NBT Bank Pledges $1 Million to Norwich’s Home Buyer Program
At a press conference Thursday afternoon at NBT Bank’s main branch in Norwich, NBT senior vice president and residential mortgage manager Joseph Culver announced that NBT Bank has pledged $1 million in residential mortgages to support Norwich’s first-time homebuyer program.
Culver says the program is a joint partnership with the City of Norwich and Opportunities for Chenango and will spur home sales in the city.
"We're trying to create and bring in first-time homebuyers into the market place," Culver said. " Even though there's an abundance of properties for sale, the lowest prices they've been for a number of years, and interests rates are at a 60-year historic low, it still hasn't been enough to spur people to come into the market and purchase a home."
Another aspect of the program is that it will put one or two family homes owned by investors into the hands of private individuals with pride in the community. For more information on the city’s first-time buyer program contact Quaranta Housing services at 336-2101.