The Multibank Community Reinvestment Program, a new coalition of First Security Bank, Zions First National Bank, First Interstate Bank, Valley Bank, and Olympus Bank, will collectively dedicate $1.8 million for low-interest housing rehabilitation loans to low and moderate income homeowners in Salt Lake City and County.
On Sept. 5, representatives from each of the five banks, along with officials of Salt Lake City, the city's Redevelopment Agency and the county's Housing Authority, are scheduled to finalize the agreement at the Salt Lake City and County Building.Under the program, the $1.8 million will go into a loan pool to be split evenly and administered by the Redevelopment Agency and the Housing Authority.
Low-interest loans will be provided for home improvements such as roof repairs, improved insulation, new plumbing and wiring, painting and new windows, among others.
First Security will provide 40 percent of the funds, Zions 30 percent, First Interstate 12 percent, Valley 12 percent and Olympus 6 percent.
"This program is truly unprecedented in the Salt Lake area," said John R. Godfrey, director of housing rehabilitation for the county.