The nationwide Fair Housing Alliance and Patriot Bank Partner to grow Mortgage Lending possibilities in Memphis

The nationwide Fair Housing Alliance and Patriot Bank Partner to grow Mortgage Lending possibilities in Memphis

Memphis, TN — Today the National Fair Housing Alliance (NFHA) and Patriot Bank announced a partnership to boost use of domestic home loans in Memphis, Tennessee. Patriot Bank is headquartered in Millington, Tennessee, and it is one of the ten largest mortgage brokers into the Memphis area.

“We’re happy to be dealing with Patriot Bank to improve usage of home loans and help community development,” stated Lisa Rice, NFHA’s President and CEO. “It is critical for regional communities to own use of bank solutions, like domestic home loans. This permits a lot more people to be property owners and boosts the possibility for upward flexibility.”

“Patriot Bank is stoked up about the chance to partner because of the nationwide Fair Housing Alliance and Community that is local Development (CDC) in an attempt to increase mortgage financing in Memphis’ underserved areas,” said Charles Ennis, Chairman and CEO of Patriot Bank. “Patriot Bank, founded in Millington, Tenn., is focused on being an originator that is leading both low earnings borrowers and borrowers of color when you look at the Memphis Metropolitan Statistical region. We have been pleased with our achievements of this type and think this partnership will let us expand this dedication to areas that are underserved Memphis. The success of those underserved areas is crucial to your success that is future of, Tipton, and Fayette counties.”

NFHA researched mortgage that is regional activity and identified possibilities to increase financing services into the African US community when you look at the Memphis area. To benefit from these possibilities, Patriot Bank and NFHA are partnering to institute programs that aid in the revitalization and stabilization of this housing marketplace in areas with significant American that is african and populations.

These efforts should include a partnership aided by the Functions, Inc., a residential area development organization involved in dilemmas regarding mortgage financing to underserved communities in Memphis. This partnership will include lending as much as $500,000, at a market that is below price, to aid The Functions, lnc.’s Opportunity Residence Loan Fund, which supplies home loans all the way to $50,000 to underserved borrowers for the purchase of the house and includes homebuyer guidance for borrowers. Patriot Bank will even offer $325,000 in funds towards the Functions, Inc. for the construction and/or rehabilitation of houses in communities of color in Memphis, the establishment of financing subsidy investment become administered because of The Functions, Inc. to be properly used for advance payment help, along with other housing-related programs. The deposit investment is anticipated to leverage significant funds in brand new home loan originations in communities of color in Memphis.

These initiatives that are new build on Patriot Bank’s current outreach efforts, that have included both lending to and supplying funds for the main benefit of established CDCs inside the Memphis market. Patriot Bank will work with and help current CDC lovers to help their work with revitalizing and stabilizing the housing areas in communities of color. In addition, Patriot Bank will stay its regular conferences with these CDCs to go over loan items made available from Patriot Bank as well as other problems pertaining to mortgage credit needs in communities of color in Memphis. Patriot Bank will even offer $100,000 in funds to non-profit companies to invest in Patriot Bank’s pilot that is existing to refinance title and pay day loans with brand new loans containing more favorable terms for borrowers.

NFHA’s work had been authorized to some extent through a grant through the U.S. Department of Housing and Urban developing.

Concerning the Nationwide Fair Housing Alliance

Launched in 1988, NFHA is really a consortium of greater than 200 personal, non-profit reasonable housing companies, state and regional civil legal rights agencies and folks from for the united states of america. NFHA may extralend loans promo codes be the sound of reasonable housing and also as section of its objective actively works to make sure equal housing possibility for several individuals through leadership, training and outreach, account solutions, general general general public policy initiatives, community development programs, and advocacy. More info about NFHA’s tasks as well as its Mission Statement can be obtained at

About Patriot Bank

Patriot Bank is just a full-service bank with a give attention to community service. The lender acts the growing areas of Shelby County, Tipton County and Fayette County having a range that is wide of and commercial reports and home financing division.

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