C and F Bank pitches 'Williamsburg Way Home' partnership; asks city to consider $900,000 allotment
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Summary
C and F Mortgage proposed a branded 'Williamsburg Way Home' partnership with the city and William & Mary that bundles marketing, education, lender credits and stacked down‑payment grants. CNF requested a $900,000 city allotment as part of a proposed $2.7 million effort; council asked staff for follow‑up information on fund management and metrics before any commitment.
C and F Mortgage representatives on Monday presented a branded homeownership initiative, "Williamsburg Way Home," and asked Williamsburg City Council to consider a $900,000 city allotment to seed a joint grant program aimed at first‑time buyers.
Natalie Zavania, chief business development and information officer for C and F Mortgage, told the council the proposal pairs a strategic communications campaign and an educational program with monetary assistance: "This proposal offers a strategic messaging campaign, an educational component, and a monetary homeownership grant proposal to support the city's affordable housing efforts," she said.
The proposal, developed with city staff, would combine three suggested funding sources — the city, William & Mary and a community foundation — each contributing a proposed $900,000 for a combined $2.7 million pool. CNF said it would also offer lender credits of up to $5,000 per mortgage and help applicants stack other federal and state down‑payment resources when eligible.
Council members welcomed the concept but pressed CNF on details. Questions focused on whether the city or the bank would control funds, how grant amounts would be set and measured, how quickly the program could process applicants in Williamsburg's fast market, and whether the university and foundation had committed. Zavania said the $900,000 discussed for the city was "proposed, not committed," that CNF would not unilaterally withdraw city funds and that the bank would work with the city manager on fund custody and administration.
Residents and councilmembers urged clear metrics and transparency. Resident Robert Wilson asked the council to clarify a separate financial report item and later questioned how much of program dollars would reach borrowers versus fees. Local banker Bill Carr, who said he has worked with CNF, recommended outreach to William & Mary and the Williamsburg Community Foundation to multiply the potential pool.
Trivette, the council's staff lead on the presentation, and council members said the idea fit long‑standing city aims to expand homeownership but that staff would need to work with CNF to resolve outstanding questions — including the mechanics of any city allotment, reporting and oversight — before a formal request is brought to council.
Next steps: CNF requested guidance at Thursday's meeting; staff signaled they would continue fine‑tuning the program with the city manager and bring a clarified proposal and any formal funding request back to council for consideration.
The presentation and public discussion Thursday did not commit city funds; council instructed staff to pursue follow‑up and public comment before any decision.