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CIT Bank, HCIDLA renew partnership with new USD 400,000 grant for 1st time homebuyers.

BANKING AND CREDIT NEWS-February 4, 2019-CIT Bank, HCIDLA renew partnership with new USD 400,000 grant for 1st time homebuyers

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California-based CIT Bank, N.A., the banking subsidiary of CIT Group Inc., has announced it has awarded a new USD 400,000 grant to the Los Angeles Housing + Community Investment Department (HCIDLA) to help lower-income Angelinos who are first time homebuyers, the company said.

In late 2017, CIT Bank provided USD 400,000, which enabled HCIDLA to assist 28 hard-working families in purchasing single-family homes and condominiums throughout the city. For this purpose, CIT is now renewing that grant for another year.

For over 25 years, HCIDLA has operated first-time homebuyer assistance programs, providing eligible first-time homebuyers with purchase assistance in the form of a deferred-payment soft second loan to be used toward down payment, acquisition and closing costs. Personal income tax credits in the form of mortgage credit certificates (MCCs) are also available to first-time buyers.

HCIDLA's resources for first-time homebuyers are primarily federal grants and MCCs via the California Debt Limit Allocation Committee (CDLAC). With these limited resources HCIDLA can typically assist fewer than 100 home buying low-income households a year and thus continuously seeks other grant sources. This grant from CIT will enable HCIDLA to provide loans to an additional 28 homebuyers.

CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with approximately USD 50 billion in assets as of Sept. 30, 2018, and operates a principal bank subsidiary, CIT Bank, N.A.

Los Angeles Housing + Community Investment Department (HCIDLA) promotes livable and prosperous communities through the development and preservation of decent, safe and affordable housing, neighborhood investment and social services.

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Publication:M2 Banking & Credit News (BCN)
Geographic Code:1U9CA
Date:Feb 4, 2019
Words:315
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