OneUnited Bank members and partners have launched a new community-based initiative aimed to help Liberty City residents build wealth and secure homeownership.
On Thursday, Sept. 24, the bank and trustees of the Miami-Dade Chamber of Commerce hosted a private reception to celebrate the launch of “Yes! In Our Backyard.” The $1 million, 12-month project targets residents living in OneUnited Bank’s “backyard” community, which includes 79th Street corridor neighborhoods covering Northwest 62nd to 95th streets and Northwest Seventh to 37th avenues.
The project began Sept. 1 and will provide up to 10 first-mortgage home loans under the UNITY Home Loan Program to first-time homebuyers with a household income at or below 80 percent AMI (area median income) or in census tracts at or below 80 percent AMI.
The area median income for Miami-Dade County is $49,900. To qualify for “Yes! In Our Backyard,” a borrower’s income needs to be no more than $39,920.
In addition, OneUnited Bank will partner with HUD-certified organizations to provide customers with down-payment assistance, homebuyer education workshops and tips on budgeting for better living. The program will also waive credit report, appraisal and other lender fees until Dec. 31.
Teri Williams, president and chief operating officer of OneUnited Bank, said the program targets residents interested in buying their first home or refinancing their existing home.
“We are committed to helping families in ‘our backyard’ become first-time homeowners or refinance their homes,” Williams said. “People need to take advantage of these fabulous programs now while they last and home prices are still relatively low. Our focus is on low- to moderate-income families. I know this program will be a success, even if I have to go door to door in the community myself.”
“Yes! In Our Backyard” is the sequel to OneUnited Bank’s “Thunder & Enlightening” mural project, which debuted in July, and is part of a series of commitments to the community.
Many OneUnited Bank partners and supporters attended Thursday’s reception, including the South Florida Board of Realtists; Neighborhood Housing Services of South Florida; Housing Foundation of America; Haitian American CDC; 79th Street Initiative; and Expert Resource Community Center.
“My job is to locate first-time homebuyers and refer them to banks such as OneUnited so they can learn what they qualify for,” said Alisha Hayes, president of the South Florida Board of Realtists. “The beauty of this initiative is to give residents who don’t think they can own a home the opportunity to do just that.”
Williams said the focus of the “Yes! In Our Backyard” initiative is to put an end to all forms of negative discrimination, including the “not in our backyard” sentiment, and create equal opportunities for all.
Miami Gardens Mayor Oliver Gilbert III, who attended Thursday’s reception, said the launch of this initiative speaks volumes on the type of institution OneUnited Bank is.
“They go out of their way to help the community and get involved,” Gilbert said. “They’re not just about doing business. You can do good business and it be good for the community.”
For more information on the “Yes! In Our Backyard” program, visit OneUnited Bank at 3275 NW 79th St., call 877-663-8648 or go to www.oneunited.com.
OneUnited Bank is a black-owned bank with branches in Miami, Los Angeles, and Boston.
View other black owned businesses in Miami.
Source:
http://miamitimesonline.com/news/2015/sep/30/oneunited-launches-1m-lending-initiative/
