Grants support 40 not-for-profit organizations
M&T Bank has provided over $600,000 in grants to 40 not-for-profit organizations providing homeownership education services to thousands of individuals, families, seniors, students, veterans and others across New York state since the beginning of 2015, according to a Feb. 8 release.
Senior Vice President of Consumer Lending Mike Drury said the announcement is a further example of M&T Bank’s commitment to helping customers make informed decisions about homeownership, as well as leadership in supporting vibrant communities.
Each grant recipient is a member of HomeSmartNY — New York State’s largest network of professional, nonprofit homeownership advisors. Collectively, HomeSmartNY trains more than 15,000 people each year to be expert homebuyers. M&T Bank supports local organizations directly and is a sponsor of last year’s HomeSmartNY Statewide Conference, held in September 2016.
Examples of local partnerships include:
- More than 1,160 homebuyers and homeowners in Western New York benefitted from a $20,000 grant for pre-purchase homeownership and mortgage default / modification classes by Belmont Housing Resources for WNY, the largest HUD-certified housing counseling agency in the Buffalo-Niagara region.
- A $20,000 grant helped Home HeadQuarters, Inc. of Syracuse provide homebuyer education and foreclosure prevention counseling to 685 individuals during its 2014/2015 program year. Each year, M&T Bank volunteers also help improve properties in local low-income neighborhoods through HHQ’s Block Blitz Initiative.
- Hudson River Housing in Poughkeepsie received a $10,000 grant to promote homeownership and assist homeowners in preserving their investment through their NeighborWorks HomeOwnership Center of Duchess County. In 2015, the center helped more than 1,000 households prepare for, achieve or preserve the dream of homeownership.
- In Brooklyn, 60 first-time home buyers gained mortgage commitments and 121 people in danger of foreclosure kept their homes last year thanks to a $23,500 grant for homeownership counseling programs by Cypress Hills Local Development Corp., a HUD-certified nonprofit housing counseling agency.
“This collaboration with not-for-profit organizations across the state underscores M&T Bank’s approach to community-focused banking,” Drury said. “These 40 organizations provide education and expert resources for all stages of homeownership, and together we’re able to make a real difference for our neighbors looking to achieve financial security and the dream of homeownership.”
M&T Bank serves first-time homebuyers through a number of different mortgage programs, including acting as one the leading providers of State of New York Mortgage Agency (SONYMA) loans. The bank works closely with homeownership education programs to help guide prospective owners through the process of purchasing their first home, while connecting them with resources to make ownership affordable in the long run.
“Education is often an important complement to affordable mortgage products designed to meet the needs of first-time homebuyers,” Drury added.
