Progressive Savings Bank secures $20k grant from Federal Home Loan Bank in Cincinnati’s Carol M. Peterson Housing Fund.
The project will fund three projects for low-income senior repairs. Repairs can include accessibility rehabilitation, such as installing grab bars and handrails, widening doors, altering cabinets, replacing fixtures, etc. Other eligible repairs include: repairing roofs, electrical systems, plumbing systems, septic systems, heating and air systems and structural repairs to floors or walls.
Through the Carol M. Peterson Housing Fund (CMPHF), the FHLB provides grants up to $7,500 per homeowner to fund accessibility and other repairs for low-income elderly homeowners. The fund is named in honor of the former FHLB executive who spearheaded FHLB’s affordable housing and community investment initiatives for more than two decades.
“Progressive Savings Bank is pleased be a partner with Upper Cumberland Habitat in this important outreach to our low-income elderly. Taking care of our neighbors is important to us.” said Marilyn Mullinix, PSB community president for the Cookeville area. “This is one way we can serve the community with a trusted partner and know that their needs are being met.”
“This funding will make a tremendous impact on our capacity to reach out to the elderly in our community.” said Pam Ealey, UCHFH executive director. “For years, we have had calls from seniors who desperately needed help to keep their home in repair, but we simply didn’t have the resources to help. Now, with the addition of this grant to our Neighbor 2 Neighbor senior repair program, we can start saying ‘Yes, we can help!’”
The Federal Home Loan Bank of Cincinnati is a $62 billion, triple-A rated regional wholesale bank providing financial services for residential housing and economic development to 743 member financial institutions located in the Fifth FHL Bank District of Kentucky, Ohio and Tennessee. The FHL Bank System, including 12 district FHL Banks and nearly 7,800 members, was chartered in 1932 by the U.S. Congress to promote housing finance but is wholly owned by its member institution stockholders and does not use taxpayer dollars. This year Tennessee received multiple awards to assist low-income seniors through Habitat affiliates located all over the state.
In June 1980, Progressive Savings and Loan opened its doors with capital assets of $1 million and three employees. Now over 30 years later, Progressive Savings Bank has grown to over $295 million in assets with six branch locations (Jamestown, Wartburg, Crossville, Cookeville, Homestead and Fairfield Glade), an insurance agency (The Rains Agency), a dedicated financial services division (with registered financial advisors with FSC Securities Corporation), a registered investment advisory firm (Cravens & Company) and more than 110 employees.
Upper Cumberland Habitat for Humanity constructs and sells homes to qualified low-income families. Serving both Overton and Putnam counties, UCHFH is a non-profit Christian housing ministry that builds simple, decent and affordable homes in partnership with God and families in need.
UCHFH has recently expanded in Overton County with a repair program called Neighbor 2 Neighbor (N2N). N2N is for residents of Putnam and Overton counties who need repairs done to a home that they currently own and live in.
For additional information contact Melissa Parks at 528-1711 ext. 7 or email at email@example.com.