Huntington Bank and Columbus Housing Group Work to Save Homes in Ohio

""Huntington Bank"":http://www.huntington.com and ""Columbus Housing Partnership (CHP)"":http://www.chpcolumbus.org have joined forces to stabilize homeownership in Central Ohio. The two have formed the Huntington Homeownership Alliance, a three-year, $10 million project that will provide the area's residents with homeownership counseling, foreclosure avoidance services, and more affordable mortgages.
Commenting on the new initiative, Columbus' mayor, Michael B. Coleman, said, ""In these tough times, it is gratifying to see our community come together to make the city of Columbus an even better place to live. 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 troubled homeowners are expected to find help through the joint program, receiving counseling and foreclosure assistance from CHP. The Homeownership Alliance will also enable CHP to better respond to the foreclosure crisis affecting local communities. The 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. Huntington has also agreed to provide match-funding to establish new and grow existing foreclosure relief programs.
In addition, Huntington will provide CHP with financing for $10 million in 30-year, fixed-rate mortgages with low closing costs and potentially below-market interest rates, available to anyone purchasing CHP homes. CHP and Huntington say the initiative will enable at least 100 people to purchase homes in Central Ohio. Huntington associates and mortgage clients will receive special invitations to participate in the CHP programs.
Huntington Bank is headquartered in Columbus Ohio. The bank's president and CEO, Stephen D. Steinour, said his team chose to get involved in the revitalization project because, ""homeownership strengthens our families, our community, and our economy.""
Steinour added, ""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.""
Amy Klaben, CHP president and CEO, said her organization has seen demand for its services increase significantly, and she expects that growth to continue as more and more 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 its commitment to finding creative ways to engage the community and help address challenges.""
CHP's 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.