Tri Counties Bank to help home buyers
Tri Counties Bank announced a partnership with the National Asian American Coalition to provide a down payment assistance program that launches on July 7. The program aims to assist qualifying lowto moderate-income home buyers, especially in underserved communities, to fund down payments on home purchases.
The new program will be coordinated through the NAAC, while Tri Counties Bank will offer mortgage loan financing to borrowers. Tri Counties Bank is also providing financial support to NAAC. Qualifying home buyers can receive a forgivable loan of up to 3% of the price of the home (with $10,000 maximum) for down payment assistance. Firsttime home buyers may also be able to obtain 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 down payment.
“Tri Counties Bank is pleased to partner with the 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 moderate-income buyers with the means to achieve the dream of purchasing their first home.”
The program is available through NAAC to home buyers in Tri Counties Bank’s Community Reinvestment Act assessment areas. Participants
must also meet income requirements and qualify for a first mortgage through Tri Counties Bank.
The down payment assistance loan can be forgiven if the home is not sold, given away or otherwise conveyed or refinanced within five years of the mortgage closing date. Otherwise, the loan will be recovered pro rata by the NAAC at 20% per year and used for future DPA Program loans.
“One of the biggest barriers of first-time homebuyers owning a home is the lack of down payment assistance,” said Faith Bautista, president and CEO of National Asian American Coalition, in a news release. “The Tri Counties Bank DPA Program will help increase homeownership in low-to-moderate income communities, as well as bridge the gap of wealth and income inequality.”
Interested home buyers can contact
the NAAC regarding the DPA Program at 650-952-0522 or www. NAAC.org.
John Dalby returns from medical leave
Redwood Capital Bancorp announced earleir this month John E. Dalby has returned as president and
CEO of the company following a temporary medical leave of absence.
“I would like to take this opportunity to express my sincere gratitude to the Board of Directors and the entire Redwood Cap
ital Bank team,” Dalby said in a prepared statement.
He also thanked the company’s team.
“While there are many people to thank, I would like to acknowledge Jennifer Budwig for her leadership as acting CEO during my leave,”
he continued. “Jennifer never wavered in her commitment to the company, our customers, shareholders and staff. She excelled in both her roles as acting CEO and chief lending officer. In addition, I would like to recognize Redwood Capital Bank’s executive team, including, Renee Byers, SVP/chief financial officer, Tammy Brown, SVP/chief credit officer, Michael McCoy, SVP/risk manager
and Dave Tierney, SVP/ IT director for their abilities to continue to implement the companies’ mission and strategy. Finally, thank you to VP/executive assistant Cindy Conn for her dedication and in-depth knowledge during this challenging time. I could not be happier to be home and back to work with this fantastic group of people in this amazing community.”