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University Bank Achieves "Houses to Homes" Goal of Rehabbing 1,000 Twin Cities' Homes Two Years Ahead of Schedule

University Bank Achieves "Houses to Homes" Goal of Rehabbing 1,000 Twin Cities' Homes Two Years Ahead of Schedule

Published 06-24-04

Submitted by University Bank

SAINT PAUL, MN -- St. Paul-based University Bank, the first federally insured Community Development Financial Institution in Minnesota, exceeded its goal this week of financing the rehabilitation of 1,000 affordable homes in the Twin Cities before year end 2005. Since the "Houses to Homes" program's inception in May of 2000, University Bank has financed the rehabilitation of 1,041 homes in distressed Twin Cities' communities.

University Bank's "Houses to Homes" program was created in response to the Twin Cities' tight housing market, rising rent costs, and plethora of old and neglected homes in low-income neighborhoods. The program helps to finance renovators with a successful track record of buying, fixing and selling homes in disadvantaged communities. The Bank lends 100 percent of the home's acquisition price and renovated homes are targeted to first-time or low to moderate-income buyers.

"We recognized the need to not only invest in, but take responsibility for the success or failure of underserved communities in the Twin Cities," said David Reiling, President of University Bank. "Programs like 'Houses to Homes' support Twin Cities families and help to strengthen our urban neighborhoods. We are thrilled with the overwhelming success of the program that highlights University Bank's mission to be "The Leader in Improving Our Urban Community."

The $108 million University National Bank was designated a Community Development Financial Institution by the U.S. Treasury in 2001. University Bank is a member of the Sunrise Community Banks family. For more information on "Houses to Homes" and other University Bank programs, visit www.universitybank.com or call 651-265-5600.

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University Bank

University Bank

The $115 million University Bank was designated a Community Development Financial Institution by the U.S. Treasury in 2001. The CDFI Fund works to expand the capacity of financial institutions to provide capital, credit and financial services in underserved markets. A member of Sunrise Community Banks, University Bank's mission is to be the leader in improving our urban community.

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