RBC Bank Links Developers And The Federal Home Loan Bank To Facilitate Building Nearly 500 Affordable Housing Units
RBC Bank Made More than 2,300 Mortgages to Low-and-Moderate-Income Families and Individuals in 2010
Raleigh, N.C. – February 8, 2011 – The RBC Bank Community Development team’s work with developers and non-profits in the Southeast is paying off in the form of $4.2 million in new Affordable Housing Program Grants awarded by the Federal Home Loan Bank of Atlanta for 455 new housing units to be built in Florida, North Carolina and South Carolina this year.
In January the FHLBank Atlanta announced the culmination of months of competitive evaluation and named the construction programs that would receive the FHLBank Atlanta Affordable Housing Program grants. Among the winners were seven affordable housing initiatives presented by RBC Bank, which is making construction loans estimated to be more than $14 million to the participating developers (in addition to the $4.2 million FHLB grants) for the following: Florida – Fellsmere, 16 units, Homestead, 220 units; Tallahassee, 50 units; North Carolina: Fayetteville, 25 units, Greensboro, 9 units; Salisbury, 25; South Carolina: Charleston, 110 units.
In addition to the new Affordable Housing Program construction loans, RBC Bank also originated 2,389 home mortgages through November 2010 to qualifying low-and-moderate-income borrowers in the Southeast. In conjunction with FHLBank Atlanta’s First Time Homebuyer Program, RBC Bank was able to further assist 75 of these low-and-moderate-income borrowers who also were first-time homebuyers and needed down payment assistance or reduced closing costs.
“At RBC Bank we take the time to understand what our borrowers need – whether they are homebuilders or first-time homebuyers. We understand that a construction loan can make a big impact in a community, a mortgage can be a huge benefit to a family, and at the same time these loans can make very good business sense for our shareholders,” said Reggie Davis, president of RBC Bank. “Our longstanding relationship with FHLBank Atlanta and our deep understanding of the markets where we do business shows in the positive results we are announcing today. We are pleased the RBC Bank Community Development team has these great results to show for their hard work.”
About FHLBank Atlanta
FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank’s members—its shareholders and customers—are commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies headquartered in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 12 district banks in the Federal Home Loan Bank System which since 1990 has contributed more than $4 billion to the Affordable Housing Program.
For more information, visit www.fhlbatl.com.
About RBC Bank
RBC Bank, headquartered in Raleigh, N.C., offers a wide range of financial services and advice to individuals, businesses and public institutions throughout the Southeast. RBC Bank’s network includes more than 420 full-service banking centers in six states (Alabama, Florida, Georgia, North Carolina, South Carolina and Virginia), an extensive ATM network and telephone and online banking. RBC Bank is the 40th largest U.S. bank by consolidated assets, according to SNL Financial’s List of the Nation’s 50 Largest Banks, September 2010. RBC Bank is a wholly-owned subsidiary of Royal Bank of Canada (RBC) (RY on the TSX and NYSE), Canada's largest and most stable bank as measured by assets and market capitalization. In August 2009, Global Finance Magazine ranked RBC as the safest bank in the Western Hemisphere. RBC is also one of the world's financial, social and environmental corporate leaders, having appeared on the Dow Jones Sustainability World Index every year since its creation in 1999. Additional information about RBC Bank may be found at www.rbcbankusa.com.