A consortium of banks provided mortgages for poor and moderate-income families at an auction of homes in Savannah, Ga.
Home Auction '94 got backing from Ameribank, Bank South, First Liberty Bank First Union, Savannah Bank, and Wachovia TrustCo.
Last month's auction was the second to be held by the city and Neighborhood Housing Services of Savannah.
Fifty families successfully bid on homes valued at $43,000 to $100,000. The first-time homeowners will move in September to Savannah neighborhoods targeted for revitalization.
Neighborhood Housing Services of Savannah is one of 182 members of the nationwide NeighborWorks network.
Banks around the country may be able to earn community reinvestment credit through other of the network's local auctions planned for this year. The next one is scheduled for Sept. 24 in St. Petersburg, Fla.
Before the auction, NHS led potential homebuyers through a counseling program that included how to get their credit in order, what steps are involved in buying a home, and home-maintenance skills.
