First Federal Bank Donates $50,000 to Purchase Homes in Toledo.
Defiance, OH – First Federal Bank will present a check for $50,000 to Empower 1 Toledo to purchase a new home and renovate two additional homes in South Toledo. The check presentation will be held at 1217 Prouty Ave., Toledo on June 29th at 4:00 p.m.
“This donation gives families the opportunity to own a home for the first time in their lives,” said Donald P. Hileman, President and CEO of First Federal Bank. “We know the lasting impact homeownership can have on a family and a community. It provides a space for stability, security and a place to call home. This donation was made possible by the support of our customers, and we are proud to continuously reinvest in our communities.”
The bank has partnered with Empower 1 Toledo to identify families in need and locate properties to invest. Together they will work to transform a community, one home at a time. A local family will live in the home mortgage-free for 5 years. During this time, they will receive financial education to learn effective savings and credit habits. “Our goal is to instill financial confidence within these families so that they can build upon their assets for future success,” said Hileman.
After 5 years, the family will have the opportunity to purchase the home and begin making mortgage payments or purchase a new home of their choosing. Funds from the sales of the home will go towards purchasing additional houses to be used in the same manner. “I want to thank First Federal Bank and Empower 1 Toledo for investing in our community,” said Toledo Chief of Staff Katy Crosby. “Neighborhoods in cities like Toledo need corporate partners and investment that will help revitalize areas. I moved to Toledo because I see great potential here and I’m thankful others see the same potential.”
The donation will also cover the cost to complete needed renovations for two homes on Prouty Avenue so that they can be included in this program. “This gracious and heartfelt contribution will allow Empower 1 the ability to assist families in the beginning process of obtaining and maintaining family stability, safe housing, educational goals, financial security, and home ownership,” said Pastor Charles Allen, President and CEO of Empower 1 “The continuous support and generosity is an encouraging reminder of why Empower 1 is essential and vital to our community.”
Throughout the month of June, the bank and its affiliate agency First Insurance Group1 have charged their employees with a challenge to contribute 500 hours of community service to support current and potential homeowners. Their initiative, Building Better Communities, is in celebration of National Homeowners Month. To track their progress towards 500 hours of community service, visit https://www.first-fedbanking.com/About/Community-Support/Building-Better-Communities.