Business Briefs | Tri Counties Bank to help home buyers; John Dalby back at Redwood Capital Bank – Times-Standard
Tri Counties Bank to help home buyers
Tri Counties Bank has announced a partnership with the National Asian American Coalition to provide a Down Payment Assistance Program which will launch on July 7th. The program aims to help low-to-moderate income homebuyers, especially in underserved communities, finance down payments on home purchases.
The new scheme will be coordinated by the NAAC, while the Tri Counties Bank will offer mortgage financing to borrowers. The Tri Counties Bank also provides financial support to the NAAC. Eligible homebuyers can receive a forgivable loan of up to 3% of the price of the home (with a maximum of $10,000) for down payment assistance. First-time home buyers may also be able to get additional down payment assistance from Tri Counties Bank through the Federal Home Loan Bank of San Francisco’s WISH program, which provides up to $22,000. $ for a deposit.
“Tri Counties Bank is pleased to partner with NAAC and bring this program to fruition,” said Rick Smith, President and CEO of Tri Counties Bank, in a prepared statement. “Our goal is to strengthen and grow our communities, including those that have been underserved, by providing potential low-to-middle income buyers with the means to realize the dream of buying their first home.”
The program is available through the NAAC for homebuyers in Tri Counties Bank Community Reinvestment Act assessment areas. Participants must also meet income requirements and qualify for a first mortgage with Tri Counties Bank.
The Down Payment Assistance Loan may be canceled if the home is not sold, donated or otherwise assigned or refinanced within five years of the closing date of the mortgage. Otherwise, the loan will be recouped on a prorated basis by the NAAC at 20% per year and used for future DPA program loans.
“One of the biggest hurdles for first-time home buyers is the lack of down payment assistance,” Faith Bautista, president and CEO of the National Asian American Coalition, said in a statement. Press. “The Tri Counties Bank’s DPA program will help increase home ownership in low-to-moderate income communities, as well as close the wealth gap and income inequality.”
Interested homebuyers can contact the NAAC regarding the DPA program at 650-952-0522 or www.NAAC.org.
John Dalby returns from sick leave
Redwood Capital Bancorp announced earlier this month that John E. Dalby has returned as the company’s chairman and chief executive after a temporary medical leave.
“I would like to take this opportunity to express my sincere gratitude to the Board of Directors and the entire team at Redwood Capital Bank,” Dalby said in a prepared statement.
He also thanked the company team.
“While there are many people to thank, I want to thank Jennifer Budwig for her leadership as interim CEO during my leave,” he continued. “Jennifer has never wavered in her commitment to the business, our customers, our shareholders and our staff. She has excelled in her roles as Interim CEO and Chief Loan Officer. Additionally, I would like to thank Redwood Capital Bank’s management team, including Renee Byers, SVP/Chief Financial Officer, Tammy Brown, SVP/Chief Credit Officer, Michael McCoy, SVP/Risk Manager and Dave Tierney, SVP/CIO for their abilities to continue the implementation of the companies mission and strategy. Finally, thank you to VP/Executive Assistant Cindy Conn for her dedication and in-depth knowledge during this difficult time. I couldn’t be happier to be at the home and back to work with this fantastic group of people in this incredible community.
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