Bastrop County Long Term Recovery Team Receives Largest Local Donation for Mortgage Assistance Program
Bank Merger Increases Community InvolvementBastrop County Long Term Recovery Team Receives Largest Local Donation for Mortgage Assistance Program Bastrop County - 11/11/2022 - Wednesday 11/09/2022 Roscoe State Bank, now a division of Cornerstone Capital Bank, SSB, presented a $50,000 check to the Bastrop County Long Term Recovery Team (BCLTRT) to assist in continuation of their Disaster Mortgage Assistance Program. In 2021, BCLTRT received funding from the Texas Department of Housing and Community Affairs to provide mortgage assistance for families that had been economically affected by COVID-19. The funding permitted BCLTRT to assist families with up to six months of mortgage assistance and allowed families to remain in their homes and keep them in Bastrop County. The grant was a success and BCLTRT was able to assist over 60 families with approximately $425,000 in mortgage assistance. “This was a long shot of an opportunity for our organization to receive this type of funding. But seeing how many families were struggling to rebound from the economic effects of COVID-19, we decided to take the chance and are so glad we did” said Sheila Lowe, BCLTRT executive director. Cornerstone Home Lending, one of the nation's premier independent residential mortgage companies, recently announced the completion of its acquisition of and merger with the 116-year-old Roscoe State Bank. The merger resulted in the formation of Cornerstone Capital Bank, which holds more than $380 million in regulatory capital and greater than $1.5 billion in assets. Its formation created the highest initially capitalized new bank in Texas history. This investment in BCLTRT represents one of several commitments made within Bastrop County as a show of ongoing support for the local areas served by Roscoe State Bank.
Like the funding BCLTRT received for their COVID-19 Mortgage Assistance Program, this $50,000 commitment will allow the community organization to help families that have been financially affected by one of the three disasters Bastrop County has seen since 2021. Families
that are rebounding from COVID-19, the 2021 Winter Storms as well as the Texas Tornadoes that affected Elgin, are able to apply.
“Because we had success with our initial program, this opportunity was a natural fit for Roscoe’s community commitment that falls in line with their product and service lines” said Lowe. The program will begin in December and families will have to meet the following eligibility requirements:
- Must own and have been living in a primary residence in Bastrop County at the time of event that caused financial hardship,
- Have experienced a financial hardship associated with the COVID-19 pandemic, WinterStorm 2021 or the 2022 Texas Tornadoes.
- Proof of reduced wages, loss of employment, or accumulation of debt resulting from listed disasters will be required.
- Have a household income at or below 80% of the median income in the Austin-RoundRock, TX MSA.
- Be no more than $2000 behind in mortgage payments or in arrears with property taxes, insurance (as required by mortgage company), or HOA fees.