HELP Grant Provides Closing Costs for Lake Charles Habitat Homeowner

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Sep 09, 2014, 10:26 ET

LAKE CHARLES, La., Sept. 9, 2014 /PRNewswire-USNewswire/ -- Katrina Joubert, 34, thought receiving a home through Habitat for Humanity Calcasieu Area (HFHCA) was "a shot in the dark."

"I heard about Habitat homes from a customer at the bank, but I didn't think I would qualify for a home," said Ms. Joubert. "I wanted a stable environment for me and my 3-year-old daughter, Kaelynn, because when we were living in an apartment, things were constantly breaking and I always worried about our safety. I was so happy when I qualified for a home."

Ms. Joubert and her daughter have a safe place to live thanks to the HELP grant from FHLB Dallas and IBERIABANK which assisted with her closing costs on their Habitat for Humanity home. (PRNewsFoto/Federal Home Loan Bank of Dallas)

Federal Home Loan Bank of Dallas Logo (PRNewsFoto/Federal Home Loan Bank of Dallas) (PRNewsFoto/Federal Home Loan Bank of Dallas)

Ms. Joubert realized there are additional costs in purchasing a home, and she was concerned she didn't have enough money saved. Then she heard about a program that could assist her with closing costs.

Clara Bergeaux, the project manager at HFHCA told her about the Homebuyer Equity Leverage Partnership (HELP) program offered by the Federal Home Loan Bank of Dallas (FHLB Dallas) through its member institutions.

Income-qualified, first-time homebuyers can receive up to $7,000 in HELP funds to assist with down payments and/or closing costs.

Ms. Joubert was awarded a $4,000 HELP grant from FHLB Dallas through IBERIABANK, an FHLB Dallas member institution. The HELP grant was applied toward her closing costs, and significantly reduced the amount of money she needed to move into her home.

IBERIABANK has been instrumental in assisting several low- to moderate-income families in Louisiana reach the goal of homeownership. To date in 2014, IBERIABANK has utilized $18,000 in HELP grants to assist four families with their home purchases.

"We are pleased that our partnership with FHLB Dallas, through the HELP program, provided an opportunity for Ms. Joubert to become a homeowner," said Phil Earhart, IBERIABANK Southwest Louisiana president. "One of the hallmarks of IBERIABANK is supporting the communities we serve, and we have a great history with Habitat and are excited to work with them again for the good of our neighbors."

HFHCA Executive Director Lenn Knapp said he appreciates the financial assistance HELP grants provide to the homeowners.

"Most Habitat homeowners do not have the financial resources to pay for the closing costs, which can be more than $4,000," said Mr. Knapp. "We like the Habitat homes to be occupied as soon as they are completed, and because of the HELP grant, Ms. Joubert had the funds to close her loan and move into her home right away."

Ms. Joubert and her daughter feel safe in their new three-bedroom home, as the neighborhood is quiet and established, with residents who have lived there for years.

"This whole process has restored my faith and changed my attitude," she said. "The name of the Habitat build project was 'Faith Build,' since the volunteers were from local churches. The name was fitting because I submitted the application in faith, waited in faith, and received the house in faith," said Ms. Joubert. "The HELP grant provided the funds for closing, and I am so grateful. I could not have done this without all the help. Kaelynn and I love our new neighbors, and we can count on them to be there for us."

FHLB Dallas has awarded nearly $14.3 million in HELP grants since the program's inception in 2002. For 2014, FHLB Dallas made available $1 million in HELP funds through its member institutions.

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 $33.6 billion as of June 30, 2014, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit the FHLB Dallas website at 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