High Point Bank & Trust recently kicked off a $5.4 million city effort to refurbish housing in the city's poorest neighborhoods.
City leaders announced the bank had set aside $1.2 million for mortgages and construction loans to help people with low and moderate incomes in the Washington Drive area. City leaders expect more area banks to pledge the remaining $4.2 million needed.The partnership evolved after city community development staff members pitched their ideas for housing rehabilitation to a city housing task force that includes officials from several area banks, including First Union, NationsBank and United National Bank.
If other banks join the effort, the city can rehabilitate more than 100 houses and apartments in the area and build at least 30 new homes, said Reggie Barker, the city's community development coordinator. The support from local institutions for the city's effort could multiply into more government grant money.