And now:Ish <[EMAIL PROTECTED]> writes:
From: [EMAIL PROTECTED]
Message-ID: <[EMAIL PROTECTED]>
Date: Mon, 4 Jan 1999 11:30:50 EST
From: [EMAIL PROTECTED]
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Subject: Bank of America Partners With Northern Circle Indian...
Date: Mon, 4 Jan 1999 11:20:37 EST
Bank of America Partners With Northern Circle Indian Housing Authority to
Provide Affordable Home ownership to Native Americans
SAN FRANCISCO--(BUSINESS WIRE)--Jan. 4, 1999--BankAmerica
Mortgage and Northern Circle Indian Housing Authority (NCIHA) today
launched a low-income mortgage initiative designed to provide
opportunities for Northern California Native American tribes to buy
their own homes. The initiative was established to provide affordable
housing options to members to two Sonoma County tribes -- Dry Creek
and Stewarts Point.
BankAmerica Mortgage will be teaming up with NCIHA's Alternative
Finance Program to originate affordable 30-year fixed rate mortgages
using the Neighborhood Advantage Credit Flex home mortgage product.
This endeavor focuses on off-reservation home ownership because neither
the Dry Creek nor Stewart Point tribes have developable reservation
property.
"We are very excited to be part of this innovative initiative for
the Native American population," said Andy Woodward, president of Bank
of America's mortgage services. "Our community lending presence is
deeply rooted in Northern California and we are proud to be partnering
with NCIHA to provide homeownership opportunities to members of the
Dry Creek and Stewarts Point tribes."
This initiative is part of a larger global community reinvestment
commitment made by Bank of America totaling $350 billion in the next
ten years -- $115 billion of which is designated for affordable
housing.
"We are very pleased to working with Bank of America to provide
mortgage financing to members of our community," said Darlene Tooley,
Executive Director of Northern Circle Indian Housing Authority. "The
opportunity for homeownership is important to the Native American
community, and access to private market mortgage financing will make a
lot of dreams come true for the members of Stewarts Point and Dry
Creek tribes."
NCIHA has contracted with Consumer Credit Counseling Service of
America (CCCS) to provide personal finance counseling -- including
credit report and analysis, debt reduction programs, and homeownership
education to ensure on-going success in homeownership for this
community.
In order to qualify for the Northern Circle program, a
participant's income cannot exceed 80% of the median income range for
Sonoma County. (For example, 80% of the median income range is $43,440
for a family of four). The applicant must also demonstrate income
stability. Bank of America's Neighborhood Advantage home loan was
designed for people who do not have a traditional credit history or an
established credit score. As an alternative, prospective borrowers can
provide proof that their rent has been paid on time for at least 12
months. Another factor that can be used in assessing the applicant's
creditworthiness is proof that utilities have been paid in a timely
manner.
In this special effort to provide affordable homeownership to
Native Americans, no down payment is required from the borrower.
Seventy five percent of the loan amount will be financed using the
Neighborhood Advantage Credit Flex home loan. The remaining 25% will
come from NCIHA's Alternative Finance Second Program. The 75% loan to
value insures that there will be no need for mortgage insurance
resulting in a lower overall mortgage payment for the borrower.
Eligibility and guidelines for the applicants also include:
-0-
*T
-- Verifiable tribal membership
-- Maximum purchase price of $170,360
-- Participation in a First Time Homebuyer Education Program and
Consumer Credit Counseling Service's credit analysis and personal
finance program
*T
-0-
NCIHA can contribute up to $75,000 or 50% of purchase price of
the home through its Alternative Finance Second Program. In addition
NCIHA will pay closing costs up to $5,000.
BankAmerica Mortgage is a subsidiary of BankAmerica Corporation.
BankAmerica Corporation with $572 billion dollars in assets, is the
largest bank in the U.S., with full-service operations in 22 states
and the District of Columbia. BankAmerica Corporation provides
financial products and services to 30 million households and two
million businesses, as well as providing international corporate
financial services for business transactions in 290 countries.
BankAmerica Corporation (NYSE:BAC) stock is listed on the New York,
Pacific, London and Tokyo stock exchanges.
Northern Circle Indian Housing Authority is a tribal government
agency established in 1980 to access, construct and manage housing for
thirteen member tribes. NCIHA has ranked within the top 10% of Indian
Housing Authorities in the nation and received a 1998 Sustained
Excellence Award for all program management from the U.S. Department
of Housing and Urban Development.
--30--mr/sf* aj/sf
CONTACT:
Bank of America
Connie St. John, 415/622-3800
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