FHC Success Story: Family Realizes Their Home Ownership Dream With the Help of the First Home Club
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 First Home Clubsm was launched by the Home Loan Bank in 1995 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 four dollars for each dollar saved -- up to $7,500 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. For more information on the First Home Clubsm program, contact your Calling Officer at (212) 441-6701 or the First Home Clubsm department at (212) 441-6852.
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