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Tag: low income

Fulton honored for aiding low-income homeowners

Fulton Financial Corp., which operates Fulton Bank branches throughout Central Pennsylvania and the Greater Lehigh Valley, was recently recognized by Operation HOPE for providing nearly $1 billion in loans to low- and moderate-income homebuyers over the last seven years. 

Operation HOPE is a non-profit focused on financial literacy and economic inclusion.  

“We’re pleased to partner with organizations like Fulton Bank that understand the importance of home ownership in empowering our communities,” said John Hope Bryant, founder, chairman and CEO of Operation HOPE. “We honored Fulton Bank for their commitment to increasing social mobility at our recent HOPE Global Forum, the largest gathering of its kind, dedicated to expanding financial inclusion for everyone.” 

In 2016, Fulton Bank began collaborating with Operation HOPE by participating in the Closing Cost Assistance Program, which provides grants to buyers to help with the up-front costs of purchasing a home.  

Fulton also sponsors Operation HOPE financial wellness coaches in six cities throughout its footprint. The coaches provide free education to consumers, focusing on improving their credit and preparing them for the financial aspects of home ownership. 

According to the organization, Fulton Bank has helped facilitate more than $968 million in loans to more than 5,700 homebuyers under the Closing Cost Assistance Program, and that cumulative total is on track to hit $1 billion in loans in 2023.  

In addition to homebuyer loans, the bank has donated more than $8 million in grants to make purchasing a home more affordable for low and moderate-income buyers. 

“Fulton Bank’s purpose is to change lives for the better, and one of the best ways we can do that is by helping people achieve the dream of homeownership,” said William “Smokey” Glover, executive vice president and director of fair and responsible banking for Fulton. “We are grateful for our collaboration with Operation HOPE, which enables us to provide valuable financial education along with financing. Both elements are critical to set homebuyers on a path to success.” 

Awards for affordable rental housing total more than $92 million

Awards totaling more than $44.2 million in Low Income Housing Tax Credits, more than $20 million in National Housing Trust Funds for the construction of 1,459 affordable multifamily rental units in Pennsylvania, and more than $9 million in PennHOMES funding, were announced by Gov. Tom Wolf Thursday. 

This is the first year the agency is announcing awards for the new Pennsylvania housing tax credit totaling more than $19.3 million in state credits. The federal and state tax credits were approved by the board and administered by the PHFA. 

“The funding we award today will have a significant impact by adding 1,459 affordable rental units once construction is completed,” Wolf said in a statement. “In all communities across the state, affordable housing is in great demand, which is why the allocation of this funding is important for addressing that need.” 

Developments receiving funding will preserve and create an additional 1,518 total rental units, including 1,459 for low-income Pennsylvania residents, with 123 units for people at or below 30 percent of the area median income supported by the National Housing Trust Funds. 

PHFA Executive Director and CEO Robin Wiessmann said tax credits are important as they fill a void in the marketplace for the construction of affordable housing. 

“Even before the pandemic there was clear demand for more rental housing that fits people’s budgets. That demand is even stronger today, and this new round of tax credits, plus the additional funding, are vital for creating and rehabilitating much-needed affordable housing.” 

The 33 multifamily housing developments being awarded for tax credits can be viewed on the PHFA site at https://www.phfa.or/mhp/. Please see the list of tax credit recipients under “News: 2022” and dated 11/10.

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