Columbus-based Huntington Bancshares unveiled their Community Development Plan today, which features a $16 billion commitment to loan programs targeted to home owners and business owners in low-income and moderate-income communities across the Midwest.
“The Huntington Bank community benefits agreement is recognition of the importance to reinvest in low-income communities,” said Nate Coffman, Executive Director of Ohio CDC Association. “Their commitment is a strong step forward to address the challenges in underserved neighborhoods. Huntington’s comprehensive approach that ranges from increasing capital and mortgages in low-income communities to support for housing counseling to bolstering partnerships with CDCs and community groups is a blueprint to comprehensive investment.”
The individual components of the program includes:
- Funding $5.7 billion in single-family mortgage lending in low- to moderate-income areas.
- Funding $6.6 billion in small business lending including within low- to moderate- income areas.
- Funding $3.7 billion in community development lending and investment targeting affordable housing access and community-based loan funds.
- Funding $25 million of additional grants and philanthropy primarily targeting housing and small business credit service access.
- Creating $30 million in further economic impact through support including new branch locations within low- to moderate-income areas and/or majority minority areas; the addition of dedicated community mortgage loan officers; and the formation of a dedicated mortgage processing team to handle unique underwriting opportunities.
The Community Development Plan is scheduled to begin rolling out programs in 2017.