“HomeTrust Bank alerted us to FHLB’s Affordable Housing Program and sponsored our grant application,” said Asheville Habitat’s Development Director Jim Lowder. “The resulting loans help homeowners because their mortgage is reduced by $10,000 and they can build equity faster. It also helps the organization because we get the funds upfront rather than spread over a 30 year period if it was in the mortgage. That means we can immediately begin using the funds to off-set construction costs.”
“Over the past 11 years, HomeTrust and the Federal Home Loan Bank in Atlanta have helped local non profits and families receive more than $3.6 million in grants and first time home buyer assistance funds,” said Dana Stonestreet, HomeTrust Bank president. “We are honored to help Habitat fulfill their mission, and the $350,000 in grants we sponsored is helping dozens of families own their own homes.”
Each year the Federal Home Loan Bank invests 10 percent of earnings into developing affordable housing in the communities it serves. These investments are based on grant applications sponsored by member banks such as HomeTrust.
About HomeTrust Bank
HomeTrust Bank is a mutually owned bank with an 83-year history of serving families and businesses in Western North Carolina. HomeTrust Bank offers a variety of home loans, consumer loans, checking accounts, Online Banking, and a broad range of investment options to help families build a secure financial future. The Bank also offers a full array of financial products designed especially for businesses.
HomeTrust Bank, Tryon Federal Bank, Shelby Savings Bank, Home Savings Bank, Rutherford County Bank and Industrial Federal Bank comprise the HomeTrust Banking Partnership. By combining their resources in Partnership, member institutions have expanded their ability to preserve hometown banking traditions with improved products and services, more convenient locations, and greater support for their local communities.
Together, the HomeTrust Banking Partnership has assets of over $1.6 billion and is the largest mutual bank headquartered in North Carolina and the 2nd largest in the Southeast.
HomeTrust Bank has offices in Buncombe, Henderson, and Haywood Counties. Tryon Federal Bank, Shelby Savings Bank, Home Savings Bank, Rutherford County Bank and Industrial Federal Bank have offices in Polk, Cleveland, Rockingham, Rutherford County and Davidson County, respectively.
