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 a $1.8 billion community bank with 19 locations serving Central and East Texas. Pioneer is also the eighth Texas-based bank to join since Centrant’s 2018 expansion into the state. Pioneer Bank has a broad operating footprint across its markets, which strengthens Centrant’s lending presence in Texas. In turn, our member banks benefit because this enhanced financial capacity allows Centrant to pursue additional affordable housing loan opportunities.
Pioneer Bank immediately demonstrated its commitment to affordable housing finance by participating in a $2.4 million permanent mortgage loan to refinance Houston Heights Towers, an existing 223-unit affordable multifamily housing development for seniors in Houston. Pioneer Bank will be one of seven financial institutions in the loan funding pool, which is anticipated to close in mid-December.
About Centrant Community Capital:
Centrant Community Capital relies upon financial commitments from its 93 member banks to fulfill its mission of providing loans to finance affordable multifamily communities across our six-state lending footprint. In return for these loan participation commitments, Centrant’s member banks receive CRA credit, an attractive interest yield and loan growth, with minimal overhead expense and very little risk.
For affordable housing developers, Centrant offers a focused, flexible and competitive source of conventional permanent mortgage financing that is specifically designed to support affordable housing finance needs.
We appreciate the support provided by Pioneer Bank – and all of our 93 member financial institutions – and look forward to working together in this wonderful partnership in the years ahead!