The lender, which focuses on underserved borrowers, recently completed a program that allows it to participate in community economic redevelopment
ACC Mortgage, Inc. successfully completed a nearly 2-year process on April 14, 2014, earning their Community Financial Development Institution (CDFI) certification from the U.S. Treasury.
“We are thrilled to have earned this exceptional certification,” said Robert Senko, founder and president of ACC Mortgage, “This will allow us to continue to expand on our mission of lending to and supporting underserved borrowers in Washington, D.C., and the surrounding areas.”
Through monetary awards, allocation of new market tax credits and various other programs, the CDFI Fund helps promote access to capital and local economic growth in urban and rural low-income communities across the nation.
The CDFI Fund programs enable locally based organizations to further goals such as: economic development (job creation, business development, and commercial real estate development); affordable housing (housing development and homeownership); and community development financial services (provision of basic banking services to underserved communities and financial literacy training).
Senko and his business partner Stuart Wolpoff have a long-held interest in bringing a community bank to the Washington, DC area. Over the past 6 years they have explored several options, from the supervisory conversion of an historic minority mutual bank to reviewing the possibility of recapitalizing an existing institution facing difficulties, including Harvest Bank and Independence Bank & Millennium Bank.
“The CDFI certification allows us to offer financial products and services to people who are currently unable to secure traditional capital to fulfill their personal and professional goals,” explained Wolpoff. “This is an exciting time for ACC Mortgage as we expect to triple in size over the next three years and be able to provide even more financial opportunities and resources to the market.”
ACC Mortgage, Inc. is a portfolio lender specializing in the underserved residential and commercial markets. Founded in 1999 and leader in its industry, ACC Mortgage currently has aservicing portfolio totaling nearly $20 million.
“We are thrilled to have earned this exceptional certification,” said Robert Senko, founder and president of ACC Mortgage, “This will allow us to continue to expand on our mission of lending to and supporting underserved borrowers in Washington, D.C., and the surrounding areas.”
Through monetary awards, allocation of new market tax credits and various other programs, the CDFI Fund helps promote access to capital and local economic growth in urban and rural low-income communities across the nation.
The CDFI Fund programs enable locally based organizations to further goals such as: economic development (job creation, business development, and commercial real estate development); affordable housing (housing development and homeownership); and community development financial services (provision of basic banking services to underserved communities and financial literacy training).
Senko and his business partner Stuart Wolpoff have a long-held interest in bringing a community bank to the Washington, DC area. Over the past 6 years they have explored several options, from the supervisory conversion of an historic minority mutual bank to reviewing the possibility of recapitalizing an existing institution facing difficulties, including Harvest Bank and Independence Bank & Millennium Bank.
“The CDFI certification allows us to offer financial products and services to people who are currently unable to secure traditional capital to fulfill their personal and professional goals,” explained Wolpoff. “This is an exciting time for ACC Mortgage as we expect to triple in size over the next three years and be able to provide even more financial opportunities and resources to the market.”
ACC Mortgage, Inc. is a portfolio lender specializing in the underserved residential and commercial markets. Founded in 1999 and leader in its industry, ACC Mortgage currently has aservicing portfolio totaling nearly $20 million.
