Columbia Bank was nationally recognized by the American Bankers Association (ABA) for its commitment to Affordable Housing and creation of its Advancing Access Program. The ABA awarded Columbia Bank a 2024 ABA Foundation Community Commitment Award, in October, at the ABA’s Annual Convention in New York City.
The special purpose credit program provides affordable home loans in majority Black and Hispanic census tracts as defined by the Federal Financial Institutions Examination Council (FFIEC). Over a three-year period, the Bank pledged approximately $125 million in principal loan originations at subsidized rates, and $3 million in subsidy grants. Eligible borrowers can receive discounted rates, grants to assist with closing or down payment costs, private mortgage insurance waivers and flexible underwriting requirements. In the first year of the program, the bank originated nearly $65 million in Advancing Access loans and provided over $1.7 million in grant assistance.
“The Advancing Access program has helped those purchasing homes within underserved communities achieve the dream of homeownership, build equity, and invest in their financial future,” said Thomas J. Kemly, President and CEO of Columbia Bank. “While lending solutions are one part of the journey, we continuously assist potential homeowners through personalized service, financial literacy opportunities and donations to local housing organizations. We sincerely thank the ABA Foundation for recognizing our efforts as we ‘Advance Access’ to homeownership for New Jersey residents.”
Awards were granted in seven categories: affordable housing, community and economic development, financial education, economic inclusion, protecting older Americans, supporting military families and volunteerism. Award winners were chosen by a field of nationally recognized experts in each field. The selection committee chose the winning banks based on the creativity and thoughtfulness of programs — traditional or innovative in nature and structure — that embody the ideals of corporate social responsibility and demonstrate success in making an impact.
“Columbia Banks’s Advancing Access program demonstrated the extraordinary impact that banks can make in the communities they serve,” said Lindsay Torrico, executive director, ABA Foundation. “We’re proud to recognize them as one of the 2024 Community Commitment Award winners and hope their efforts will inspire others throughout the industry.”
To learn more about the ABA Foundation Community Commitment Awards, visit www.aba.com/awards.
To learn more about Columbia Bank’s Advancing Access program or affordable home loan programs, visit www.columbiabankonline.com/personal-banking/mortgage-loans. Any borrower seeking to purchase a home, consolidate debt or make home improvements in these communities, regardless of race or ethnicity, is welcome to apply. Contact a local branch or a mortgage account executive to confirm eligibility.
