By KIMBERLEY HAAS
Leaders in the industry are committed to giving back during the holiday season and throughout the year.
It was announced earlier this month that Down Payment Resource in Atlanta, Ga., will help a family in Memphis, Tenn., attain their homeownership dreams by donating $10,000 to the Homeownership Council of America’s Equity Down Payment Assistance program. They provide down payment and closing cost assistance for low-to-moderate income and minority first-time homebuyers.
Leaders at Down Payment Resource say that is “a mission that aligns with our company’s founding goal of expanding affordable homeownership program awareness, understanding, and participation.”
Rob Chrane, founder and CEO of Down Payment Resource, said in a statement for The Mortgage Note that they are supporting the program because they want to make a lasting impact on a family by helping them access the wealth-building benefits of homeownership.
“Down payment and closing cost assistance is a key resource for LMI and minority first-time homebuyers – particularly in communities like Memphis, where racial homeownership and financial inequity is especially pronounced,” Chrane said.
Rocket Community Fund is committed to making sure every American has access to housing.
Laura Grannemann, vice president of the Rocket Community Fund, said in an interview with The Mortgage Note that they refined their mission statement this year.
“Our mission is really now focused on simplifying complex and inequitable systems to ensure that every American has access to stable, healthy, housing,” Grannemann said.
Grannemann talked about how they have significantly decreased property tax foreclosures in the city of Detroit, Mich., by reaching out to members of the community with information about relief programs.
“As a result of this outreach, we’ve gone from about 2,000 applications for this property tax exemption to now about 30,000 applications. So really a huge increase. But the other thing aside from awareness of existing resources, this outreach has also helped us get the information that we need to create new resources that never existed in the past,” Grannemann said.
Until they did door-to-door outreach, leaders at Rocket Community Fund didn’t know how many renters were living in properties where their landlords hadn’t paid the property taxes. Those renters were at risk of eviction due to something that was no fault of their own, Grannemann said.
Plans are to expand the fund’s national programming and they are working closely with community leaders in Cleveland, Milwaukee, and Atlanta, she said.
Leaders at Rocket are also working to end the digital divide. Money raised from The Rocket Mortgage Classic – which made history in 2019 as the first PGA TOUR ever held in the city – supports the campaign.
Bank of America contributes to communities in various ways.
Leaders at Bank of America announced their commitment of $13 million in funding to more than 100 Chicago-area nonprofit organizations working to drive economic opportunity for individuals and families in underserved communities.
This year’s grant recipients include the 2022 Bank of America Neighborhood Builders awardees for the Chicago market: Allies for Community Business and Skills for Chicagoland’s Future.
Each organization will receive $200,000 in flexible funding and one year of comprehensive leadership training for its executive director and an emerging leader.
Additional 2022 Bank of America grant recipients include:
–Chicago Community Loan Fund, whose president Calvin Holmes was recognized with the Bank of America Neighborhood Builders Racial Equality Award in honor of his contributions to breaking racial barriers and creating opportunities for people of color.
–St. Leonard’s Ministries, which directed the bank’s grant funding toward the hiring of a full-time case manager for its Michael Barlow Center, helping prepare formerly incarcerated individuals for re-entry into the labor force.
–My Block My Hood My City, which provides local youth with mentorship and engagement opportunities so they become active participants in shaping Chicago’s future.
Rita Sola Cook, president of Bank of America Chicago, said it is both inspiring and humbling to see the impact these organizations have had this year.
“We are profoundly grateful for our nonprofit partners who help bring to life Bank of America’s vision for a stronger, more equitable Chicago,” Cook said in a statement.
NewDay USA, which serves veterans and active-duty servicemembers, had 30 team members attend the Vietnam Wall Washing and 10 team members serve dinner to veterans at The Baltimore Station residential treatment facility.
The lender recently took over the top two floors of 360 Rosemary, a 20-story, 297,000-square-foot office building in West Palm Beach, Fla.
Leaders plan to relocate their Maryland-based headquarters to West Palm Beach. NewDay anticipates the West Palm Beach office to grow to over 500 team members in 2023, according to a press release.
Company members participated in Toys for Tots this holiday season.
The West Palm Beach office collected 152 toys for young children between the ages of one and 15, donating them to the Esperanza Community Center, a nonprofit that helps communities in poverty and Forest Hill Elementary School.
The Fulton, Maryland, and West Palm Beach offices raised over $5,000 in toys for families in need.
Brian Cullen, CEO of SingleSource Property Solutions in Canonsburg, Pa., said they are proud to give back by supporting a number of charitable organizations.
SingleSource is a nationwide service provider to loan origination, servicing, and secondary entities. Their main lines of business include valuations, REO asset management, field services, title and settlement, and document management, according to their website.
Cullen said they look forward to continuing to create a culture that promotes what they practice and gives back to the community.
“This year, we have partnered with our local city mission, raising over $10,000 for their cause, and donating food and clothing items. We chose the Washington City Mission so our support will have a direct impact on our local community. They help in a variety of ways with specific programs for men, women and children, veterans, and more,” Cullen said.
What are your company’s plans to help the community in 2023? Let us know. Email [email protected].
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