Connecting Your Financial Services to Veterans in Your Community
July 2014 - When retired Air Force Staff Sgt. Joseph Carter passed away in 2009, his wife, Birdie Carter, was left alone in the home they shared throughout their 60 years of marriage. Years of wear and weather damage required repairs that the 83-year-old widow could not afford on her own.
Jennifer McDonald, Vice President of Community Development at First Tuskegee Bank, helped Mrs. Carter through the process of getting financial assistance from FHLBank Atlanta's Veterans Products to rehabilitate her home. Since 2012, First Tuskegee has provided grant funds to more than 40 military households. Veterans and active-duty members of any branch of the U.S. military, or surviving spouses like Mrs. Carter, can access grants of up to $15,000 to help make accessibility and energy-efficient home improvements. Grants of up to $10,000 for home purchase assistance are also available.
“We have witnessed veterans overcome with emotion when we explain the level of work that could be completed on their homes,” McDonald says. “It is both an honor and a privilege to have met each veteran or surviving spouse and help them rehabilitate their homes. Participating in this program has also created jobs for many local contractors throughout this year.”
Pentagon Federal Credit Union is the second largest user of FHLBank Atlanta Veterans Products having provided grant funds to 39 military households since 2012. Jane Whitfield, President and CEO of the Pentagon Federal Credit Union Foundation, says the partnership between PenFed and FHLBank Atlanta is helping to ensure all veterans have the safe and healthy home they deserve.
Retired Navy Petty Officer 3rd Class Philip Galanti is one of the veterans who has benefited from PenFed’s Veterans Products offering. “The veterans grant program is great,” Galanti says. “I used it to have a new roof, a new air conditioner, and a walk-in shower installed in my home. I could not be happier with the renovations.”
Veterans Products Highlights
FHLBank Atlanta’s Veterans Products offer shareholders an invaluable way to reach military families, grow their lending business, achieve compliance goals, and build their profile in their communities. Grants are available nationwide through participating shareholders and no matching funds are required from the homebuyer or homeowner. Veterans Products are available to households earning 80 percent or less than HUD area median income*.
Veterans Purchase Product
Provides up to $7,500 in down-payment, closing-cost, and rehabilitation funding for the purchase or purchase and rehabilitation of a home. Eligible borrowers are veterans and active-duty members of any branch of the U.S. military, or their surviving spouses.
Returning Veterans Purchase Product
Provides up to $10,000 in down-payment, closing-cost, and rehabilitation funding for the purchase or purchase and rehabilitation of a home. Eligible borrowers are currently serving or have served in an overseas military intervention for any branch of the U.S. military, or their surviving spouses.
Veterans Rehabilitation Product
Provides up to $12,500 for weatherization, energy efficient, and accessibility improvements to an existing owner-occupied home. Eligible improvements include exterior doors, HVAC systems, insulation, roof, windows, low-flow plumbing fixtures, exterior ramps and sidewalks, bathroom and kitchen renovations, door widening, floor replacement, and more.
Returning Veterans Rehabilitation Product
Provides up to $15,000 for weatherization, energy efficient, and accessibility improvements to an existing owner-occupied home. Eligible borrowers are currently serving or have served in an overseas military intervention for any branch of the U.S. military, or their surviving spouses.
Veterans Products funds are available today. Call your relationship manager or the following Community Investment Services associates for more information.
* Other requirements apply. Full products requirements can be found in the Affordable Housing Program Implementation Plan on the Bank’s website.