Pinnacle National Bank received four grants totaling $650,620 to help fund the construction of 37 affordable single-family homes in Franklin, northeast Nashville and Wilson County, as well as the rehabilitation of 10 existing units for very-low-income special-needs residents in Nashville's Germantown.
The single-family homeowners will receive a zero-interest loan with a 30-year mortgage, Pinnacle said. The ones in northeast Nashville at Park Preserve would cost around $70,000, it said.
Six banks also received a $165,000 grant that will help provide counseling through the Wood bine Community Organization and additional financial assistance of up to $2,500 to people unable to make their mortgage payments. A Woodbine official estimated at least 100 people could benefit from the program. Banks participating are Pinnacle, Citizens Bank, Community Bank & Trust, Fifth Third Bank, U.S. Bank and Volunteer State Bank.
Terry Turner, Pinnacle Financial Partners' CEO and president, said the money will help improve the foreclosure situation here. "In the foreclosure process, there aren't any winners," Turner said.
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