February 25, 2003

People's Named No. 1 Mortgage Lender For Urban Rehabilitation Homeownership Program

BRIDGEPORT, CONN.
The Connecticut Housing Finance Authority (CHFA) has reported that People's Bank is the No. 1 loan originator for its Urban Rehabilitation Homeownership Program, "UR Home."

UR Home, established in July of 2001, is a two-year pilot program aimed at revitalizing 16 targeted urban communities in Connecticut. The program offers a low interest rate on a 30-year mortgage loan with low-cost down payment assistance. In addition to the CHFA first mortgage, applicants may be eligible for up to $35,000 in additional funds for home repairs.

"It's been a tremendous partnership with People's Bank and they have done a wonderful job supporting the UR Home initiative," said Lou Bolella, manager, Residential Mortgage Underwriting, CHFA. "Their dedication to helping improve our central cities is unmistakable. And the fact that they are the top lender in our program is another example of People's community commitment."

State, municipal or private sector employees, working and living in one of the participating communities, may qualify for a loan regardless of prior homeownership status or income. For example, People's Bank offers its employees incentives to purchase or refinance homes in any of the cities in Connecticut eligible under the program.

"People's Bank has a long history of community involvement," said Tim Hodges, vice president, Affordable Lending Group at People's. "We're thrilled to be part of the revitalization in our urban communities. Our participation in this innovative program is one more way of showing our commitment to helping the communities in which we live and work."

People's (peoples.com) is a diversified financial services company providing commercial, consumer, insurance and investment services. Founded in 1842, it is the largest state-chartered bank in Connecticut with managed assets of $13 billion, 155 branches and more than 230 ATMs. People's is a leader in consumer and commercial banking, residential lending, insurance sales, supermarket banking and is the nation's 15th-largest issuer of MasterCard and Visa credit cards. People's subsidiaries offer brokerage services, asset management, equipment financing and leasing, and insurance services.