‘First Front Door’ Offering Grants to First-time Homebuyers

FHLBank’s new and improved First Front Door program continues to offer lower-income first-time homebuyers grants of up to $5,000 in cash for down payment and closing costs. In 2006, FHLBank has committed more than $6 million to homebuyers in Delaware, Pennsylvania and West Virginia, with more than $2 million still available. The program was also streamlined this year to make it easier to use.

A number of key legislators in the district have shown their strong support for the FFD program. At an event held earlier this year in Wilmington, DE, U.S. Sen. Thomas Carper (D-DE) said: “First Front Door provides a compelling reason for those who are renting to seriously consider homeownership. 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." The event was also attended by U.S. Rep. Michael Castle (R-DE) and FHLBank Pittsburgh President and CEO John Price.

At an April event in Philadelphia attended by 16 area banks at Germantown Settlement, U.S. Rep. Chaka Fattah (PA-2) commented: "First-time homebuyers represent the cornerstone of a community. 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."

Here are some other FFD events held around the district:

• February 13 – Ambridge, PA
  An affordable housing information session led by U.S. Rep. Melissa Hart (PA-4) at Dominion Full Gospel Church and featuring U.S. Secretary of HUD Alphonso Jackson.
• March 21 – Reading, PA
  A housing and community revitalization forum hosted by U.S. Rep. Tim Holden (PA-17) in conjunction with 19 banks in central and eastern Pennsylvania to announce program funding.
• April 28 – Wilkes-Barre, PA
  A kickoff event featuring U.S. Rep. Paul Kanjorski (PA-11) at The Woodlands Inn and Resort.

Since its original inception in 1997, the program has provided assistance to more than 4,000 first-time homebuyers. Homebuyers with incomes at or below 80 percent of their area's median income may obtain grants by contacting a participating FHLBank member, a list of which is available at www.firstfrontdoor.com.