Bank & Trust Company, said the HELP program is a
valuable asset. "With HELP grant funding, we are able to assist
deserving homebuyers with getting into their first homes. It is
very rewarding," Mr. Miller said.
Ms. Roush Elliott said she
learned about HELP through Michelle
Whetten, chair of FHLB Dallas' Advisory Council and vice
president of Enterprise Community Partners, which oversees the
Enterprise Rose Architectural Fellowship, partnering early-career
architectural designers with local community development
organizations.
"The HELP grant was huge to the Gallions," said Ms. Roush Elliott. "It helped drive the
affordability of the home and reduced the amount of the mortgage to
only 19 percent of their income," she said. "The Cottages are now
home to 11 families, who are essential parts of the fabric of the
historic Baptist Town neighborhood,
a place where a long-standing history of staggering economic
struggle pervades the built environment. But it is superseded by
community members who are close-knit and supportive of their
neighbors. There is a sense of place difficult to find in
the United States today. Yet,
without the HELP grants, homeownership would not be attainable for
these residents."
Mrs. Gallion is happy in her new home. "Many nights, I have sat
here and cried," she said. "It is so warm. There are no drafts
coming in through the windows. It is truly a blessing."
In 2015, FHLB Dallas made $1
million available for the HELP program on a first-come,
first-served basis, just as it did in 2014. To date in 2015,
Planters Bank & Trust Company has awarded $40,000 in HELP grants to assist
income-qualified, first-time homebuyers. As of May 22, 2015, $253,163 of HELP grants remained available for
funding.
"HELP is a foundational source of funds for our members, who
leverage its availability to strengthen homeownership in their
communities," said Greg Hettrick,
vice president and director of Community Investment at FHLB Dallas.
"We are very pleased to support such worthwhile efforts."
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 $36.9 billion as
of March 31, 2015, is a member-owned
cooperative that supports housing and community development by
providing competitively priced loans and other credit products to
approximately 865 members and associated institutions in
Arkansas, Louisiana, Mississippi, New
Mexico, and Texas. For more
information, visit fhlb.com.
Contact:
Corporate Communications
Federal Home Loan Bank of Dallas
www.fhlb.com
(214) 441-8445
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SOURCE Federal Home Loan Bank of Dallas