Darlyn Colon closed on her first single-family home on March 13, 2009. To help overcome the cost barrier, Ms. Colon received a $7,500 First Home Clubsm
grant from the Federal Home Loan Bank of New York and The Summit Federal Credit Union. Joining Ms. Colon in celebration are, from left to right: Lisa Alcott, Providence Housing; Leanne McGuinness, The Summit Federal Credit Union; Ms. Colon, Homeowner; Mark Gregory, The Summit; and Mary Nannini, The Summit. An additional $500 for financial counseling for the homebuyer has been provided, bringing the total amount of the check to $8,000. The FHLBNY has found that this counseling works – participants in the FHC program have a default rate of less than ½ of 1%.
FHCsm is a grant program that provides down payment and closing cost assistance to eligible first-time homebuyers purchasing a home through one of our participating member lenders. The FHLBNY grants four dollars in matching funds for each dollar saved in a dedicated account (up to $7,500 in matching funds). To offer the FHCsm at your institution, contact us at (212) 441-6850. A list of participating FHLBNY members is available for first-time homebuyers.