NeighborWorks America is awarding $35 million to 117 local NeighborWorks organizations and two NeighborWorks-affiliated capital corporations — Community Housing Capital and NeighborWorks Capital — to rehabilitate or finance the rehabilitation of affordable housing nationwide, including smaller and rural communities with affordable housing needs.
The Capital Funding for the Rehabilitation of Affordable Housing (CFRAH) grants will enable local NeighborWorks organizations to develop or continue to fund:
- Revolving loan funds for rehabilitation lending for owner-occupied property;
- Rehab of residential rental housing currently owned by local NeighborWorks organizations;
- Rehab of residential rental housing that is newly acquired or will be acquired by local NeighborWorks organizations;
- Rehab of single family homes that will be acquired or have been recently acquired by local NeighborWorks organizations and will be sold to homeowners.
“We thank Congress for their ongoing support of affordable housing needs in our nation’s communities. Because of the grants announced today, thousands of rental and owner-occupied units will be rehabilitated, the majority through the use of state of the art green strategies, which will not only recreate a healthier home for families, but also support healthier communities,” said Ken Wade, CEO of NeighborWorks America.
In addition to enabling organizations to acquire and rehab properties, the $35 million in grant funding will also jump start local economies, creating more than 1,100 local jobs.