Pasadena Bank Partners with Los Angeles Housing Department to Provide Direct Down Payment Assistance for Homebuyers

Published : Friday, February 9, 2018 | 6:45 AM

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CIT Bank, a Pasadena-based subsidiary of CIT Group Inc., has formed a partnership with the Los Angeles Housing and Community Investment Department (HCIDLA) to support first-time, low- and moderate-income families in their efforts to secure permanent single-family housing in Los Angeles.

With a commitment of $400,000 in home purchase support, the partnership will assist approximately 27 Los Angeles-based families in the form of down payment assistance, closing costs and acquisition financing.

CIT is one of the first bank partners to provide HCIDLA a grant of this kind.

“An affordable place to live should be within reach for everyone who wants to build a better life for their family,” said Los Angeles Mayor Eric Garcetti of the partnership. “When we help people clear hurdles that get in the way of homeownership, we put them on a path to the stability and financial security at the heart of the American dream.”

Steve Solk, President of Consumer Banking for CIT, said the bank is pleased to partner with the city of Los Angeles “to enable residents the opportunity to secure affordable housing and achieve their dreams of homeownership…This effort brings us one step closer to improving the quality of life for the local community as we work together to tackle Southern California’s affordable housing crisis.”

CIT’s banking subsidiary includes the OneWestBank Southern California branch network.

For more information on CIT, visit www.cit.com.

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