Tri Counties Bank and National Asian American Coalition Launch Down Payment Assistance Program in the Bay Area and Central Valley
June 22 2022 - 11:59AM
Business Wire
Tri Counties Bank announced today a partnership with the
National Asian American Coalition (NAAC), to provide a Down Payment
Assistance (DPA) Program that will launch on July 7, 2022. The DPA
Program aims to assist qualifying low- to moderate-income home
buyers, especially in underserved communities, to fund down
payments on home purchases.
The new program will be coordinated through the NAAC, while Tri
Counties Bank will offer mortgage loan financing to borrowers. Tri
Counties Bank is also providing financial support to NAAC.
Qualifying home buyers can receive a forgivable loan of up to 3% of
the price of the home (with $10,000 maximum) for down payment
assistance. First-time home buyers may also be able to obtain
additional down payment assistance from Tri Counties Bank through
the Federal Home Loan Bank of San Francisco’s WISH program that
provides up to $22,000 for a down payment.
“Tri Counties Bank is pleased to partner with the NAAC and bring
this program to fruition,” said Rick Smith, President and CEO of
Tri Counties Bank. “Our goal is to strengthen and grow our
communities, including those that have been underserved, by
providing potential low- to moderate-income buyers with the means
to achieve the dream of purchasing their first home.”
The program is available through NAAC to home buyers in Tri
Counties Bank’s Community Reinvestment Act (CRA) assessment areas.
Participants must also meet income requirements and qualify for a
first mortgage through Tri Counties Bank.
The down payment assistance loan can be forgiven if the home is
not sold, given away or otherwise conveyed or refinanced within
five years of the mortgage closing date. Otherwise, the loan will
be recovered pro rata by the NAAC at 20% per year and used for
future DPA Program loans.
“One of the biggest barriers of first-time homebuyers owning a
home is the lack of down payment assistance,” said Faith Bautista,
President and CEO of National Asian American Coalition. “The Tri
Counties Bank DPA Program will help increase homeownership in
low-to-moderate income communities, as well as bridge the gap of
wealth and income inequality.”
Interested home buyers can contact the NAAC regarding the DPA
Program at 650-952-0522 or www.NAAC.org.
About Tri Counties Bank
Established in 1975, Tri Counties Bank is a wholly-owned
subsidiary of TriCo Bancshares (NASDAQ: TCBK) headquartered in
Chico, California, with assets of over $10 billion and more than 45
years of financial stability. Tri Counties Bank provides a unique
brand of Service With Solutions® for communities throughout
California with a breadth of personal, small business and
commercial banking services, plus an extensive branch network, more
than 37,000 surcharge-free ATMs nationwide, and advanced online and
mobile banking. Tri Counties Bank participates in the Cities for
Financial Empowerment (CFE) Fund’s BankOn program that seeks to
ensure that everyone has access to safe and affordable financial
products and services. Visit TriCountiesBank.com to learn
more. Member FDIC.
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Megan Sheehan, Community Engagement Manager
megansheehan@tcbk.com (530) 332-2330
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