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Affordable Housing
Thousands of working class families in Central Illinois pay enough in monthly rent to be able to pay for a mortgage on their own home. But they cannot save the thousands of dollars necessary for a down payment. Working families often have lower credit scores, or no credit score at all. Or maybe they've had a bankruptcy because of divorce, death of a spouse or medical bills.
But they pay their rent, phone bills, utility bills, car payment on time. Why can't they get a home loan?
CIOP, in partnership with Fannie Mae and National City Bank have announced a new low-down payment, no credit score home loan program. With as little as $500, low and moderate-income folks in Central Illinois can now own their own single-family home, including a home that needs renovation!
109 low/moderate income families achieved homeownership for the first 15 months of the CIOP $0 down home purchase program. These loans represent $9.7 million in new, affordable reinvestment into Central Illinois' neighborhoods. Key stakeholders in this program are National City Bank and Fannie Mae Corporation.
In 2003 CIOP and Regions bank (at that time Union Planters Bank) entered into a comprehensive CRA partnership. A key component of that partnership included a dramatic increase in low/moderate income homepurchase lending in Central Illinois with a goal of $10,000,000 per year.
On March 23, 2006 CIOP leaders met with Regions Bank officials to report on the status of the partnership. The bank report included: 2004 - $12,200,000 in lending, and 2005 - $14,000,000. The bank also agreed to renew the partnership with CIOP.
Decatur and Springfield lending staff from Union Planters are playing an increasingly key role in the Refinance Initiative. Their work paid off in refinancing 2 previously predatory loans in Central Illinois.
Charitable investment included grants to Christian Family in Peoria and Metanoia Centers in Champaign, IL.
510 E. Washington St. Suite 309 Bloomington, IL 61701
(309) 827-9627
ciop@comcast.net
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As of September 2005, 102 families have become first-time homeowners through this low cost project, resulting in over $9.6 million in new neighborhood reinvestment dollars for our communities! (12 months ending 10/04). This places CIOP's home loan program as the most active of the 8 similar pilot projects operating nationally.