The lender will focus on borrowers from the Carolinas, Georgia, and Virginia
South State Bank announced it has committed $100 million to mortgage lending initiatives for minorities and low- to moderate-income borrowers.
The commitment will be spread out over five years and will be offered to various markets across the combined footprint of South State and Park Sterling Bank following the completion of their merger.
“We are well underway with the planning for our upcoming merger with Park Sterling. As South State expands, we remain committed to assisting low to moderate income and minority communities” said Tom Ledbetter, president of the mortgage division for South State Bank. “This new lending commitment will allow us to offer our existing services and deepen relationships with customers and communities throughout the newly combined footprint.”
South State will begin an outreach effort later in the year to reach eligible borrowers from the Carolinas, Georgia, and Virginia. The bank will begin originating 1-4 family mortgage loans under the initiative late in the fourth quarter.
Earlier this year, the National Association of Home Builders (NAHB) released new maps for industry professionals who are inclined into helping lower-income families acquire homes.
NAHB’s Economics and Housing Policy group made eight maps of metro areas pinpointing where the Low-Income Housing Tax Credit (LIHTC) program is used the most. Each area is labeled according to different income levels – very low, low, moderate, or high.
The association used data from the Department of Housing and Urban Development’s (HUD) along with housing data from U.S. Census. According to HUD, the LIHTC program gives State and local LIHTC-allocating agencies the equivalent of nearly $8bn in annual budget authority to issue tax credits for the acquisition, rehabilitation, or new construction of rental housing targeted to lower-income households.
Related stories:
Where are the country’s least affordable housing markets?
Which state has the biggest disparity between housing wage and rent affordability?
The commitment will be spread out over five years and will be offered to various markets across the combined footprint of South State and Park Sterling Bank following the completion of their merger.
“We are well underway with the planning for our upcoming merger with Park Sterling. As South State expands, we remain committed to assisting low to moderate income and minority communities” said Tom Ledbetter, president of the mortgage division for South State Bank. “This new lending commitment will allow us to offer our existing services and deepen relationships with customers and communities throughout the newly combined footprint.”
South State will begin an outreach effort later in the year to reach eligible borrowers from the Carolinas, Georgia, and Virginia. The bank will begin originating 1-4 family mortgage loans under the initiative late in the fourth quarter.
Earlier this year, the National Association of Home Builders (NAHB) released new maps for industry professionals who are inclined into helping lower-income families acquire homes.
NAHB’s Economics and Housing Policy group made eight maps of metro areas pinpointing where the Low-Income Housing Tax Credit (LIHTC) program is used the most. Each area is labeled according to different income levels – very low, low, moderate, or high.
The association used data from the Department of Housing and Urban Development’s (HUD) along with housing data from U.S. Census. According to HUD, the LIHTC program gives State and local LIHTC-allocating agencies the equivalent of nearly $8bn in annual budget authority to issue tax credits for the acquisition, rehabilitation, or new construction of rental housing targeted to lower-income households.
Related stories:
Where are the country’s least affordable housing markets?
Which state has the biggest disparity between housing wage and rent affordability?
