TMCnet News
DebtHelper.com Receives Special Financing for Non-Profit DevelopersCredit Card Management Services, Inc. dba DebtHelper.com, a HUD approved Credit and Housing Counseling Agency and National Community Stabilization Trust (NCST) Buyer is pleased to announce the approval of a special loan from PNC Bank for non-profit developers. PNC (News - Alert) Bank created this loan to assist in the purchase of depressed housing in need of renovations through its community development banking division. This new product now saves nonprofits a great deal of time and money, since traditional loans would require secured lines of credit, new appraisals for each home, recoding fees, document stamps, intangible tax, etc., which add up to the thousands. Now, DebtHelper can use that money to increase the capacity and number of purchases and rehabs that are available through the NCST's "First Look" program for Fannie Mae and Freddie Mac foreclosed REO property. As a community buyer, DebtHelper has unique access to the First Look program, which provides approved community buyers with the opportunity to purchase newly available properties in target neighborhoods from select financial institutions before those properties are listed publicly for sale. In keeping with DebtHelper's mission to revitalizecommunities with affordable housing, DebtHelper has leveraged NCST's First Look option by purchasing distressed properties, rehabilitating them and providing affordable housing options to South Florida residents. "DebtHelper has a consistent track record of successfully revitalizing communities with rehabbed homes for working class families and veterans in South Florida," said Aileen Pruitt, PNC's Community Development Banking market manager. "We developed this loan to support the creation of permanent and safe homes for the working poor throughout the communities in which we serve. We also consider our financial support a strategic investment as we're committed to helping build a solid foundation for the future of all of our communities." "With home prices on the rise and limited inventory available to the LMI space, rehabilitation is one of the most effective ways we can reinvest in our community," explains Paul Donohue, president of CCMS. Donohue goes on to say, "up until this point DebtHelper has used its own capital for these projects. This new line of credit from PNC Bank will help us take on more properties and scale our capacity, providing greater impact to the areas and households that need it the most." For more information about DebtHelper's credit, debt and housing services please click here. For more information about PNC Bank's Community Development Banking, please click here. About PNC Bank PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com. About Credit Card Management Services, Inc. dba DebtHelper.com Credit Card Management Services, Inc. d.b.a. DebtHelper.com is an IRS Approved 501c3 Non-Profit Florida Corporation dedicated to its mission to educate, advise and empower youth to seniors to handle debt, credit and housing and to provide affordable housing opportunities through the acquisition and rehabilitation of residential properties.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170801006519/en/ |
