Partnership between North Fork Bank and NHS Expands Homeownership Opportunities in Queens

Strategic Insights -

North Fork Bancorporation, Inc., Nationwide Insurance Enterprise, and NHS joined forces to open an NHS office in Richmond Hill, Queens, as part of a multi-year funding commitment to provide first-time homeownership opportunities and home improvement loans to low-to-moderate income areas in the region. The partnership aims to strengthen the community through homeownership, with North Fork Bank providing annual grants, donated office space, and capital for rehabilitation lending. Nationwide Insurance Enterprise is providing additional support, including a $50,000 annual commitment to NHS, with $20,000 dedicated to the Richmond Hill program.

Key Takeaways:

  • North Fork Bank has made a multi-year funding commitment to NHS, including annual grants, donated office space, and capital for rehabilitation lending.
  • The partnership aims to provide first-time homeownership opportunities, home improvement loans, and small business services to several low-to-moderate income areas in Queens.
  • Nationwide Insurance Enterprise is providing a $50,000 annual commitment to NHS, with $20,000 dedicated to the Richmond Hill program.
  • North Fork Bank has a long-standing relationship with NHS, providing $700,000 in capital prior to the partnership.
  • Nationwide Insurance Enterprise will provide $10,000 to fund the office's National NeighborWorks Week.
  • One-on-one counseling and education seminars on homeowners insurance in New York City will be provided by Nationwide Insurance Enterprise.
  • The Richmond Hill office aims to expand NHS' service area in Queens and provide new opportunities for community growth.

Statistics:

  • $700,000: Capital provided by North Fork Bank to NHS prior to the partnership.
  • $10,000: Grant provided by Nationwide Insurance Enterprise to fund the office's National NeighborWorks Week.
  • $50,000: Annual commitment made by Nationwide Insurance Enterprise to NHS, with $20,000 dedicated to the Richmond Hill program.

Sources:

  • "North Fork Bancorporation, Inc. Reports Second Quarter Earnings" by Business Wire, June 29, 1999.
  • (no other sources mentioned in the original text)