FOR IMMEDIATE RELEASE
February 27, 2018
Contact: William Grassano
OCC Publication Focuses on Single-Family Rehabilitation Financing Programs
WASHINGTON — The Office of the Comptroller of the Currency (OCC) published the latest edition of its Community Developments Investments newsletter titled “Expanding Housing Opportunities: Single-Family Rehabilitation Financing Programs.”
This edition of Community Developments Investments discusses how national banks and federal savings associations can help revitalize communities by establishing housing rehabilitation loan programs. The publication describes how banks can make home renovation loans in distressed areas, with guidance for such programs set out in OCC Bulletin 2017-28, “Mortgage Lending: Risk Management Guidance for Higher-Loan-to-Value Lending Programs in Communities Targeted for Revitalization.” In addition, the publication highlights significant revitalization efforts in neighborhoods in Detroit, Baltimore, and other cities, and explains how federal and government sponsored enterprise loan programs as well as tax credits are supporting community and bank rehabilitation financing initiatives. The publication also addresses how community development-related home rehabilitation efforts can qualify for consideration in a bank’s Community Reinvestment Act evaluation.
This edition of Community Developments Investments is part of a group of resources available to banks interested in exploring opportunities to offer residential rehabilitation loan financing and other community reinvestment activities. These resources are available on https://occ.gov/. Banks interested in learning more about these opportunities may contact the OCC’s District Community Affairs Officers located throughout the nation.
# # #