RDA Success Story: HSBC Bank Uses RDA Funding
for Home Ownership Center in Norwich, New York
Member lender HSBC Bank USA used a $165,000 RDA advance to provide mortgage financing for the Quaranta Home Ownership & Housing Services Center. The center is owned and operated by Opportunities for Chenango, Inc. (“OFC”), a non-profit agency chartered as the Community Action Agency for Chenango County, New York. OFC is committed to supporting families and individuals through programs that focus on child and family development, housing security, life skills training, education, literacy, health and nutrition, the community, employment, and economic development.
Community Lending Program (“CLP”) advances are the lowest-priced HLB advances, made available to help you strengthen your community and assist with your CRA performance. Specifically, RDA funding is provided to support economic and community development projects located in local government entities with a population of less than 25,000 that benefit households with incomes at 115% or less of the area median income. Long-term funding is available with any CLP advance, allowing you to match-fund the terms and structure of your end loan, locking in a known spread for the life of the loan to hedge interest rate risk.
For more information about our CLP programs or to see if the project you have in mind qualifies, contact your Calling Officer today at 212-441-6700 or Joseph Gallo, Community Investment Officer, at 212-441-6851.
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