Breaking the Cycle of Poverty
Affordable housing is a significant need in many areas of the Choice Bank market. The absence of affordable housing options for families and individuals is a considerable barrier to establishing and maintaining a stable place to call home. Fortunately, the Community Reinvestment Act (CRA) ensures that banks are actively contributing to address the needs within their communities. As a result, we take great pride in showcasing our efforts to support affordable housing needs.
Choice Bank participated in funding of the CAG Minnesota Fund II package, which was led by Sunrise Bank. The CAG Minnesota Fund II will be used to finance the acquisition, necessary repairs, and operation of a portfolio of 283 single-family households located in or around Minneapolis/St. Paul. These homes will be sold to low- to moderate-income (LMI) families, thanks to local non-profit partnerships that aim to help LMI individuals acquire homes they can afford and take the first step towards creating generational wealth.
“At Choice Bank, we believe that everyone deserves a safe and stable place to call home. This loan package is a testament to our commitment to supporting affordable housing and making a real difference in our communities. We’re proud to partner with local non-profits to help families achieve homeownership and build a brighter future,” said John Fritz, Regional Banking President at Choice Bank.
“Making progress toward solving the affordable housing crisis and the racial homeowner gap needs to involve multiple stakeholders from our community,” says Bryan Toft, Chief Revenue Officer at Sunrise Banks. “We are proud to be part of this initiative to create more stable, supportive housing for those who need it most in the Twin Cities.”
Community Impact & Benefit
- Stability and Security: Families will have access to decent, affordable housing, which will provide critical stability and lower the risk of homelessness.
- Educational Outcomes: Families who previously lacked stable housing can now create a stable environment for their children, contributing to improved educational outcomes and the opportunity for generational change.
- Pride and Confidence: Families will gain intangible value in pride of ownership, confidence, and a sense of accomplishment, contributing positively to their community.
- Economic Revitalization: Communities will see an economic impact through increased local purchasing power and neighborhood revitalization.
Choice Bank remains committed to supporting affordable housing initiatives and positively impacting our communities. Through partnerships and dedicated efforts, we strive to provide stability and opportunities for families in need.
Bettering the places we live is one of our core values and we’re dedicated to supporting the families and businesses in our communities. Learn about our People First history here.