Community Initiatives in the Charlotte MSA and North Carolina

The initiatives listed below are a small sample of the community outreach efforts provided by the 40+
NCBA member banks offering financial services in the Charlotte MSA. Banks listed are in alphabetical
order. Not included are independent mortgage companies, credit unions, and investment brokerages
that offer mortgage lending and other financial services.

Ally
 Ally Financial, Bank of America and Barings, three of the leading financial services companies in
Charlotte, announced a combined investment of $70.75 million for affordable housing in
Charlotte and the surrounding area. This private investment marks the largest private-public
initiative of its kind in Charlotte.
o $50 million in below-market loans to finance affordable housing developments
o $11 million invested in the newly proposed Housing Opportunity Investment Fund,
which will assess affordable housing projects and find financing to execute viable
projects
o $2.5 million allocated to economic mobility programming and grants over the next five
years
o $7.25 million worth of land donated to make affordable housing possible, particularly in
Uptown Charlotte

Bank of America
 In Charlotte, Bank of America has provided nearly $138 million in low down payment loans and
has provided over $5 million in down payment and closing cost grants since April 2019.
 In early January, the bank announced that Mecklenburg County would allocate $7.9 million for
326 new affordable-housing units outside of Uptown. Funds will come from the county and
Bank of America, as a result of selling the bank’s land at the upcoming Seventh and Tryon
development and then donating those funds.

Fifth Third Bank

 Fifth Third Bank supports the following organizations that include housing, financial literacy and
economic mobility for the communities that they serve.
o CHA- CORE Programs, Inc.
o Community Link
o DHIC, Inc.
o Habitat for Humanity Cabarrus County
o Habitat for Humanity of Charlotte
o Habitat for Humanity Lincoln County
o Inlivian
 o North Carolina Housing Coalition
o Prosperity United, Inc.
o Roof Above
o Supportive Housing Communities, Inc.

First Citizens Bank

 Home Ownership Mortgage Express (HOME) program: This program is a defined Special Purpose
Credit Product designed to appeal to diverse and minority applicants in select
metropolitan/urban areas in N.C. and S.C. The Charlotte area is one of seven identified markets
where this product is offered. This product is also offered as an in-house portfolio product, with
no income limits with LTVs up to 100% with a minimum credit score of 680 and LTVs up to 97%
with a minimum credit score of 660 available, along with other flexible criteria.

JP Morgan Chase
 JP Morgan Chase recently announced a $30 billion nationwide commitment to building racial
equality. Part of that commitment includes originating 40,000 new home purchase loans for
Black and Latinx households.
 They opened two branches in underserved communities, including at Freedom Drive in
Charlotte and Franklin Boulevard in Gastonia. They will be opening another location at Beatties
Ford Road later in 2021.
 JP Morgan Chase hires people who live and work in the neighborhoods that they serve, including
community home lending advisors, who know how to help people become homeowners in
those communities.
 Partners with local community organizations, such as Central Piedmont University, that help
JPMC connect for things like financial education, homebuying, hiring and career/job training.

PNC
 Provides grants and sponsorship support to local non-profit organizations and institutions
serving low- and moderate-income communities. Recent recipients include Read Charlotte, the
Greater Steps Scholars career readiness program (formerly Charlotte Housing Authority
Scholarship Fund), Prospera’s Hispanic Entrepreneurs Assistance Program, UNCF, and Central
Piedmont Community College.

SouthState Bank
 While SouthState continues to enhance outreach efforts to expand lending throughout the
Charlotte MSA, the bank continues to have a small market share (1% of the mortgage market).
Nevertheless, the bank has made, and continues to make, meaningful investments in counties
within the MSA between 2018 and 2020, and these efforts endure throughout today and the
future.
 Since 2018, SouthState has received no complaints related to unfair or discriminatory mortgage
lending from the Charlotte MSA.
 Has invested nearly $13 million to provide over 800 units of affordable housing to lower income
residents throughout the area.

Truist
 $7 million in total giving in metro Charlotte area
 $174 million in community development loans
  686 affordable housing units created, retained, or improved through Truist support
 $47.4 million investment in affordable housing since Truist was formed in December 2019
o As the lead investor in the new Housing Impact Fund (HIF), Truist has committed $15
million to a $58 million initiative that aims to preserve 1,500 apartments as affordable
housing by 2022.
 Truist has targeted $120 million for philanthropic giving in Charlotte over a three-year period.

Wells Fargo
 Open for Business Fund: Wells Fargo donated approximately $400 million in processing fees
from the Payroll Protection Program to help small businesses keep their doors open, retain
employees and rebuild. Charlotte region CDFIs were invited to apply for funding to support low
interest loans, loan forgiveness, grants and technical assistance for minority-owned small
businesses.
 A Way Home Housing Endowment: Wells Fargo was the first corporation to invest in this public-
private initiative with a $1 million commitment. The endowment helps Charlotte-Mecklenburg’s
homeless and at-risk families move toward housing and financial independence by providing
housing subsidies and supportive services.
 Wells Fargo Neighborhood LIFT Program: Wells Fargo brough two Neighborhood LIFT programs
to Charlotte.
o In 2013, $5.5 million in down payment assistance grants created 310 new homeowners
in the city of Charlotte who were at 120% of AMI.
o In 2018, $6 million in down payment assistance grants created more than 300 new
homeowners in the region for those at 80% area median income with ability to go up to
100% for public service workers – including teachers, military members and veterans,
and public safety officers.
 Mission Asset Fund: Wells Fargo provides funding to Mission Asset Fund, which recently
selected Common Wealth Charlotte as a Charlotte nonprofit to offer financial stability to low-
income families by facilitating zero-interest lending and simultaneous credit building. Their
model links community members into rotating savings and credit associations and then reports
this participation to credit bureaus to help their members establish or improve a credit score.

Community Initiatives across the Nation

Ally
 Ally teamed up with the Local Initiatives Support Corporation on a new $3 million program to
fuel entrepreneurship and homeownership, focusing particularly on people who might not
otherwise have access to the capital and support they need to succeed. The new program will
fund a bundled set of financial and business coaching services for an estimated 4,400 people in
Charlotte, Detroit, Jacksonville, Fla., and Philadelphia.

Bank of America
 Currently, more than half of all Bank of America mortgages nationwide are either in low- or
moderate-income or multicultural communities or low-to-moderate income or multicultural
borrowers.
  In February 2021, the bank expanded existing affordable lending support with a $15 billion
Community Homeownership Commitment, which will aim to assist 60,000 individuals and
families to purchase homes through 2025.
 Down Payment Grant and America’s Home grants: Offer buyers up to $17,500 in assistance
without requiring repayment. The bank has already helped 16,000 people buy homes nationally;
they’ve received grants averaging $14,000.
 In early 2020, the bank launched the First-Time Homebuyer Online Edu-Series™ to educate
borrowers on how to overcome barriers to affordable homeownership.
 Enhanced its online Real Estate Center, integrating a feature that lets users identify for-sale
properties that are eligible for the Bank of America Down Payment Grant and America’s Home
Grant programs, including in the Charlotte Area.
 Works with community partners and HUD partners to provide neighborhood homebuying
workshops.

First Citizens Bank

 Community Opportunity Mortgage program: This is an in-house portfolio product available in all
First Citizens Bank markets, focused on the needs of first-time and affordable home applicants.
LTVs up to 97% with credit scores ranging from 640-659 and up to 100% with credit scores
above 660 are available. Income limits up to 100% of the HUD median area income and other
flexible criteria are available with this product.

PNC
 Supports early childhood education efforts through PNC Grow Up Great, a bilingual $500 million,
multi-year initiative to help prepare underserved children from birth to age 5 for success in
school and life.
 Facilitates financial education workshops and programs in low- and moderate-income
communities, on such topics as banking basics, budgeting and smart borrowing.
 Supports workforce development programs, which enable individuals to be trained for skilled
labor positions (e.g., electricians, plumbers, computer programmers and construction workers).

SouthState Bank
 Bank employees volunteered in excess of 1,000 hours to 25 organizations that provide
affordable housing, community services, and economic development activities to assist low- and
moderate-income individuals and families.
 SouthState donated $310,000 to 54 non-profit organizations that provide housing, economic
development and community services to economically disadvantaged populations.
 Has originated 31 community development loans for $52.6 million for affordable housing and
economic development.

Truist
 In 2020, Truist launched the new Truist Diversity, Equity and Inclusion webpage, plus a $5.5
million commitment to organizations that advocate for equity.
 Truist Community Benefits Plan: Truist will lend or invest $60 billion to borrowers who are low-
and moderate-income or minority and in communities which are LMI or minority from 2020 to
2022.
 CornerSquare: Truist made a $40 million initial donation to establish CornerSquare Community
Capital, a new national nonprofit fund that will support selected community development
 financial institutions (CDFIs), where 100% of the funding is allocated to racially and ethnically
diverse small business owners, women and individuals in low- to moderate-income
communities, with a particular emphasis on serving African American-owned small businesses.
 Committed more than $78 million in grants to support social justice initiatives, investing in
historically Black colleges and universities, and empowering historically underserved
communities.

Wells Fargo
 Open for Business Fund: Wells Fargo donated approximately $400 million in processing fees
from the Payroll Protection Program to help small businesses keep their doors open, retain
employees and rebuild.
 Wells Fargo NeigborhoodLIFT Program: An initiative funded by Wells Fargo Foundation and
presented by NeighborWorks America, this program offers down payment assistance and
homebuyer and financial counseling.
o Since 2012, Wells Fargo has committed more than $442 million to support sustainable
housing in cities affected by the economic downturn.
 Cities for Financial Empowerment Fund: The Cities for Financial Empowerment Fund (CFE Fund),
with generous support from Bloomberg Philanthropies, the Citi Foundation, JPMorgan Chase &
Co., and the Wells Fargo Foundation, expanded financial empowerment services in more than
50 cities and counties across the country to help local governments address resident financial
stability during COVID-19. Charlotte is one of the CFE fund recipient cities in 2020.