Hard Work and “Sweat Equity” Pay Off for Single Mother $4K Grant from Texas Capital Bank and FHLB Dallas ‘HELPs’ at Home Closing
SAN ANTONIO, July 28, 2016 /PRNewswire-USNewswire/ — Hard work is nothing new to Kathryn Reyna. The single mother works 11-hour days at two jobs to provide for her 7-year-old daughter. Then Ms. Reyna saw an ad for Habitat for Humanity of San Antonio (HFHSA) that opened the door to the family’s new home.
Ms. Reyna, a special-education assistant and after-school caregiver at the Boys and Girls Club, was awarded a $4,000 Homebuyer Equity Leverage Partnership (HELP) grant, which was applied to her down payment and closing costs. The funds were part of $32,000 awarded to HFHSA in 2016 from Texas Capital Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas).
Ms. Reyna worked with HFHSA staff and volunteers to help build her three-bedroom, two-bath home. She and her daughter moved in earlier this year.
“We were living with my mom and dad, but we were ready for some independence,” Ms. Reyna said. “We really needed a space of our own, and I wanted to show my daughter how to be empowered.”
HELP grants are awarded annually on a first-come, first-served basis through FHLB Dallas member institutions, such as Texas Capital Bank, to assist income-qualified, first-time homebuyers with down payment assistance and closing costs.
HFHSA Vice President Stephanie Wiese said HELP has solidified the dream of homeownership for several HFHSA families.
“HFHSA works to create opportunities for homeownership,” Ms. Wiese said. “The HELP program from FHLB Dallas has made a real difference for families. The financial assistance they receive at closing lowers their principal, putting them in a better financial position as they begin new chapters of their lives.”
Effie Dennison, senior vice president and director of Community Development at Texas Capital Bank, said her institution is committed to investing in the communities it serves.
“Affordable housing is more than a mere topic of discussion for millions of people,” she said. “The HELP program is a valuable benefit of FHLB Dallas membership, which enables us to positively impact lives. That’s very important to us.”
The $1 million in 2016 HELP funding made available in January has been exhausted. More than $448,000 in HELP funds assisted 102 families in Texasthis year. Texas Capital Bank has awarded $32,000 in HELP grants in 2016 to assist eight income-qualified, first-time homebuyers.
“Stories like that of Ms. Reyna speak to the success of what’s possible through partnership,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “Texas Capital Bank is a valued partner of FHLB Dallas in the community investment arena, and we thank them for their commitment.”
Ms. Reyna and her daughter are thankful, too.
“We love having our own space,” Ms. Reyna said. “We enjoy what others may take for granted, like watching TV when we want and not having to make an appointment to do laundry!”
About Texas Capital Bancshares, Inc.
Texas Capital Bancshares, Inc. (NASDAQ: TCBI), a member of the Russell 2000® Index and the S&P SmallCap 600®, is the parent company of Texas Capital Bank, a commercial bank that delivers highly personalized financial services to businesses and entrepreneurs. Headquartered in Dallas, the bank has full-service locations in Austin, Dallas, Fort Worth, Houston, and San Antonio.
About Habitat for Humanity of San Antonio
Habitat for Humanity of San Antonio is an ecumenical, Christian organization working in partnership with families in need to build decent and affordable homes without interest or profit. Habitat families all put in 300 hours of “sweat equity” building their own home and in turn, they purchase their homes with a 0 percent interest, 20-year mortgage. HFHSA was the first U.S. affiliate of Habitat for Humanity and is celebrating its 40th anniversary this year. The organization has built 968 homes.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $49.5 billion as of March 31, 2016, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 850 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, andTexas. For more information, visit fhlb.com.