Buffalo lender First Niagara Financial Group is providing nearly $7 million in new homeownership aid to low- to moderate-income homebuyers, and is setting up a small business loan pool in Greater New Haven.
The program is part of a partnership between First Niagara, which earlier this year took over former New Haven’s NewAlliance Bank, and the Greater New Haven Branch of the NAACP.
First Niagara has pledged a total of $6.85 million over five years in loans and down payment assistance as part of the partnership.
The home ownership assistance program will provide low to moderate income homebuyers with up to $10,000 in down payment and closing costs assistance.
First Niagara offers a special affordable home mortgage loan pool with special rates and more flexible underwriting for qualified homebuyers.Â
In addition, First Niagara established a small business and micro loan pool, which will be available to companies that are either located in low to moderate income areas, or that create jobs for low to moderate income people.
Special focus will be placed on women- and minority-owned businesses. Loans will be made from the small business loan pool to a maximum of $150,000; micro loans will be available in a range from $1,000 to $25,000.
