About the Foundation
Overview | Board of Directors
The Banks Foundation, a tax exempt 501(c)(3) organization, was formed on November 17, 2000, for the purpose of assisting families who are moving from welfare to work and from public housing to private homeownership. Over the years, the Foundation has provided down payment assistance to families who have qualified to purchase their first home.
The first recipient of the Foundation’s assistance was a public housing resident in Durham, North Carolina, and a single mother of two minor children. On March 21, 1997, she entered into an FSS contract with the Durham Housing Authority effective April 1, 1997, in order to achieve the following goals: (i) to become free of welfare assistance, (ii) to return to Durham Technical Community College to complete the educational requirements of a pharmacy technician, (iii) to complete a contract of participation with the Durham Housing Authority, and (iv) to review her credit report at the credit bureau. On February 10, 1999, her FSS contract was amended to include the following goals: (v) to contact and attend sessions at Consumer Credit and Counseling Services and establish a reliable payment plan and (vi) to attend a homeownership workshop.
She satisfied all of the conditions of her FSS contract and was employed at Lincoln Community Health Center as a Pharmacy Technician. She qualified as a first-time homebuyer with a local bank and the City of Durham. She closed on the purchase of her first home on December 11, 2001. The purchase price as $78,000, but with settlement charges and taxes, she needed $79,500 to close. A first mortgage was provided by Branch Banking and Trust Company in the amount of $62,400, and a second mortgage was provided by the City of Durham in the amount of $15,600. She made a $500 in earnest money deposit on the purchase, and the Foundation made a contribution of $1,000 toward the down payment and closing costs as well.
The recipients of the Foundation’s generosity are persons who have received public housing or Section 8 assistance, who have entered into an FSS contract or other similar agreement for the purpose of becoming a homeowner, and who have completed the requirements for doing so. The Foundation will not assist persons whose income is greater than 80% of the area median income.
With your help, the Foundation can assist many other families who have demonstrated their desire and ability to move up and out.