CHICAGO (August 16, 2005) - Charter One Bank today announced the Charter One Neighborhood Housing Initiative, a $300,000, three-year commitment to provide education and training programs for first time home buyers. The initiative will address the critical need of home ownership for low- and moderate-income families in Chicago by providing them with the tools they need to secure and maintain home mortgages. The program will managed by the Chicago Urban League and its affiliate, the Chicago Urban League Development Corporation (CULDC).
“Through the Charter One Neighborhood Housing Initiative, we look forward to helping first-time home buyers reach their dream of home ownership,” said Paul Greig, President & CEO of Charter One Bank, Illinois. “The Chicago Urban League is the ideal partner for this initiative and we look forward to working together to build stronger communities throughout Chicago.”
The Neighborhood Housing Initiative will focus extensively on counseling, education and training programs for first-time or inexperienced home buyers seeking assistance in securing affordable housing in Chicago. The CULDC and Charter One will work together to identify affordable communities for their clients. Ultimately, the goal of the program is to decrease the rate of foreclosure and increase the pool of mortgage-ready low- and moderate-income homebuyers, especially those in under-served populations and minority communities.
James W. Compton, President & CEO of the Chicago Urban League, said: “We have high hopes that our partnership with Charter One Bank will go a long way in providing both housing information and new home ownership opportunities for residents of Chicago. We are proud that the Chicago Urban League has distinguished itself as an entity that continues to make the ‘American Dream' come true for hard-working people who otherwise might not ever become home owners.”
CULDC was established in 1982 as a separate corporate entity, and promotes affordable housing opportunities for low- and moderate-income families and citizens. CULDC has completed both new housing construction and rehab projects, and serves as a U.S. Department of Housing and Urban Development Certified Counseling Agency, and as a delegate agency for the City of Chicago's Department of Housing.
About Charter One Bank, N.A.
Charter One Bank, N.A., is a $36 billion bank operating in Illinois, Indiana, Michigan and Ohio. It has more than 490 branches and 830 ATMs. Charter One is a subsidiary of Citizens Financial Group, Inc., a $148 billion commercial bank holding company headquartered in Providence, R.I. Citizens has more than 1,600 branches, approximately 3,100 ATMs and more than 27,000 employees in a 13-state retail branch network and non-branch offices in more than 30 states. Citizens is the eighth largest commercial banking company in the United States ranked by deposits. Citizens is owned by RBS (The Royal Bank of Scotland Group plc).
About The Chicago Urban League
Established in 1916, the mission of the Chicago Urban League is to eliminate racial discrimination and segregation and to work for the achievement of equal opportunity and parity for African Americans, other minorities and the poor in every phase of American life. The League's work is focused in three primary areas: education, economic development and community empowerment.