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STATELINE CHAMBER OF COMMERCE: Beloit Financial Institutions Lend $1 Million to Support Homeownership

Business

By Press release submission | Dec 14, 2019

Money 05

Stateline Chamber of Commerce issued the following announcement on Dec. 9.

Beloit area financial institutions are stepping up to support homeownership in a big way. With First National Bank and Trust as the lead, six area financial institutions have created a $1 million credit facility that will allow Acts Lending to finance the purchase and rehab of distressed homes for families with barriers to homeownership.

Acts Housing has supported more than 2,600 families in becoming homeowners in Milwaukee, WI. In September 2019, with support from the Hendricks Family Foundation, Beloit 200, and others, Acts brought services to Beloit with the launch of a five-year initiative. The initiative aims to create at least 150 new homeowners in Beloit, increase ownership in two key Beloit neighborhoods, and build a sustainable, viable affordable homeownership market for families with limited incomes.

Along with First National Bank and Trust, participating financial institutions include: Blackhawk Bank, Blackhawk Community Credit Union, Johnson Bank, SENB Bank, and the State Bank of Cross Plains.

Executive Director of Acts Housing, Michael Gosman, expressed his gratitude for the $1 million credit facility: “Without access to this capital, we would not be able to support families that wish to purchase and fix-up distressed Beloit properties. The positive impact these families will have on the blocks and neighborhoods they live in will be profound and we are fortunate to have these key financial institutions step up to support the communities they serve.”

David McCoy, the President of First National Bank and Trust, was eager to take the lead on this collaboration: “We know Beloit has un-tapped opportunities to help more renters become homeowners, so we were excited to see Acts Housing stepping up to support families and improve neighborhoods,” McCoy explained. “At First National Bank and Trust, we believe we have a responsibility to support our community family. Getting involved was an easy decision for First National as well as our fellow bank and credit union partners.”

Acts Housing provides all the services families need to transition from renter to owner, working primarily with families that have modest incomes and other barriers to homeownership. The first step in the process is attending an orientation session, offered frequently. To see the full schedule visit www.actshousing.org or call 608-305-4183.

Original source can be found here.

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