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Congressman Kanjorski, 15 Areas Banks Unveil $6 Million Grant Program: 'First Front Door' to Help with First-time Down Payment, Closing Costs

WILKES-BARRE, PA, April 28, 2006 — 'First Front Door' has arrived in northeastern Pennsylvania. U.S. Rep. Paul Kanjorski (PA-11), 15 area banks and the Federal Home Loan Bank of Pittsburgh announced a more than $6 million program that will help lower-income first-time homebuyers across the region with down payment and closing costs.

At a news conference at the Woodlands Inn & Resort in Wilkes-Barre, Rep. Kanjorski encouraged first-time homebuyers to claim funds under the first-come, first-served program as soon as possible. The program is being offered in Pennsylvania, Delaware and West Virginia.

"First Front Door not only offers financial assistance, but also provides homeownership counseling on topics such as household budgeting and home maintenance," said Rep. Kanjorski. "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 our region."

In northeastern Pennsylvania, First Front Door funding is being distributed by the FHLBank through these 15 banks:

• Citizens Bank
• Citizens Savings Bank
• Columbia County Farmers National Bank
• Community Bank & Trust Company
• Fidelity Deposit & Discount Bank
• First National Bank of Berwick
• First National Community Bank
• Honesdale National Bank
• Keystone Nazareth Bank & Trust Company
• Northwest Savings Bank, PaSA
• Penn Security Bank & Trust Company
• Peoples National Bank
• PNC Bank
• Sovereign Bank
• Wayne Bank

Through the 15 participating banks, the FHLBank will contribute $3 for every $1 contributed by the homebuyer, for a maximum of $5,000 per recipient, based on need. 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-time homebuyers represent the cornerstone of a community," said FHLBank President and Chief Executive Officer John R. Price, who appeared at today's event. "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."

For details on First Front Door, please visit www.firstfrontdoor.com or call 1-800-288-3400, ext. 2826.