More than $800K for local banks’ foreclosure, affordable housing work

By Geert De Lombaerde Posted on September 25, 2009 at 1:02 pm

The Federal Home Loan Bank of Cincinnati has awarded a consortium of six banks and the Woodbine Community Organization more than $160,000 to help area homeowners avoid foreclosures. The wholesale bank also signed off on four grants that will help finance the creation of almost 50 affordable housing units in Davidson, Williamson and Wilson counties.

Last year’s grant helped more than 80 families avoid foreclosure. “The need has not dropped off,” said Cathie Dodd, Executive Director of Woodbine Community Organization. The first wave of homeowners seeking counseling had mortgages they were unable to handle financially, she said. Now, more homeowners have lost their jobs and fear losing their homes. “It’s not just low-income people. It’s happening to everybody,” Ms. Dodd said.

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Tags: affordable housing, Citizens Bank, Community Bank & Trust, Federal Home Loan Bank of Cincinnati, Fifth Third Bank, foreclosures, grants, housing market, Pinnacle Financial Partners Inc., residential real estate, U.S. Bank N.A., Volunteer State Bank, Woodbine Community Organization