JACKSONVILLE, Fla. – Ameris Bank is helping people in Black and Hispanic communities become homeowners with a nearly $8 million new program, aiming to add generational wealth through access to loan assistance.
The program comes five months after the Georgia-based bank reached a $9 million settlement with the Department of Justice after redlining allegations that accused Ameris Bank of denying, discouraging or avoiding providing loans in minority neighborhoods because of race, color or national origin of applicants.
The settlement also included creating a mortgage subsidy program that is now the $7.5 million program called Ameris Choice, and it is exclusive to Jacksonville.
Qualified applicants can receive up to $20,000 in assistance to purchase a new home or refinance their home.
Clyde Anderson, senior vice president director of community lending for Ameris Bank, said people can use the program to buy homes in Baker, Duval, Clay, or St. Johns counties.
“You can use it for downpayment. You can use it for closing costs. You can use it to buy your rate down to make sure the homeownership is affordable, or you can use it to refinance as well. So some people may want to refinance to do a new bathroom or kitchen, we can do a cash-out refinance also,” Anderson said.
Anderson highlighted one of the distinctive features of the program: there are no income limitations for applicants.
“So, as long as you qualify for an FHA, conventional or VA loan, you could qualify for the funds as well. And you don’t have to make 80% of AMI or median area income, or 120%. You know, you can actually just qualify for the loan and the income is not a question,” he said.
Anderson said it’s not clear this program would have happened without that settlement.
“If I had a crystal ball, I’ll be able to answer it. It may not have came today, but maybe it’ll come tomorrow. Maybe we just got a chance to truly understand the needs a little sooner than we might have without it. But now we’re here, and we want to make sure that we’re maximizing the opportunity,” Anderson said.
Richard Cuff lives near Dunn Avenue, which is on Jacksonville’s northside. He attended the meeting where he expressed his frustrations with the program.
“Number one, I appreciate the program. But personally, I feel from a banking standpoint, it’s a total insult to this community. Ameris bank was sued by the Justice Department, for redlining the black community, a billion-dollar corporation, paying $9 million is not something to deter them from doing it again. The punishment should fit the crime,” Cuff said.
Ameris Bank said the program will benefit around 375 people. While Cuff feels like they could be doing more, he’s grateful 100s of community members will get help buying a home.
“I am as committed to working with Ameris Bank as Ameris Bank is committed to working with this community. But Ameris Bank isn’t the only bank that needs to step up and say we want to fix the problem and deal with the real issue and that’s generational redlining and generational wealth that has not transferred to our community the same way it has done to other communities,” Cuff said.
The bank said it also aims to open a branch on the Northside by the beginning of 2025.
Click here to learn more about the program or to apply.