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2017 3rd Quarter Report

Dear Friends,

Thanks to you, HOPE’s impact across the Deep South continues and grows. Whether it is financing a new school for underserved children in Tennessee or opening the door to homeownership for a military veteran in Arkansas, each day, we are improving lives in this region plagued by entrenched poverty. Our drive to promote economic equity has now taken us to Alabama, where 10 of the 11 majority black counties in the state have poverty rates that have eclipsed 20% for more than three decades. With Alabama now added to our service area, the Deep South region served by HOPE encompasses one-third of all the persistent poverty counties in the United States.

As we head toward the close of 2017, we thank you for the generous support that enables HOPE to take these exciting steps forward in our efforts to create opportunity where it is needed most.

Sincerely,


Bill Bynum, CEO, HOPE

A New Beginning

After her divorce, Renee Rainey needed a financial institution she could trust with the refinancing of the vehicle that had been in her husband’s name. So, she turned to HOPE knowing she could get the lowest interest rates and best customer service there. Rainey said the loan process was easy and completed within a few minutes. She also opened a savings account for her teenage son, Garrett. “I want him to be financially responsible,” Renee says. “I don’t want him to get in a situation where he needs money.” Renee says she’ll go to HOPE again when it’s time to refinance her home.

 

A Bright Future
Underserved children in Memphis, Tenn., are being educated in a new school thanks to HOPE and our partners. The Aspire East Academy expansion was a $6 million project financed by Boston Community Capital, HOPE and Nonprofit Finance Fund. The new permanent campus will enable the school to grow to serve 450 students. Aspire Public Schools offers a rigorous college preparatory curriculum to its students, nearly all of whom are children of color. HOPE’s financing was provided through its Charter School Facilities Fund, which is designed to enhance the facilities of high quality charter schools in parts of Arkansas, Louisiana, Mississippi, Tennessee and Alabama. The fund is facilitating the investment of at least $70 million over five years in the acquisition, rehabilitation and new construction of charter school facilities.

A Dream Home

Barrett Dyer served his country in the Marines for more than a decade with tours-of-duty that took him to foreign lands. When he returned home to Little Rock, AR, he wanted to buy a house, but couldn’t get approved for a mortgage loan due to an unresolved student loan debt. His real estate agent told him about HOPE. A member representative sat down with him and worked out a plan to get the veteran the dream house he wanted for his family. Now, the two-story home in a tree-lined neighborhood is the holiday gathering place for his extended family. “I wanted this to be the place that any of our family members could call home,” Barrett says.

Holiday Savings

With the holiday season approaching, Paulithia Perkins wanted to start saving money for family gifts. She wasn’t necessarily looking for a new financial institution when she noticed the Hope Credit Union sign on Dryades Street. “When I saw the name HOPE, I decided to see if they’d live up to their name,” she says. Paulithia started with a Christmas Club account before taking out a low-interest loan to help pay down mounting credit-card debt. Paulithia says the loan also helped build her credit. Paulithia wants to eventually apply for a home loan. Until then, she’s spreading the word to her friends and colleagues about HOPE. “It’s an asset to the neighborhood and to the community. It gives us hope to have credit.”


3rd Quarter News

Merger Extends HOPE’s Impact into Alabama

HOPE has expanded its service area into Alabama after merging with Tri-Rivers Credit Union (Tri-Rivers). When it was founded as Montgomery Teachers Federal Credit Union more than 55 years ago, no one ever dreamed Tri-Rivers would touch so many lives and see so much change. To ensure that members have the best financial solutions during challenging economic times and in the future, the Tri-Rivers Board of Directors agreed to merge with HOPE and received regulatory approval in October.  The merger will extend additional products and services to Tri-Rivers members, and it will enable HOPE to serve even more working families throughout the South.

HOPE Launches Innovative Health Center Partnership; Announces New Orleans Expansion

A new health facility will soon open in one of the most medically underserved regions in the nation after receiving financing from HOPE and several other partners, using New Market Tax Credits. During the ground-breaking for the new CrescentCare medical center in New Orleans, HOPE also announced plans to open a branch inside the facility to provide affordable financial services to patients and their families. CrescentCare, a federally qualified health center, will combine four of its current service sites into a comprehensive campus located at 1631 Elysian Fields. CrescentCare has long been a primary source of care for the LGBTQ community, as well as people living with HIV and AIDS. The facility, which is expected to triple the agency’s current capacity, is set to open its doors in 2019.