Woodforest Receives Award from Texas Bankers Foundation for Innovative Wealth Building Through Homeownership Program

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May 04, 2018, 12:01 ET

THE WOODLANDS, Texas, May 4, 2018 /PRNewswire/ -- Woodforest National Bank, in collaboration with the Texas Department of Housing and Community Affairs (TDHCA) was recently recognized by The Texas Bankers Foundation, the philanthropic arm of the Texas Bankers Association, with a Cornerstone Award for its innovative Wealth Building Through Homeownership Program. The Cornerstone Award recognizes excellence in community involvement by Texas banks.

Cornerstone Award presented at a special luncheon held on Thursday, May 3 during the Texas Bankers Association’s 134th Annual Convention in Houston, Texas.

Doug Schaeffer, EVP, Executive Director CRA, Woodforest National Bank said, "Being recognized by The Texas Bankers Foundation for these initiatives is validation that Woodforest is being responsive to the needs of our communities. We are grateful to work with organizations like TDHCA and NeighborWorks America to develop innovative solutions aimed at combating the financial challenges faced by those in our communities who are most in need. These programs educate underserved borrowers and provide them trusted solutions available to support them as they strive for homeownership."

Tim Irvine, TDHCA Executive Director added, "As a state agency that is created to promote business and economic development we are always extremely gratified when there is a win-win opportunity to work in tandem with the private sector to serve Texans! It is always good to see Texas banks continuing to lead the way in developing and carrying out prudent but creative solutions."

The Wealth Building Through Homeownership Program is the first-of-its-kind, private-public venture with TDHCA to expand homeownership for low-to-moderate-income individuals through a $10 million loan agreement that increased access to down payment assistance and closing cost funds. As part of the initiative, Woodforest also provided housing counseling scholarships through NeighborWorks America, and, its employees conducted more than 3,500 hours of homebuyer education through over 1,000 workshops.

"Nonprofit housing counselors empower community residents to prepare for successful homeownership, build assets, and even assist existing homeowners avoid foreclosure after a hurricane or other life-altering events. NeighborWorks America is committed to building the skills and expertise of counselors but we can't do it alone. Thanks to an investment by Woodforest National Bank, we trained counselors through a series of NeighborWorks America regional trainings," said Sheila D. Anderson, Senior Relationship Manager, NeighborWorks America.

Woodforest is leading the charge in growing homeownership by encouraging other community banks to participate in future transactions of the Wealth Building Through Homeownership Program in Texas and across our 16 other states. For more information contact Doug Schaeffer at [email protected] or Daniel Galindo, VP, CRA and Strategy Director at [email protected].

Woodforest also received a special "Honorable Mention" from The Texas Bankers Foundation in the LiFE Awards category for its ReLi^®/ReStarter^® Program. This initiative supports borrowers looking to rebuild their credit and return to financial stability. The Leaders in Financial Education (LiFE) Award honors Texas banks that are dedicated leaders in promoting financial education in their communities.

About Woodforest
Celebrating over 37 years of community banking service, Woodforest National Bank has successfully stood among the strongest community banks in the nation, proudly offering outstanding quality customer service since 1980. Woodforest currently operates over 700 branches in 17 states across the United States. For more information about Woodforest National Bank please visit www.woodforest.com.

About TDHCA
The Texas Department of Housing and Community Affairs is committed to expanding fair housing choice and opportunities for Texans through the administration and funding of affordable housing and homeownership opportunities, weatherization, and community-based services with the help of for-profits, nonprofits, and local governments. For more information about fair housing, funding opportunities, or services in your area, please visit www.tdhca.state.tx.us or the Learn about Fair Housing in Texas page.

About NeighborWorks America
For nearly 40 years, Neighborhood Reinvestment Corp. (d/b/a NeighborWorks America), a national, nonpartisan nonprofit, has created opportunities for people to improve their lives and strengthen their communities by providing access to homeownership and to safe and affordable rental housing. In the last five years, NeighborWorks organizations have generated more than $34 billion in reinvestment in these communities. NeighborWorks America is the nation's leading trainer of community development and affordable housing professionals.

Media Contact

Cindi Stewart
Sr. Vice President-Public Relations Director
Woodforest National Bank
[email protected] | 832-375-2508

SOURCE Woodforest National Bank