University District receives $30,000 Donation from Cadence Bank to Offset Rising Building Costs for New Homes
The University District Development Corporation, based at UA Little Rock, has received a $30,000 donation from the Cadence Bank Foundation (formerly BancorpSouth Bank Foundation) to help offset rising building costs for seven new houses being built within University District.
The donation will assist the University District with completing the homes on schedule. The homebuyers are participants in University District’s income-based First-Time Homebuyer Program.
“This grant will help support seven new construction units by offsetting the increase in lumber materials costs since the pandemic started,” said Barrett Allen, executive director of University District. “With this grant, we can ensure that our new University District homes remain affordable for our residents waiting to complete their dream of owning their first homes. We are deeply grateful to Cadence for stepping in to support our affordable housing efforts.”
The program addresses the affordable housing crisis by providing first-time homebuyers up to $20,000 for the down payment and closing costs to purchase a home constructed or renovated by University District. University District can also help to reduce a homebuyer’s monthly housing costs by subsidizing the sale price of the house. The First Time Homebuyer Program is financed through the City of Little Rock with funds from the U.S. Department of Housing and Urban Development HUD HOME Program.
“We’re pleased to partner with the University District Development Corporation to advance its efforts to reach our community’s most vulnerable,” said Ty Warren, president – Northwest region for BancorpSouth, a division of Cadence Bank. “We are proud to support the valuable work it’s doing in our community to address affordable housing needs.”
The seven news homes are in the Fair Park and Midtown neighborhoods in Little Rock, Arkansas.
In the upper right photo, Cadence Bank officials present University District with a $30,000 donation to help affordable housing efforts. Pictured, from left to right, are Ty Warren, president – Northwest region for BancorpSouth, a division of Cadence Bank, Erika Torres, bank officer and CRA liaison, Barrett Allen, executive director of University District Development Corporation, Central Arkansas Market President Tammie Davis, and North Central Arkansas Division President Chris Locke.