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FirstBank Commits $10 Million Investment to the Housing Fund's Shared Equity Program



FirstBank has committed to a $10 million investment in The Housing Fund for the organization’s Shared Equity Program of affordable housing. The money will fund home loans made to low-to-moderate-income individuals in majority minority census tracts for families in Tennessee.

“At FirstBank, one of our main priorities is community, and we know the importance of giving back to the communities we serve,” said Chris Holmes, President and CEO of FirstBank. “FirstBank fully supports the mission and vision of The Housing Fund, and we are grateful for the opportunity to partner with them through their Shared Equity Program, which will go a long way toward equipping Tennesseans with financial stability and security.”

“We are thankful for FirstBank’s partnership and for this generous investment,” said Marshall Crawford, President and CEO of The Housing Fund. “Our ultimate goal is to break the cycle of poverty for families across Tennessee, and we know that means creating access to wealth building opportunities through homeownership. FirstBank’s investment will play a major role in helping us reach our goals through leveraging additional capital, preserving and maintaining existing affordable housing, and creating new affordable housing options in Nashville and across the state.”

Homebuyers in the program are only required to provide 1 percent of the purchase price, with 25 percent contributed by The Housing Fund and the other 74 percent coming from a FirstBank loan. Once the homeowner is ready to move on, they can sell it only to another qualified low-to-moderate income buyer affiliated with The Housing Fund. At closing, The Housing Fund gets back its 25 percent contribution at 0 percent interest. Any appreciation in value is split between the seller and The Housing Fund, which then reinvests that money back into the home by helping the next buyer with a 25 percent contribution toward their purchase.

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