COLUMBUS, OH - Columbus Housing Partnership (CHP) and Huntington Bank took unprecedented action today to stabilize homeownership in Central Ohio. The 3-year, $10 million Huntington Homeownership Alliance, a Strategic Partnership with CHP, will help an estimated 9,000 households through housing counseling, foreclosure avoidance services and affordable mortgages. The mortgage programs will enable at least 100 people to purchase homes here in Central Ohio.
"Homeownership strengthens our families, our community and our economy," said Huntington President and CEO Stephen D. Steinour. "CHP has an established record for helping individuals get back on track so they can remain in their homes. Huntington is proud to enter into this strategic partnership with CHP on this groundbreaking program to stabilize Central Ohio neighborhoods. We think that CHP will help us develop better tools and processes for working with homeowners in all of our markets where we service over 185,000 mortgages."
CHP President and CEO Amy Klaben said the organization has experienced significant increase in demand for services and expects it to increase for the foreseeable future as Central Ohio families struggle to maintain homes in the current economy. "We are excited to have Huntington as our partner in expanding delivery and services and in making homeownership possible through affordable funding. Through this strategic partnership, Huntington demonstrates its commitment to finding creative ways to engage the community and help address challenges."
CHP services will also be expanded through a new virtual "Homeownership Center." The online tool will use Web distribution and chat capabilities to provide financial education resources to a broader audience.
"In these tough times, it is gratifying to see our community come together to make the City of Columbus an even better place to live," said Mayor Michael B. Coleman. "I applaud Columbus Housing Partnership and Huntington for their efforts. The Huntington Homeownership Alliance with CHP compliments our efforts to revitalize Columbus neighborhoods and is a model for others to follow."
Nine thousand households are expected to take part in the joint program, receiving counseling from CHP. In addition, Huntington will fund for CHP $10 million in 30-year, fixed-rate mortgages with low closing costs and potentially below-market interest rates, available to anyone purchasing CHP homes. Huntington associates and mortgage clients will receive special invitations to participate in CHP programs.
Lastly, the Homeownership Alliance will also enable CHP to better respond to the foreclosure crisis affecting our community. This innovative partnership will provide the tools and products necessary to address the needs of Central Ohioans and expand those services to those in need of homeownership and foreclosure-related services. In addition to other support, Huntington will provide match-funding for establishing new and growing existing activities and programs.
Source: PRNewswire