Franklin Synergy bank has invested $1 million into a program that provides low-income, first-time home buyers with assistance towards a down payment.
The program, called Tennessee Downpayment Partnership, is operated by the nonprofit Affordable Housing Resources Inc., which focuses on creating affordable home ownership and private neighborhoods. The program expects to assist 120 families this year.
The down payment assistance will be considered a loan that homeowners pay back when they sell the house. After repayment, that loan will be available for another first-time home buyer. Buyers income must be below a certain threshold to qualify for the assistance.
“Franklin Synergy Bank is eager to partner with AHR in supporting its mission to create affordable housing and strong neighborhoods here in Middle Tennessee,” Franklin Synergy President Lee Moss said, according to a press release. “We are excited to have the opportunity to contribute to a program that is helping first-time homebuyers achieve their goals of homeownership.”
Franklin Synergy operates 15 branches in Williamson, Rutherford and Davidson Counties and has about $4 billion in assets. Earlier this year, the Nashville company FirstBank bought Franklin Synergy in a $600 million deal.
In 2018, Affordable Housing Resources partnered with Murfreesboro bank First Community Mortgage on another project called the First Choice Program to help 60 Middle Tennessee families buy their first home.