Banking IndustRy providing Community Lending

HOW DID WE COME UP WITH HOPE?

We wanted to utilize a name that was easy to remember and that demonstrated our mission- to provide safe, well built, well managed affordable housing for workforce employees and seniors. The below market rents charged allow the tenants' housing costs to be reduced from 50% and upward of gross income to approximately 30% , like most middle income Americans. The Consortium is being modeled after a dozen consortia around the Country, most of which have been making loans for 20 plus years.

MEMBERSHIP INFORMATION

A bank can join HOPE by completing a simple application and paying a one-time fee based on bank asset size. We also ask the bank to pledge the total dollars they are willing to commit to lend over the next three year
time frame. This pledge allows us to know how many projects we can realistically fund. An initial group of 10 banks have indicated their desire to join and become involved with numerous others requesting information about membership. An interested bank can contact HOPE to obtain a current listing of members.

WHY IS AFFORDABLE HOUSING SO IMPORTANT?

We believe everyone deserves the right to have safe, decent, affordable housing. With the housing and economic recession of the last several years, many Americans can no longer afford to own their own home or rent market rate rental units. Affordable rental units, financed with Federal tax credits, are in greater demand than ever in recent history. Most affordable complexes are fully occupied with waiting lists of applicants.

HOPE LEADERSHIP AND CONTACT INFORMATION

HOPE is being lead by Billie Wade, a CPA and former Banker who has 20 years of experience lending to and investing in affordable housing projects. Wade knows most all the major players in the industry- developers, syndicators, consultants, nonprofit groups, etc. that are active in developing affordable housing. Wade can also introduce developers to officials at HUD, FHLB of Cincinnati, Ky Housing Corporation, City Housing officials, all of whom provide funding sources.

HOPE OF KENTUCKY - MEMBERSHIP

• 1st Trust Bank, Hazard
• Branch Banking & Trust Company, Louisville
• Century Bank of Kentucky, Inc., Lawrenceburg
• Citizens Union Bank, Shelbyville
• Commercial Bank, West Liberty 
• Cumberland Valley National Bank, London
• The Commercial Bank of Grayson, Grayson
• Farmers National Bank, Danville 
• Home Federal Bank, Middlesboro
• Hometown Bank of Corbin, Inc., corbin 
• Hyden Citizens Bank, Hyden
• Kentucky Bank, Paris
• Kentucky Federal Savings & Loan, Covington 
• Monticello Banking, Monticello
• Peoples Bank of Ky, Inc., Flemingsburg 
• Springfield State Bank, Springfield
• Winchester Federal Bank, Winchester

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