Memphis, TN – RealEstateRama – The National Fair Housing Alliance (NFHA) and Patriot Bank announced a partnership to increase access to residential mortgage loans in Memphis, Tennessee. Patriot Bank is headquartered in Millington, Tennessee, and is one of the ten largest mortgage lenders in the Memphis region.
“We’re glad to be working with Patriot Bank to increase access to mortgage loans and support community development,” said Lisa Rice, NFHA’s President and CEO. “It is vital for local communities to have access to bank services, like residential mortgage loans. This allows more people to become homeowners and increases the opportunity for upward mobility.”
“Patriot Bank is excited about the opportunity to partner with the National Fair Housing Alliance and local Community Development Corporations (CDC) in an effort to increase mortgage lending in Memphis’ underserved areas,” said Charles Ennis, Chairman and CEO of Patriot Bank. “Patriot Bank, founded in Millington, Tenn., is committed to being a leading originator to both low income borrowers and borrowers of color in the Memphis Metropolitan Statistical Area. We are proud of our accomplishments in this area and believe this partnership will allow us to expand this commitment to underserved areas in Memphis. The prosperity of these underserved areas is critical to the future success of Shelby, Tipton, and Fayette counties.”
NFHA researched regional mortgage lending activity and identified opportunities to increase lending services in the African American community in the Memphis region. To take advantage of these opportunities, Patriot Bank and NFHA are partnering to institute programs that aid in the revitalization and stabilization of the housing market in neighborhoods with significant African American and Latino populations.
These efforts will include a partnership with The Works, Inc., a community development corporation engaged in issues regarding mortgage lending to underserved communities in Memphis. This partnership will involve lending up to $500,000, at a below market interest rate, to support The Works, lnc.’s Opportunity Home Loan Fund, which provides mortgage loans of up to $50,000 to underserved borrowers for the purchase of a home and includes homebuyer counseling for borrowers. Patriot Bank will also provide $325,000 in grants to The Works, Inc. for the construction and/or rehabilitation of homes in communities of color in Memphis, the establishment of a loan subsidy fund to be administered by The Works, Inc. to be used for down payment assistance, and other housing-related programs. The down payment fund is expected to leverage significant funds in new mortgage loan originations in communities of color in Memphis.
These new initiatives will build on Patriot Bank’s existing outreach efforts, which have included both lending to and providing grants for the benefit of established CDCs within the Memphis market. Patriot Bank will continue to work with and support existing CDC partners to aid their work in revitalizing and stabilizing the housing markets in communities of color. In addition, Patriot Bank will continue its regular meetings with these CDCs to discuss loan products offered by Patriot Bank and other issues pertaining to mortgage credit needs in communities of color in Memphis. Patriot Bank will also provide $100,000 in grants to non-profit organizations to fund Patriot Bank’s existing pilot program to refinance title and payday loans with new loans containing more favorable terms for borrowers.
NFHA’s work was made possible in part through a grant from the U.S. Department of Housing and Urban Development.
About the National Fair Housing Alliance
Founded in 1988, NFHA is a consortium of more than 200 private, non-profit fair housing organizations, state and local civil rights agencies and individuals from throughout the United States. NFHA is the voice of fair housing and as part of its mission works to ensure equal housing opportunity for all people through leadership, education and outreach, membership services, public policy initiatives, community development programs, and advocacy. More information about NFHA’s activities and its Mission Statement can be found at: www.nationalfairhousing.org
About Patriot Bank
Patriot Bank is a full-service bank with a focus on community service. The bank serves the growing markets of Shelby County, Tipton County and Fayette County with a wide range of consumer and commercial accounts and a mortgage division.
Contact: Nicole Turner-Ridley | 202-898-1661 |
Charles Ennis | 901-829-4211 |