BOSSIER CITY, La., May 30, 2013 (GLOBE NEWSWIRE) -- Toshia Coleman had been renting her entire adult life, when she finally decided enough was enough.
"I was tired of throwing my money away on rent," said Ms. Coleman, a 38-year-old single mother of two. "I wanted my own home."
She attended a homebuyers' education class through a community organization, and now she is the owner of a three-bedroom, two-bathroom home in Bossier City, Louisiana. Ms. Coleman said she wouldn't have been able to get a home now had it not been for the Homebuyer Equity Leverage Partnership (HELP) grant from Red River Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas).
HELP grants are available through FHLB Dallas member institutions, such as Red River Bank, to assist income-qualified, first-time homebuyers with down payments and closing costs on newly constructed or existing homes. In 2012, FHLB Dallas awarded nearly $1 million in HELP grants to assist 203 individuals or families. For 2013, FHLB Dallas made another $1 million in HELP funds available to its members on a first-come, first-served basis.
"Red River Bank has a proud history of serving its community," said Judy Madison, assistant vice president at Red River Bank. "We are delighted to continue that tradition as we provide assistance to first-time homebuyers who just need a helping hand to get in the door."
Ms. Coleman is studying nursing, and also works in a group home for individuals with disabilities. She moved into her home in May 2012.
"I couldn't have found anything more perfect than where I'm at," Ms. Coleman said of her home. "It's a beautiful home. I am so thankful to Ms. Madison for helping me with my loan and getting me the assistance with my down payment and closing costs. I'm grateful that she was there to help me."
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 $31 billion as of March 31, 2013, is a member-owned cooperative that supports housing and community development by providing competitively priced advances 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.
About Red River Bank
Red River Bank is an independent community bank headquartered in Central Louisiana with banking centers also located in Northwest Louisiana. The bank was founded in 1998 by a small group of bankers, community leaders, and business people who wanted to create a better way to bank.
CONTACT: Corporate Communications Federal Home Loan Bank of Dallas www.fhlb.com (214) 441-8445
Source:Federal Home Loan Bank of Dallas