Today, $2 million has already been set aside to provide more than 400 First Front Door grants in the three states by the end of 2013.
Begun by FHLBank Pittsburgh in 1996 as the Home Buyer Equity Fund, the program was renamed First Front Door in 2006.
So far, the program has provided more than $34 million to help more than 8,500 first-time homebuyers, according to the bank.
For every $1 spent by individuals buying homes, FHLBank provides $3 in matching grant assistance, up to $5,000. FHLBank and its associate banks also work with potential homeowners to help them figure out how to finance their mortgages.
To qualify for the program, new homeowners must:
FHLBank Pittsburgh is one of 12 banks in the Federal Home Loan Bank System, created by Congress in 1932 to help local financial institutions in home mortgage and community development activities.
Reach Paul J. Nyden at pjny...@wvgazette.com or 304-348-5164.