News from CRF

May 4, 2016

Detroit Home Mortgage taps local community development veteran to lead initiative

Krysta Pate joins Detroit Home Mortgage in the program's new downtown office space

DETROIT - Detroit Home Mortgage, the innovative new Krysta Pate
program designed to make Detroit home buying more accessible, announced today that community development expert Krysta Pate will lead the initiative as program director. Community Reinvestment Fund, USA (CRF), which administers Detroit Home Mortgage, also announced that the initiative will occupy a full-time office in the historic Ford Building.

Pate comes to Detroit Home Mortgage from the Detroit Land Bank Authority where she worked closely with community partners, banks, homebuyer counseling agencies, realtors and government agencies. She is also a member of the national task force charged with improving mortgage conditions in Detroit.

"Krysta brings a wealth of experience and relationships to Detroit Home Mortgage, as well as a proven passion for rebuilding Detroit's neighborhoods," said Frank Altman, president and CEO of CRF. "She will be a tremendous asset as we continue our efforts to help solve the appraisal gap problem and restart the mortgage market in Detroit."

Pate started her career in retail banking as a mortgage loan officer for Bank of America. She also held positions as lead broker at Charter School Development Corporation, aiding charter schools in obtaining working capital loans, and director of residential financing at Home Renewal Systems, LLC, where she developed key neighborhood revitalization strategies for 17 municipalities.

"I have spent my entire career working to strengthen neighborhoods and create housing solutions for families," said Pate. "It's great to see banks, government officials, nonprofits, and realtors collaborate in this groundbreaking and important step towards a real solution for the Detroit real estate market. I am happy to join CRF in their dedication to making Detroit Home Mortgage a success."

To learn more about Detroit Home Mortgage, visit www.detroithomemortgage.org.

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About Detroit Home Mortgage
Detroit Home Mortgage (DHM) aims to increase home ownership and reinvestment in Detroit's neighborhoods by helping solve the appraisal gap problem. With DHM, qualifying borrowers receive a first mortgage for the appraised value of their house (less their 3.5 percent down payment), and a second mortgage up to $75,000 to fill the gap between the appraised value and the sale price and/or the cost of renovations. DHM is managed by Community Reinvestment Fund, USA. Learn more about DHM at www.detroithomemortgage.org.=

About Community Reinvestment Fund, USA (CRF)
CRF, a national non-profit community development financial institution (CDFI), is a leader in bringing capital to underserved areas. Since 1988, CRF has injected more than $2 billion into communities in 48 states around the country to provide affordable housing, help stimulate job creation and economic development, and support community facilities. Learn more at www.crfusa.com.

press release

Posted by: CRFUSA

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