TD Bank, America's Most Convenient Bank®, announced today that its Commercial Lending Group in Vermont closed a $3.5 million credit line for NeighborWorks of Western Vermont. TD Bank’s capital allows NeighborWorks to provide down payments or second mortgage loans to local home buyers. The line was closed by Chris Hackett, TD Bank senior relationship manager.
Through this funding, NeighborWorks anticipates helping 100 prospective homeowners in the area. The organization's assistance means residents who do not have large cash down payments available can still buy a home and avoid private market insurance costs. Since 1986, NeighborWorks of Western Vermont has worked to strengthen the development of the regional economy by promoting safe, efficient and stable housing, as well as support community projects through education, technical assistance and financial services.
“TD Bank's relationship with NeighborWorks of Western Vermont to provide affordable second mortgage loans has brought home buying within reach for many more families with a dream they thought would never come true,” said Ludy Biddle, Executive Director of NeighborWorks.
Financing this credit line directly reinforces TD Bank’s mission of supporting affordable housing and assisting those in its community to achieve their homeownership dreams.
“TD Bank is proud to work with NeighborWorks to help fund their initiative that makes buying homes in Vermont more affordable,” said Phil Daniels, Market President for TD Bank. “Supporting this program allows us to help more local residents achieve their goals of homeownership.”
For more information about NeighborWorks of Western Vermont, please visit www.nwwvt.org.