Sunsentinel

Bank fund targeting affordable housing in South Florida

 

Ten banks, with six located in South Florida, helped launch the Community Development Fund with $25 million dollars. The fund was introduced by Ken Thomas, an economist and banking consultant, who is tired of South Floridians making $40,000 or $50,000 a year and not being able to afford to buy a home. The funds will be used to invest in securities backed by mortgages valued in the $100,000 to $200,000 range to encourage lenders to keep making the loans and builders to find ways to develop communities that first-time buyers and young professionals can afford.

Read more: http://www.sun-sentinel.com/business/realestate/fl-affordable-housing-fund-20160617-story.html

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