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CNF Bank proposes 'Williamsburg Way Home' campaign, seeks $900,000 city allotment to launch homeownership program
Summary
CNF Mortgage presented a branded homeownership initiative to Williamsburg City Council on Feb. 9 that would pair the bank, the city and William & Mary. CNF requested council consider a $900,000 city allotment as part of a proposed $2.7 million package and described lender credits, educational outreach and grant stacking.
Natalie Zavania, chief business development and information officer at CNF Mortgage, told the Williamsburg City Council at a Feb. 9 work session that CNF is proposing a partnership among CNF, the City of Williamsburg and William & Mary called the “Williamsburg Way Home” aimed at making homeownership more accessible to first‑time buyers.
The proposal, Zavania said, combines a centralized online landing page, educational programming, dedicated homeownership liaisons and financial assistance. CNF said it would offer closing‑cost relief in the form of a half‑point lender credit — described on the record as up to $5,000 per mortgage loan — and proposed two grant streams: one funded by the city and one by William & Mary.
Zavania outlined a proposed budget structure that would allot $900,000 from the city, $900,000 from William & Mary and $900,000 from the city foundation for a not‑committed total of $2,700,000. She characterized the $900,000 city allotment discussed at the meeting as the item for council consideration that week and said the program’s public education campaign could launch April 1 with grant awards opening in May.
On program details, CNF described the city grant as a flexible down‑payment assistance tool that could be set at roughly $5,000–$10,000 per household and could be stacked with other sources; CNF said it has experience combining multiple programs and cited partner DPA organizations and federal home‑loan‑bank initiatives as potential additional sources of funds (the transcript’s numeric detail for one federal amount was unclear in places and is noted in the clarifying details below).
Council members and residents asked about several operational matters: contingency if William & Mary or the foundation decline to participate (Zavania: the city can proceed without the other partners); how real estate agents would be included in outreach and application workflows (CNF plans targeted outreach and education for agents); who would hold and manage the funds (Zavania: the $900,000 would remain under city control and CNF would not unilaterally access funds); and how success would be measured (attendees suggested metrics such as number of households assisted, event attendance and counseling completions).
Zavania said CNF would provide staff and underwriting support and named several CNF team members who would act as liaisons and program staff. The presentation concluded with Mayor and council praise for the proposal’s focus on first‑time buyers and for the partnership approach; the city manager was asked to continue working with CNF to refine program design and return to council for formal consideration Thursday.
Next steps: Council asked staff to continue fine‑tuning the proposal with CNF and to provide clarifying budget and program metrics ahead of any formal council decision.
