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Overview
Funds available as of 7/18/08= $234,286.82
Note: If by August 31, 75 percent of the HELP funds for
the year have not been disbursed to members, the Bank, at its discretion, may
remove the member cap for the remainder of the year.
FHLBank Dallas is pleased to announce the 2008 offering of its HELP Program
for member financial institutions. HELP provides matching funds for down
payment and closing costs of eligible first-time homebuyers.
The Bank has set aside $1,000,000 of its annual Affordable Housing Program
(AHP) funds for HELP. Funds will be available beginning Wednesday, January 2,
and until the HELP Funds have been exhausted or December 31, 2008, whichever
occurs first. HELP funds are disbursed on a first-come, first-served,
homebuyer-by-homebuyer basis. The maximum HELP award per household is $5,000,
unless the member contributes at least $350 toward financial or other
concessions in connection with providing the mortgage financing to the
homebuyer, in which case the maximum HELP award per household is $7,000. No
member may receive more than $60,000 for each $1,000,000 offered in each
offering cycle.
Members interested in participating in HELP must submit a one-time
Enrollment Application and HELP Agreement. Thereafter, members will be
eligible to request HELP funds during each annual offering cycle. To receive
additional information, members should call the Community Investment
Department at 800-362-2944.
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Program
Requirements
- Households must have a
family income of 80 percent or less of the median income for the area.
- Homebuyers must have
completed a homebuyer counseling program.
- Homebuyers must be
first-time homebuyers.
- HELP funds may not be
used in conjunction with any approved AHP grant.
- The member shall pass
on the full amount of the HELP funds as a grant to the household for
which the subsidy was approved, which fact must be documented on the
applicable final HUD-1 settlement statement.
- The member, or its
designee, will be responsible for ensuring that the HELP-assisted unit
is subject to a retention document, which retention document must be
signed by the homebuyer and must meet the requirements of Section
951.9(a)(7) of the AHP regulations (located at 12 C.F.R. part 951) and
Attachment F of the Affordable Housing Program Implementation Plan.
- Homebuyers must
contribute at least $500 of their own funds toward the required down
payment or closing costs. Homebuyers may not receive any cash back at
closing.
- The Bank will grant up
to $5,000 toward the down payment or closing cost. The Bank will grant
up to $7,000 if a member contributes at least $350 toward financial or
other concessions in connection with providing the mortgage financing to
the homebuyer. "Financial or other concessions" means payment
by the member of homebuyer counseling costs or waiver or reduction of
points or closing costs.
- The rate of interest,
points, fees and any other charges for a loan made in conjunction with
the HELP subsidy must not exceed a reasonable market rate of interest,
points, fees and other charges for a loan of similar maturity, terms and
risk.
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Member Enrollment Application
In order for a member institution to enroll in the HELP Program, the
following application and agreement must be completed and signed by an
authorized individual at your institution.
Member Enrollment Application
HELP Subsidy Agreement
Funding Manual
The following funding manual can be viewed and printed using Adobe Acrobat
Reader (if you do not have Acrobat Reader, you may
download a free copy).
Please Note: As of January
2008, we have made changes to the Request for Disbursement of Funds,
Residential Funding Record, Comparison of Market Terms and Deed Restriction
for the HELP Funding Manual. Please utilize these new forms.
Help Funding Manual
Income Calculation Tool
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© 2005 Federal Home Loan Bank of Dallas. All Rights
Reserved.
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