Program Co-Hosts Birmingham Event to Kick-Start Revitalization of Local Communities
BIRMINGHAM, Ala., August 20, 2016 – The GROWTH Initiative, a reinvestment program created by the National Community Reinvestment Coalition (NCRC), announced today its launch in Birmingham as part of its continued expansion across the nation. The kickoff will be held at the Birmingham Homebuyer Expo. GROWTH by NCRC, a transformative housing and workforce-training program for low-and-moderate income (LMI) communities, will now provide homeownership opportunities, financial counseling and job training in Birmingham, Alabama. GROWTH is expected to rehabilitate 50-100 homes per year for the next three-to-five years.
On Saturday, August 20th from 10:00 A.M. to 2:00 P.M. ET., at the Birmingham-Jefferson Civic Center, GROWTH by NCRC is co-hosting a housing workshop and expo in partnership with Regions Bank, BBVA Compass Bank, Building Alabama Reinvestment and the Housing Authority for Birmingham District. The event will help to inform the local community about the housing resources available to them through local partner organizations, such as banks, community organizations and the GROWTH initiative. It will also host a series of breakout sessions focused on a variety of topics including, credit counseling, closing costs and the appraisal process.
“We are very excited and proud to co-host this event alongside such strong partners,” said Ed Gorman, NCRC’s chief community development officer and manager of GROWTH. “This event further extends our mission of creating sustainable homeownership on behalf of LMI families or by investing in LMI communities. Attendees will learn how homeownership is achievable, why in many cases it is better than renting, and what resources are available to help them through what can seem a daunting journey.”
The partnership brings together a dynamic team to ease the homebuyer process in Birmingham. The Housing Authority of Birmingham District is a leader in making excellent affordable housing available for low- and moderate-income persons. Building Alabama Reinvestment fosters partnerships between community development organizations and financial service providers, increasing fair and equal access to credit, capital, and banking services. Committing significant resources to support the GROWTH Initiative, Regions and BBVA Compass cultivate homeownership opportunities and community revitalization in Birmingham.
“In many ways, the incredible benefits of homeownership simply cannot be measured,” said Leroy Abrahams, North Central Alabama Area President for Regions Bank. “It creates a stronger sense of ownership in the community. It creates a stronger sense of pride. And as more people achieve the dream of homeownership, they are able to invest in the long-term strength and vitality of our neighborhoods. Regions Bank is honored to support and help people along the path to homeownership. And we are proud to support the GROWTH outreach by the NCRC.”
By launching in Birmingham, GROWTH by NCRC will be purchasing, renovating and selling homes in local LMI neighborhoods through their investment-driven NCRC Housing Rehab Fund. The program, which has been uniquely designed by NCRC, in partnership with banks and other investors, was initially launched in Wilmington, Del., and will be expanding to a total of 10 to 15 markets nationwide.
“As the founder of Building Alabama Reinvestment and Chair of the NCRC Board of Directors, I’m proud of the work being done to foster increased homeownership in our low and moderate income communities in this area,” said Robert Dickerson Jr., executive director, Building Alabama Reinvestment NCRC board chair. “Our collaboration with the city of Birmingham, other municipalities and an array of local housing counseling agencies will yield the kinds of results that benefit families, helping more of them achieve their dream of homeownership.”
Additionally, the program provides housing and financial capability counseling through the NCRC’s Housing Counseling Network and other HUD-certified agencies. In addition to counseling, local LMI residents are given the opportunity to work with local construction crews through the pre-apprenticeship opportunities organized by the GROWTH Initiative. These opportunities help community members develop skills in homebuilding and home-renovations, building a stronger localized workforce.
The program also offers its financial investors Community Reinvestment Act credit opportunities, a return on investment and mission-focused fund management that invests with greater frequency in LMI communities than traditional equity funds. Regions Bank and BBVA Compass Bank have played a significant role in helping begin the initiative in Birmingham. Regions Bank and BBVA Compass Bank, along with Discover, Synchrony, Iberia Bank, TD Bank and Bank of America are among those actively supporting this initiative, nationwide. For more information about GROWTH, homeownership opportunities, investment criteria, housing counseling and workforce training, please visit: www.growthbyncrc.org
About GROWTH by NCRC
GROWTH by NCRC is a first of its kind community reinvestment program that combines targeted neighborhood rehabilitation with financial counseling and job training opportunities. Through the NCRC Housing Rehab Fund, the GROWTH program purchases, renovates and sells neglected homes in low- and moderate-income communities, creating sustainable homeownership and wealth building opportunities for local families. Investors in the fund include for-profit and non-profit entities that are eligible to receive both Community Reinvestment Act credits and a return on their investment.
About the National Community Reinvestment Coalition (NCRC)
The National Community Reinvestment Coalition is an association of more than 600 community-based organizations that promote access to basic banking services, including credit and savings, to create and sustain affordable housing, job development, and vibrant communities for America’s working families.
Titusville Day Celebration
Supporting Birmingham-area residents, GROWTH is proud to announce the Titusville Community will hold its 32nd Annual Titusville Day Celebration. The purpose and theme this year is to empower residents to address factors that place them and the community at-risk. Businesses, Organizations, Banks, Colleges and Credit Counseling Agencies will attend and provide educational information and resources to aid in this endeavor. The day will include a Health Fair, Book Fair and the Launching of the community’s anti-litter campaign. This all day event will be held on August 20, 2016 at the Historical Memorial Park.
GROWTH by NCRC