Affordable Housing and Home Ownership
Through Carolina First and Mercantile Bank, we are committed to the provision of
affordable housing and homeownership opportunities throughout the communities we
serve. Through our strategic partnerships and community outreach efforts, we provided
over $13.3 million in affordable housing and homeownership financing for families
throughout the Carolinas and Florida.
Carolina First Initiatives
Carolina First demonstrates a commitment to affordable housing and homeownership
through partnerships with SC State Housing, NC State Housing, the Federal Home Loan Bank, local government,
community-based organizations, and affordable housing providers. For example, we
partner with the City of Columbia and other community-based development corporations
to provide financing for low- and moderate-income and first-time homebuyers in Empowerment
Zone and Renewal communities. Examples of our partnerships with nonprofit
developers, tax credit syndicators, local governments, and the Federal Home Loan
Bank of Atlanta may be seen in a 48-unit elderly care facility in Aiken, South
Carolina, and the financing of the original purchase of real estate for the
development of low- and moderate-income housing in Asheville, North Carolina.
Additionally, Carolina First has financed the construction and renovation of homeless
shelters, transitional housing, and recovery shelters for substance and domestic
abuse victims in various communities across North and South Carolina.
Mercantile Bank Initiatives
Mercantile Bank demonstrates a commitment to affordable housing and homeownership
through partnerships with Florida State Housing, Florida Association of
Community Development Corporations, the Federal Home Loan Bank Affordable
Housing Program, local government, and community-based
organizations. For example, we partnered with a regional CDFI to provide financing
for low- and moderate-income affordable housing. The bank has also worked with
several local nonprofits in the provision of homebuyer educational workshops and
seminars to help qualified first-time homebuyers move through the home buying
process with ease.
In addition, Carolina First and Mercantile Bank have diligently worked with both
state and local government and nonprofit Neighborhood Stabilization Program (NPS)
recipients to facilitate transactions in support of the Bank's Asset Disposition
Strategies (to reduce OREO properties) and the NSP mission. Several bank associates
also serve on local NSP committees and task forces for successful program design and
implementation.