Simmons First National Bank issued the following announcement on Jan. 19.
The City of Pine Bluff, Simmons Bank, Go Forward Pine Bluff, Pine Bluff Housing Authority, Pine Bluff Urban Renewal Agency, United Way of Southeast Arkansas, Liberty Utilities, and Relyance Bank have formed a coalition in response to research sponsored by the Winthrop Rockefeller Foundation on ALICE (Asset Limited, Income Constrained, yet Employed) Families.
“Thanks to the work of the coalition lead by Go Forward Pine Bluff, ALICE families who reside in the Pine Bluff Metropolitan Statistical Area are now eligible for 100% financing over a 30-year term through Simmons Bank,” said Ryan Watley, CEO of Go Forward Pine Bluff. “More specific to the City of Pine Bluff, Simmons Bank has committed two million dollars and developed a 97% financing option over 30 years to help revitalize one of Pine Bluff most investment deprived areas. The area is geographically bound South: 34th Avenue, North: 17th Avenue, East: Olive Street and West: Hazel Street. This area was selected to spur investments across the mix of low-, moderate- and medium-income census tracts in the footprint. The economic diversity potentially helps all achieve a more equitable position at a faster rate.”
As part of the 97% advantage, Go Forward Pine Bluff successfully raised $300,000, of which $65,000 was provided by Liberty Utilities and United Way of Southeast Arkansas, to start a down payment and closing cost assistance loan fund. Go Forward Pine Bluff will offer the remaining 3% financing provided homeowners agree to join the newly formed Pine Bluff Homeowner’s Association. The homeowner’s association is managed in partnership with the Pine Bluff Housing Authority to ensure ALICE families receive pre-and post- homeowner education with an emphasis on establishing their home as an economic asset through equity accumulation. Relyance Bank will serve as administrator of the down payment and Assistance loan.
Watley further explained, “Today has been 10 months in the making. The coalition developed a strategy to usher ALICE families into an equitable homeownership position which will, in turn, reduce the strain on living expenses and provide a potential economic asset. In my time as CEO, this is one of the more impactful actions we have taken to make a difference. Access to homeownership is one of the principles to achieving the American dream. I am thankful to all parties, particularly to Simmons Bank for the risk they are assuming and to Relyance Bank for helping us administrate the program.”
Original source can be found here.
Source: Simmons First National Bank
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