Columbia Bank Launches Program to Advance Homeownership in Black & Hispanic Communities Throughout NJ

Photo Courtesy of Columbia Bank

Columbia Bank Launches “Advancing Access”, a Special Purpose Credit Program that will Pledge Nearly $128 Million in New Loans at Subsidized Rates to Black and Hispanic Neighborhoods Throughout New Jersey

the staff of the Ridgewood blog

Fair Lawn NJ, Columbia Bank Columbia Bank recently announced the launch of its “Advancing  Access” special purpose credit program. This is the latest addition to its affordable home loan solutions. Through the  program, Columbia Bank aims to advance homeownership in Jersey City, Paterson, Newark and Camden, as well as in  other communities throughout the state, through affordable loan solutions in Black and Hispanic neighborhoods. Over a  three-year period, the Bank will pledge approximately $125 million in principal loan originations at subsidized rates, and  $3 million in subsidy grants. Any borrower seeking to purchase or refinance a home in these communities, regardless of race or ethnicity, is welcome to apply. 

Eligible borrowers can take advantage of: 

• Discounted rates 
• Grant funding up to $10,000 to assist with  

down payment or closing costs 

• Ability to combine with existing grants for  

eligible borrowers within low-to-moderate  

income census tracts 

• Private Mortgage Insurance (PMI) waiver 
• Special underwriting requirements, including  

lower FICO score requirements 

“As a local community bank, delivering products that enhance the diverse communities that we serve is a vital part of our  mission,” said Thomas J. Kemly, President and CEO of Columbia Bank. “The product’s name aligns closely with the  Bank’s intent . . . To advance access to homeownership throughout the state within Black and Hispanic communities. We  look forward to expanding our relationships with local affordable housing organizations, have added additional Account  Executives to support expected demand, and are proud to support the success of our ongoing community  commitments.” 

Allotments have been assigned per census tract and may be fully deployed at the time of application. Contact Columbia  Bank to verify funding availability. To learn more about the program, visit https://www.columbiabankonline.com/personal banking/mortgage-loans/advancing-access-program. 

The introduction of “Advancing Access” is complementary to the Bank’s longstanding efforts to serve communities  within its assessment area. In 2021, the Bank introduced its Access Homeownership Grant, which provides up to $10,000  in down payment or closing cost assistance to qualified low- and moderate-income borrowers. Additionally, the Bank has  historically offered an Affordable Mortgage Program which offers no PMI, competitive rates, and waived fees to qualified  borrowers. Offering new products and services is just one way Columbia Bank continues to give back. Throughout the  year, “Team Columbia” employees work to conduct financial literacy events and volunteer at organizations that support  affordable housing efforts. For more about Columbia Bank and its full set of residential loan programs, visit https:// www.columbiabankonline.com/personal-banking/mortgage-loans.  

Founded in 1927 and headquartered in Fair Lawn, NJ, Columbia Bank has an expansive branch network with more than  60 locations, various regional lending centers and an asset base of approximately $10.1 billion. Columbia Bank and its  affiliates offer a full suite of consumer and commercial products, flexible financing options, modern digital banking  solutions, as well as title, investment, insurance and wealth management services. Community impact and customer  service continue to be a differentiator for the Bank. Columbia Bank is proud to have nearly 100% employee participation  through its “Team Columbia” volunteering program and was nationally recognized by the Bank Customer Experience  Summit for “Best Branch Experience.” For more information about Columbia Bank’s complete line of products and  services, visit www.ColumbiaBankOnline.com. Follow Columbia Bank on: Facebook, Instagram, Twitter, YouTube &  Linked In.