The Capital Funding for the Rehabilitation of Affordable Housing (CFRAH) grants enable local small- and medium-size nonprofit businesses 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.
In addition to enabling nonprofit small businesses to acquire and rehab properties, the $35 million in grant funding will also jump start local economies through the creation of more than 1,000 jobs, and produce in excess of $300 million in economic activity.
"We thank Congress for their ongoing support of nonprofit small businesses that address affordable housing needs and create jobs in our nation's communities. Through the grants announced today, thousands of rental and owner-occupied homes will be rehabilitated - many using energy efficient and green construction - which will create healthier homes for families and strengthen communities," said Eileen Fitzgerald, CEO of NeighborWorks America.