Congressman John E. Sweeney, Home Loan Bank, and Ulster Savings Bank Celebrate the 1,000th Family to Receive FHClub Downpayment Grant
Contact: Eric Amig - 212 441-6807 |
August 13 , 2003 |
Germantown, New York–Congressman John E. Sweeney
(R NY-20), Alfred A. DelliBovi, president and CEO of the Home Loan Bank of New York, Clifford M. Miller, president and CEO of Ulster Savings Bank joined with Joshua and Claudia Brehse to celebrate the purchase of the Brehse’s new home in Germantown. To help overcome the downpayment/closing cost barrier, Joshua and Claudia Brehse received a $5,000 First Home Clubsm grant from the Home Loan Bank and Ulster Savings Bank. The Brehse’s are the 1,000th family to get a new home under the First Home Clubsm.
“The Federal Home Loan Bank's First Home Clubsm is an innovative approach to help families achieve the American Dream: a home of their own." said Congressman Sweeney. "It is gratifying to see this Congressionally established public/private partnership bring tangible results to lives of families in the Hudson Valley. I commend the Home Loan Bank and Ulster Savings Bank for a job well done, and I congratulate the Brehse’s for the purchase of their new home.”
“By matching saved dollars, the First Home Clubsm enables families to surmount the down payment and closing costs of a new home,” said Mr. Miller. “Since 1996, Ulster Savings Bank has given $515,900 to 105 families who are first-time home buyers and who have successfully participated in the home savings program. We are delighted to have provided the 1,000th family – the Brehse’s – with that additional helping hand needed to make the dream of homeownership a reality.”
Ulster Savings Bank, a mutually owned community savings bank established in 1851, is headquartered in Kingston, NY. Ulster Savings Bank has six full service branches in Ulster and Dutchess counties with additional loan offices located in Goshen, White Plains, Riverhead, and Southport, CT. In addition, Ryan Insurance and USB Agency Tax and Financial Services, are wholly owned subsidiaries of Ulster Savings Bank.
“The First Home Clubsm has worked as designed to encourage families to save for a home of their own,” said Mr. DelliBovi. “It motivates families to save by matching one dollar of their savings with three dollars from the Home Loan Bank. We will provide up to $5,000 per family. The Home Loan Bank and Ulster Savings Bank are proud to provide this support for family and community development. We are also grateful for Congressman Sweeney’s leadership and support in Congress that allow us to provide this opportunity for homeownership.”
The First Home Clubsm was launched by the Home Loan Bank in1995 to help provide an incentive for savings for the purchase of a new home. The First Home Clubsm is an affordable initiative only offered by participating member lenders of the Home Loan Bank. The First Home Clubsm is for income qualified, first-time home buyers. The Home Loan Bank matches up to three dollars for each dollar saved -- up to $5,000 per family’s savings. In addition to requiring a First Home Clubsm savings account, a participating family must complete an approved homeownership-counseling program. The approved member lenders, together with local non-profit organizations, will provide homeownership counseling and personal credit and budgeting assistance. All households must participate in a systematic savings plan with the member institution for a minimum of 10 months. Member community lenders enroll families into the program during designated enrollment periods. Each year, the Home Loan Bank gives approximately 10 percent of their private earnings to support affordable housing initiatives. The First Home Clubsm is funded with these private earnings.
In addition to the 1,000 families who have completed the program and are living a new homes, there are an additional 2,544 families enrolled in the First Home Clubsm with 44 member lenders in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. Ulster Savings Bank has 171 families currently enrolled in the program.
The Federal Home Loan Bank of New York is a AAA rated, Congressionally chartered, wholesale Bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 12 regional, stockholder-owned banks. The Federal Home Loan Bank of New York serves 300 community lenders in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the Home Loan Bank is to advance housing opportunity and local community development by maximizing the capacity of community-based member-lenders to serve their markets.
A list of the 44 member lenders participating in the First Home Clubsm is below.
Federal Home Loan Bank of New York First Home Clubsm is a service mark of the Federal Home Loan Bank of New York.
FIRST HOME CLUBsm
Approved Meber Participants
New Jersey
1. The Bank, Woodstown
2. Commerce Bank, NA, Cherry Hill
3. First Savings Bank, Woodbridge
4. Investors Savings Bank, Millburn
5. Kearny Federal Savings, Kearny
6. Magyar Savings Bank, New Brunswick
7. OceanFirst Bank, Toms River
8. The Provident Bank, Jersey City
9. The Rahway Savings Institution, Rahway
10. Roma Federal Savings Bank, Hamilton Township
11. UnitedTrust Bank, Bridgewater
New York
1. Abacus Federal Savings Bank, New York
2. Astoria Federal Savings & Loan Association, Lake Success
3. The Bank of Castile, Castile
4. BSB Bank & Trust, Binghamton
5. Chemung Canal Trust Company, Elmira
6. Community Bank, N.A., DeWitt
7. The Dime Savings Bank of Williamsburgh, Brooklyn
8. Elmira Savings and Loan, F.A., Elmira
9. Glens Falls National Bank & Trust Company, Glens Falls
10. HSBC Bank USA, New York
11. Hudson River Bank & Trust Company, Hudson
12. The Mahopac National Bank, Brewster
13. Manufacturers and Traders Trust Company, Syracuse
14. Medina Savings and Loan Association, Medina
15. Mid-Hudson Valley Federal Credit Union, Kingston
16. NBT Bank, N.A., Norwich
17. North Fork Bank, Melville
18. Ontario National Bank, Clifton Springs
19. Pioneer Savings Bank, Troy
20. Provident Bank, Montebello
21. Rhinebeck Savings Bank, Poughkeepsie
22. Rondout Savings Bank, Kingston
23. The National Bank of Stamford, Stamford
24. The Troy Savings Bank, Troy
25. State Employees Federal Credit Union, Albany
26. Steuben Trust Company, Hornell
27. Ulster Savings Bank, Kingston
28. Union State Bank, Orangeburg
New York
1. Banco Popular de Puerto Rico, San Juan
2. Banco Santander Puerto Rico, San Juan
3. Doral Bank, San Juan
4. Oriental Bank and Trust, San Juan
5. The Bank & Trust of Puerto Rico, San Juan