Housing Partnership, Evolve Bank & Trust Create New Partnership
NEW YORK, New York, October 25th, 2011 – The Housing Partnership and Evolve Bank & Trust are finalizing an agreement to establish a mortgage Representative Office on-site at the Housing Partnership’s new offices. The Housing Partnership will serve an integral role in this new venture to initiate mortgages for low-, moderate- and middle-income home owners in New York State.
This new business line is aimed at helping these often-underserved populations obtain home mortgages.
“In the wake of the housing meltdown, we at the Housing Partnership have been increasing aware of the difficulties many lower income potential homeowners face in obtaining a mortgage so they can purchase a home of their own,” said Dan Martin, President of the Housing Partnership. “Our innovative partnership with Evolve will address this need and enable many deserving families to purchase new homes with financial security.”
“Evolve Bank & Trust is proud to have the opportunity to provide many deserving families with a chance to become homeowners,” said Tommy Taylor, Chief Executive Officer of Evolve Bank & Trust’s mortgage division. “Although rates are at historic lows, it may be difficult for some low-to-moderate income families to take advantage of the current market conditions. Through our collaboration with the Housing Partnership, we have the ability to provide mortgage services to an often underserved demographic.”
Under the partnership, Evolve will house its mortgage Representative Office at the Housing Partnership’s New York City office. Shelia Martin, Chief Operating Officer of the Housing Partnership, will run the new corporation that will oversee this new business relationship.
The Housing Partnership and Evolve have already met with officials of the State of New York Mortgage Agency (SONYMA), which offers low-interest rate mortgages to first-time homeowners. Since both SONYMA and the Partnership/Evolve venture will target similar populations, the Partnership and Evolve are committed to offering SONYMA mortgages as part of the product line the new venture will offer.
“The Housing Partnership is very excited about this new business opportunity,” Shelia Martin said, “We are confident that it will provide a significant added benefit to the target population and the communities we are committed to serving.”
Evolve Bank & Trust was founded in Arkansas in 1925 and now has offices located in 14 states from New York to California.