Santander, mayor announce Santander-Providence Home Loan Program

MAYOR ANGEL TAVERAS, along with Santander Bank N.A., announced the Santander-Providence Home Loan Program to promote home ownership opportunities for low- and moderate-income borrowers in the city. The program is part of a settlement with the city in connection with a lawsuit that had been filed against Santander over discriminatory lending practices. / PBN FILE PHTO/FRANK MULLIN
MAYOR ANGEL TAVERAS, along with Santander Bank N.A., announced the Santander-Providence Home Loan Program to promote home ownership opportunities for low- and moderate-income borrowers in the city. The program is part of a settlement with the city in connection with a lawsuit that had been filed against Santander over discriminatory lending practices. / PBN FILE PHTO/FRANK MULLIN

PROVIDENCE – As part of a settlement with the city in connection with a lawsuit that had been filed over discriminatory lending practices, Santander Bank N.A. has launched the Santander-Providence Home Loan Program to promote home ownership opportunities for low- and moderate-income borrowers in the city.
The program was announced by the bank and Mayor Angel Taveras on Thursday.
Santander has set a lending goal to make at least $24 million in home mortgage loans over the next three years to low- and moderate-income borrowers in the city who meet Santander Bank credit guidelines.

“Owning a home has long been part of the American dream; we’re excited about this program and what it will mean in helping to turn that dream into a reality for prospective low- and moderate-income homebuyers in our city,” Taveras said in a statement. “This is an important investment in our community and in the relationship between Santander and the city of Providence, which will benefit residents for years to come.”
Said Mike Lee, managing director of commercial banking for Santander, “Setting this goal for mortgage lending to low- and moderate-income customers is just one way we can support this vibrant city.”
The bank previously announced that it has committed a total of $1.3 million in grants to support low- and moderate-income neighborhoods through the settlement. The grants were awarded to Providence Community Library to support programs in low- and moderate-income neighborhoods, with special focus on financial literacy and homeownership; AS220 for development of its mixed-use gateway project on Broad Street; and Rhode Island Local Initiatives Support Corporation to establish and administer a new program to award grants to help cover mortgage down payments and closing costs for low- and moderate-income residents.

The lawsuit, City of Providence v. Santander Bank, N.A., was filed in U.S. District Court for Rhode Island against the bank’s U.S. operations in May. The lawsuit has since been dropped by the city.
The city had alleged that the financial institution discriminated against the city’s minority communities by refusing to make prime mortgage loans as required by the Fair Housing Act.

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