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WILMINGTON, DE, February 27, 2006 — U.S. Sen. Thomas R. Carper (D-DE) and U.S. Rep. Michael N. Castle (R-DE) today announced First Front Door, a more than $6 million program that will help Delaware's lower-income first-time homebuyers with down payment and closing costs.

With John R. Price, president and chief executive officer of the Federal Home Loan Bank of Pittsburgh, Sen. Carper and Rep. Castle encouraged first-time homebuyers to claim funds under the first-come, first-served program as soon as possible.

The announcement was made at West End Neighborhood House, one of Wilmington's most respected nonprofits nationally recognized as both a safe haven for the needy and as a one-stop facility for the coordinated delivery of social services. Executive Director Paul F. Calistro Jr. serves on the Affordable Housing Advisory Council of the FHLBank.

"First Front Door provides a compelling reason for those who are renting to seriously consider homeownership," said Carper. "At least 1,000 homebuyers are expected to benefit from this program in 2006, and we want as many of them as possible to buy homes in The First State."

"First-time homebuyers represent the cornerstone of a community," declared Castle. "Building equity in a first home empowers individuals and families to build wealth for future life events — including moving up in the housing market — while contributing to a community's property values, stability and social life."

First Front Door provides down payment and closing cost assistance for first-time homebuyers with incomes at or below 80 percent of their area's median income. Under First Front Door, an individual is considered a first-time homebuyer if he or she has not owned a home within the past three years, or owned a home only while married but not as a single person within the past three years. Homes that qualify for purchase with FFD assistance include single-family homes, townhomes, duplexes, condominiums and modular units.

In Delaware, First Front Door funding is being distributed through three FHLBank member institutions: Artisans' Bank, WSFS Bank and Wilmington Trust Company. Through these three member banks, the FHLBank will contribute $3 for every $1 contributed by the homebuyer, for a maximum of $5,000 per recipient, based on need. The member banks will also make measurable concessions to the affordability of the house such as waived or reduced fees or points or below-market rates. Approval of participant paperwork is completed by the FHLBank within seven business days.

"First Front Door represents a step up in our commitment to first-time homebuyers," remarked John R. Price, the Bank's president and chief executive officer. "FFD offers larger grants per individual as well as faster turnaround on both grant approvals and funding disbursement."

Approximately 1,000 Delaware homebuyers benefited from First Front Door's legacy program, the Home Buyer Equity Fund (HBEF), from 1997 through the end of last year. HBEF provided more than $4 million in funding in Delaware prior to the adoption of the more streamlined FFD program this year.