FOR IMMEDIATE RELEASE
April 29, 2009
HUNTINGTON BANK AND COLUMBUS HOUSING PARTNERSHIP ACT
TO STABILIZE HOMEOWNERSHIP IN CENTRAL OHIO
$10 million, 3-year program to help families avoid foreclosure and buy homes
COLUMBUS, Ohio – Columbus Housing Partnership (CHP) and Huntington Bank took unprecedented action today to stabilize home ownership in Central Ohio. The 3-year, $10 million Huntington Homeownership Alliance, a Strategic Partnership with CHP, will help an estimated 9,000 households through housing counseling, foreclosure avoidance services and affordable mortgages. The mortgage programs will enable at least 100 people to purchase homes here inCentral Ohio.
“Homeownership strengthens our families, our community and our economy,” said Huntington President and CEO Stephen D. Steinour. “CHP has an established record for helping individuals get back on track so they can remain in their homes. Huntington is proud to enter into this strategic partnership with CHP on this groundbreaking program to stabilize Central Ohio neighborhoods. We think that CHP will help us develop better tools and processes for working with homeowners in all of our markets where we service over 185,000 mortgages.”
CHP President and CEO Amy Klaben said the organization has experienced significant increase in demand for services and expects it to increase for the foreseeable future as Central Ohio families struggle to maintain homes in the current economy. “We are excited to have Huntington as our partner in expanding delivery and services and in making homeownership possible through affordable funding. Through this strategic partnership, Huntington demonstrates their commitment to finding creative ways to engage the community and help address challenges.”
CHP services will also be expanded through a new virtual “Homeownership Center.” The online tool will use Web distribution and chat capabilities to provide financial education resources to a broader audience.
“In these tough times, it is gratifying to see our community come together to make the City ofColumbus an even better place to live,” said Mayor Michael B. Coleman. “I applaud Columbus Housing Partnership and Huntington for their efforts. The Huntington Homeownership Alliance with CHP compliments our efforts to revitalize Columbus neighborhoods, and is a model for others to follow.”
Nine thousand households are expected to take part in the joint program, receiving counseling from CHP. In addition, Huntington will fund for CHP $10 million in 30-year, fixed-rate mortgages with low closing costs and potentially below-market interest rates, available to anyone purchasing CHP homes.Huntington associates and mortgage clients will receive special invitations to participate in CHP programs.
Lastly, the Homeownership Alliance will also enable CHP to better respond to the foreclosure crisis affecting our community. This innovative partnership will provide the tools and products necessary to address the needs of Central Ohioans and expand those services to those in need of homeownership and foreclosure-related services. In addition to other support, Huntington will provide match-funding for establishing new and growing existing activities and programs.
To learn more about CHP programs, visit www.homehelp.org or call 614-221-8889.
Huntington Bancshares Incorporated (www.huntington.com) is a $52 billion regional bank holding company headquartered in Columbus, Ohio. Huntington has more than 143 years of serving the financial needs of its customers. Huntington’s banking subsidiary, The Huntington National Bank, provides innovative retail and commercial financial products and services through over 600 regional banking offices in Indiana, Kentucky, Michigan,Ohio, Pennsylvania, and West Virginia. Huntington also offers retail and commercial financial services online at huntington.com; through its technologically advanced, 24-hour telephone bank; and through its network of almost 1,400 ATMs. Selected financial service activities are also conducted in other states including: Private Financial and Capital Markets Group offices in Florida and Mortgage Banking offices in Maryland and New Jersey. Huntington Insurance offers retail and commercial insurance agency services in Indiana, Ohio, Michigan, Pennsylvania, and West Virginia. International banking services are made available through the headquarters office in Columbus, a limited purpose office located in the Cayman Islands, and another located in Hong Kong.
About Columbus Housing Partnership (CHP)
Columbus Housing Partnership (CHP) (www.chpcolumbus.org) is a private, nonprofit organization founded in the belief that a decent and affordable home is the cornerstone of family life and a healthy community. Columbus Housing Partnership provides quality, affordable housing and related services to low to moderate-income households in Columbus and the surrounding area. Since its inception in 1987, Columbus Housing Partnership has developed 4,000 affordable homes, which have served 23,000 people.
CHP offers free and convenient housing counseling programs which address the underlying social and economic needs facing families within Central Ohio. Programs include Home Buyer Education, Financial Fitness, Credit and Budget Counseling, Home Maintenance Workshops and Foreclosure Prevention Workshops and Counseling. In 2009, CHP will serve 2,600 families through these programs. Columbus Housing Partnership offers both affordable rental and home ownership opportunities throughout Columbus and the surrounding region, and provides programs that offer residents support and the opportunity to keep their homes and families stable, safe and secure. Through these programs and a number of out of and after school programs, Columbus Housing Partnership is a partner in building communities and enhancing the lives of its residents.