The recent spike in interest rates shows no signs of slowing down. However, we know that the applications we are evaluating today will not close a permanent mortgage loan for at least 18-24 months – a long period of time during which the rate environment may once again change. While everyone’s crystal ball is fuzzy…
As we approach the end of 2021, we are excited and humbled to have achieved yet another milestone during an amazing year. While each of these achievements is noteworthy on its own merits, collectively they demonstrate the power and impact of the long-standing partnerships we enjoy with the banking and affordable housing development communities. Here’s…
Centrant Community Capital (“Centrant”) is pleased to announce the issuance of its 500th loan commitment. The $3.5 million permanent mortgage loan commitment supports the financing needs for The Villas at Swannanoa, a proposed senior affordable housing development to be built in Swannanoa, North Carolina. Commenting upon the loan commitment issuance, David Bennett, President of…
Last month, Centrant Community Capital closed a $750,000 permanent mortgage loan to finance O’Neil Pointe Apartments, located in Columbia, SC. This new, 42-unit multifamily property, which received an allocation of federal low income housing tax credits in 2018 from the South Carolina State Housing & Development Authority, provides a mix of two, three and four…
This weekend marks a significant milestone for Centrant Community Capital: 30 years of lending to finance affordable multifamily housing. On December 13th, 1990, Paul H. Stock, former Executive Vice President & Counsel for the North Carolina Alliance of Community Financial Institutions (now known as the North Carolina Bankers Association) signed the Articles of Incorporation of…
Centrant Community Capital is pleased to announce the closing of two new affordable housing loans. Together, these loans finance 120 affordable apartment units for seniors and families. Funding for the loans was provided via commitments from over twenty of Centrant’s member banks. Centrant Perm Loan: $1,472,000 18 year fixed rate / 30 year amortization Prosperity…
On the eve of next week’s Thanksgiving holiday, Centrant Community Capital is excited to share the news that Pioneer Bank, SSB has joined our affordable housing loan consortium. In fact, we’re especially thankful because Pioneer Bank is the fifth new member to join Centrant in 2020! About Pioneer Bank: Based in Austin, Pioneer Bank is…
Centrant Community Capital is pleased to welcome Texas Bank (San Angelo, TX) as our newest member institution. Texas Bank is the seventh Texas-based bank to join Centrant since it began offering loans in that state in 2018, and joins a membership community of more than ninety member banks from around the country. Centrant relies upon…
This year marks Centrant Community Capital’s 30th year of operation. In recognition of this milestone, and to share the important stories behind our success, we’ve adopted Partnerships Matter as our tagline for 2020. As our lending portfolio and operating footprint continue to grow – now exceeding $400 million in loans across six states – we…
Written by David Bennett Yesterday, I had the pleasure of attending one of a series of OCC roundtable sessions on the progress and direction of the agency’s plans for comprehensive CRA modernization. During this 90-minute session, which was held at the OCC’s headquarters in Washington, DC, Comptroller of the Currency Joseph Otting and several members…
Centrant Welcomes Newest Member: Benchmark Bank (Plano, TX) Centrant Community Capital, a consortium of banks offering loans to finance affordable multifamily housing, recently announced that Benchmark Bank has joined as its newest member. Headquartered in Plano, TX, the $620 million community bank is the fifth Texas-based financial institution to partner with Centrant. Benchmark Bank, which…
Regulatory Roundup: Centrant Presents Program Overview to OCC On March 28th, Scotty Duncan of the OCC hosted Centrant’s SVP of Credit and Lending, Rocky Herring, at a quarterly gathering of approximately thirty safety and soundness field examiners in Charlotte, NC. This was a wonderful opportunity to provide examiners with an overview of the LIHTC program,…
Following its earlier closing announcement for Givens Gerber Park III, Centrant Community Capital is pleased to announce two additional closings during the final week of January: Greenbrier Landing, located in Kinston, NC, and Parkside at Bethel, a new community in Clover, SC. Greenbrier Landing (Kinston, NC) Greenbrier Landing was developed by The Pendergraph Companies, a…
Centrant Community Capital is pleased to share its 2018 Impact Report – A Year of Change, Growth and Expansion. As we review and celebrate last year’s achievements, we also wish to acknowledge and thank the member banks, developers and other community partners whose contributions help to make our success possible. 2018 Impact Report – A…
Centrant Community Capital has closed a $1.03 million permanent mortgage to complete the financing requirements for Phase III of Givens Gerber Park, located in Asheville, NC. This new, 60-unit property provides 45 one-bedroom units and 15 two-bedroom units to seniors earning between 30-60% of the area median income. Givens Gerber Park was developed by The…
The OCC recently requested public comments on its Advanced Notice of Proposed Rulemaking (ANPR). Though issued solely by the OCC, the ANPR was widely interpreted as the first step in an Interagency effort to revise, update and modernize the regulations and guidance supporting the Community Reinvestment Act (CRA). Centrant’s position has been that CRA is…
In November, the staff of Centrant Community Capital participated in a one-day staff retreat and 2019 goal planning session. One of our tasks was to develop a concise statement of our mission, values and vision. That discussion was lively, invigorating and highly successful, and we are proud to share our results here. We believe that…
Centrant Community Capital is guided by a 15-member board of directors. Three seats are standing positions held by the Centrant EVP, the President/CEO of the North Carolina Bankers Association and the Executive Director of the North Carolina Housing Finance Agency. The remaining 12 seats are filled by CEOs, Chief Credit Officers, lenders and CRA officers…
Regulatory guidance requires that banks perform their own due diligence reviews, and demonstrate an independent credit decision, when entering into third-party loan arrangements such as the participation opportunities offered by Centrant Community Capital. Recent conversations with several member banks, as well as with OCC staff in Charlotte, suggest that regulators are paying particularly close attention…
Housing Works Conference – Register Now! It’s time once again to register for the 2018 North Carolina Affordable Housing Conference, Housing Works! This year’s event will be held October 24-25 at the Raleigh Convention Center, and all Centrant members are invited to register. Join your housing colleagues from around the state at North Carolina’s premier affordable housing…
Centrant Community Capital is excited to announce that two new banks have joined our lending consortium! State Bank and Trust Company, based in Atlanta, is a nearly $5 billion institution with 32 offices across Georgia. First National Bank Jasper is a $250 million bank located in Jasper, Texas, approximately 100 miles northeast of Houston. These…
The Grove at Kendal is a newly-built 48-unit multifamily development located in White House, TN, approximately 20 miles north of Nashville. In addition to federal housing tax credits, financing included a $1,217,500 Centrant permanent mortgage. The property contains a mix of one-, two- and three-bedroom units housed in two three-story garden style apartment buildings. The…
Abernathy Place, a new community located in Columbia, SC, offers 64 apartments, including a mix of two-, three- and four-bedroom units for families of all sizes. The community building houses an on-site leasing office, community room, kitchen, fitness center, computer center and laundry facility. The property is located in close proximity to numerous retail and…
