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CRA Lending

Serving the financial needs of the entire community.

CRA Lending
BankAtlantic's CRA (Community Reinvestment Act) department’s dedication to the cause of Affordable Housing makes a difference in individual lives and in the community.

The CRA Residential Lending Division focuses on the first-time home buyer market. The CRA staff works with low- and moderate-income individuals on the duties and responsibilities of home ownership. The associates work closely with various governmental and private sector groups to provide home ownership to first-time home buyers, minorities and disabled persons.

The division accumulates potential applicants through numerous sources, primarily non-profit and faith-based partners who provide affordable housing, counseling, community development, etc. Outreach takes place for the most part in a joint effort by two or several parties. At such events, contact with the customers ranges from a one-on-one interview to a classroom setting. In handling the low- and very low-income persons who aspire to become home-owners, the CRA staff is very aware of their fragility. All applicants are continuously encouraged not to give up and to keep coming back to, among other things, the home buyer club meetings no matter how long it takes them to achieve their dream.

The CRA staff’s commitment to assisting formerly homeless persons obtain affordable housing has led to the establishment of the Homeless to Homeowners (H2H) Home buyers’ club. This unique program brings formerly homeless, challenged, self-doubting individuals together with a single objective in mind, that is, to reach the goal of owning a home. The CRA staff assists the members by changing old habits, re-learning behavior in handling their credit, budgeting and saving, re-education in financial matters and wealth development.

This award-winning, nationally recognized, program has earned BankAtlantic numerous awards. Since it was launched in 2003, the club has grown from 10 pioneering members to an excess of 150 members. As of April 2007, 19 members have closed on their homes with mortgages totaling $1,475,000. The program’s assistance includes loan programs that are ultimately forgiven, and grant subsidies that lower the cost of a home to affordable standards.

Some noteworthy achievements for 2006 are:

  • 39% of buyers earned less than 50% of the median income for their county
  • 60% of the properties purchased were located in the low income areas
  • 49% of homes were in geographic areas with a population that earned < 80% of the county income
  • 57% of residences were located in low- to moderate- income and substantially minority neighborhoods

Want more information?

  • Call 800-330-3711
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