On Wednesday, Go Forward Pine Bluff, Simmons Bank, the City of Pine Bluff and other agencies who partnered together announced a new program that will help promote home ownership in in the city.
The program will work with a subset of the population designated as ALICE or Asset Limited, Income Constrained but Employed. The designation means people who earn more than the Federal poverty level but less than the basic cost of living in their state.
Appearing on the Oldies 101.3 morning show Thursday, Ryan Watley, the CEO of Go Forward Pine Bluff was asked how the program came about.
According to figures from the census bureau, home ownership from 2013 to 2018 declined 53 percent in Pine Bluff.
Watley said Go Forward looked at home ownership programs offering down payment and closing costs assistance including a state program but that program requires a credit score of at least 640, a score Watley said potential homeowners in Pine Bluff could not attain. Home loans through FHA require a score of at least 580.
He said Simmons Bank agreed to provide funding and donations from the United Way and Liberty Utilities will also be used.
Also, everyone who signs up for the program will be required to be a member of the Pine Bluff Homeowner Association and Watley explained that.
