Dollar Bank and Allentown Partnership Supports Neighborhood Revitalization

Dollar Bank has been a steadfast partner in Allentown’s community revitalization efforts since establishing its Allentown office almost ten years ago.

For six years, beginning in 2014, Dollar Bank provided Hilltop Alliance with assistance in the Allentown neighborhood through the Neighborhood Partnership Program (NPP). The project’s objectives were: property stabilization, Fresh Fridays, East Warrington Avenue business revitalization and Allentown housing market restoration.

Hilltop Alliance Executive Director Bill Shimko said the partnership program over the years has allowed them to revitalize the Allentown community.

“Dollar Bank’s assistance has allowed the Hilltop Alliance to employ exceptional people and offer excellent programs, providing capacity for the Allentown Community Development Corporation’s efforts at fulfilling community desires for commercial, residential and social revitalization.”

Property stabilization

Since launching the original NPP in 2014, Hilltop Alliance has worked with over 140 property owners in the Allentown area to locate code violations and facilitate renovations. Such repairs help maintain affordable housing in the community and prevent residents from being displaced. In 2021, Dollar Bank and Hilltop Alliance initiated another NPP with the goal of providing emergency home repairs for 30-60 income-qualifying households by 2027.

Fresh Fridays

Fresh Fridays, a produce distribution program, has provided more than 460,000 pounds of fresh produce, delivering to nearly 10,000 households, through 46 free food distribution events. The monthly food distribution events provide approximately 40 pounds of produce, eggs and milk to households currently experiencing food insecurity. Additionally, the program helps connect people to third-party organizations that can provide food in between the monthly events.

East Warrington Avenue business revitalization

The East Warrington Avenue business revitalization project facilitated over 60 renovation projects and helped bring 35 new businesses to the business district. From 2014 to 2020, the commercial property vacancy rate went from over 40% to 8%, according to Shimko.

“Funding new restaurants, businesses, offices and housing helps introduce more people to the neighborhood and allows local residents and employees to accomplish more within walking distance,” Shimko said. “Hilltop Alliance annually surveys Allentown business owners and each year increasing foot traffic is the most common response to what they want to see developed.”

Nancy Lomasney, Allentown Community Development Corporation President thinks people should care about revitalizing Allentown.

“Revitalizing Allentown is crucial as the gateway to the Hilltop, with the potential to become a neighborhood for all. The area includes subsidized and original housing, a central business district served by public transportation and nearby public services,” Lomasney said. “Revitalizing Allentown will create positive effects that ripple through other historically disadvantaged Hilltop neighborhoods, turning it from a gateway today into a keystone neighborhood of the Hilltop.”

Allentown housing market restoration

The NPP assisted Hilltop Alliance in acquiring vacant properties to turn into affordable housing in Allentown, which helped to create the Grandview South Homes project. Originally 33 scattered sites and lots, the plots will turn into 31 two- and three-bedroom units for anyone who applies. Hilltop Alliance received affordable tax credits invested in by Dollar Bank. The Bank also provided a $10 million construction bridge loan to the project.

Becky Yago, Senior Vice President of Commercial Real Estate believes this project is unique.

"Most affordable housing sites are high rise style apartment buildings and are in one spot. However, this one is scattered sites and are houses.” Yago said.

The project’s most notable difference in comparison with other affordable housing projects is the opportunity for the tenants to purchase their home after the 15-year tax credit period expires, according to Shimko.

“One way to break the cycle of poverty is to build equity and ownership,” Yago said. “The opportunity to buy these houses at the end of the rental period is different from almost any other affordable housing project I’ve worked on.”

Dollar Bank’s Home Ownership Program

Dollar Bank’s Home Ownership Program will help residents who are ready to buy their homes once the tax-credit period ends through down payment and closing cost assistance, as well as credit enhancement and repair assistance. “We believe that a path to homeownership is essential and want to make that as easy as possible for people,” Morton Stanfield, Senior Vice President of Community Development at Dollar Bank said.

Establishing a local banking relationship

Beyond funding new projects in Allentown, Dollar Bank is the only bank in the Allentown neighborhood. Therefore, it offers neighborhood residents a hyperlocal place to establish a banking relationship. The Allentown Office provides homebuyer assistance, participates in neighborhood events and is involved in the Allentown Community Development Corporation.

Jeff Smonskey, Branch Officer at Dollar Bank’s Allentown Office and a member of the board of directors for the Allentown Senior Center, believes Allentown is the perfect community for Dollar Bank.

“The Allentown Office has given me the best perspective on what it means to be a true community bank,” Smonskey said. “There is a feeling of belonging in this community along with a contagious grit. It’s not just about opening checking accounts and closing loans. The Allentown community leans on us to be their financial experts.”

About Dollar Bank

As the nation's largest independent mutual bank, Dollar Bank has been empowering the communities and customers we serve for 170 years. Our more than 90 locations throughout Pennsylvania, Maryland, Ohio and Virginia provide a comprehensive range of personal, small business and corporate banking solutions. We continue to invest in our customers and strengthen our communities through financial education programs and partnerships with organizations who share our dedication to building opportunities for all. As of March 2025, Dollar Bank reported total assets of $11.5 billion, total loans of $9.1 billion, and total deposits of $9.5 billion. For more information, visit Dollar.Bank.