Program aims to help revitalize communities in upstate New York
Premium Mortgage Corporation has launched a new program that aims to incentivize the purchase of homes in historically disadvantaged communities in upstate New York.
The nonbank lender announced that it will invest $500,000 in homebuyer incentives through its ‘Neighborhood Vitality’ program, as part of its agreement with the NYS Department of Financial Services to assist the state in revitalizing the real estate market in these underserved areas.
Earlier this year, the DFS’s Consumer Protection Division investigated Premium Mortgage and other lenders regarding their lending practices. According to the company’s Press release, the DFS found “no evidence of intentional discrimination, misconduct or other violations of law” by Premium Mortgage or its employees.
The fund will be advertised and dispersed through Premium Mortgage’s proprietary software, which will identify the properties eligible for the program and advertise the incentive to real estate agents to encourage home buying in these targeted communities.
“I am proud to work with a group of people who are both innovative and community-centric. We are utilizing the latest technologies to benefit our communities and address problems whose roots date back to their very beginnings,” said Mike Donoghue, founder and president of Premium Mortgage. “We did not just want to throw money at the problem – that is easy – anyone can do that. We wanted to find a way to get the money into the hands of those that need it and can use it to revitalize their neighborhoods.”
Headquartered in Rochester, N.Y., Premium Mortgage Corporation operates across New York, Florida, Vermont, Massachusetts, Connecticut, Pennsylvania, and Ohio.
