Wednesday, September 29, 2010

NeighborWorks Homeownership Efforts Get a Boost from $15 Million in CDFI Funds

Efforts to increase sustainable homeownership got a boost recently when 25 members of the NeighborWorks network received nearly $15 million as part of grants made by the U.S. Treasury department’s Community Development Financial Institution program.

Combined with grants from NeighborWorks America, local governments, foundations and the private sector, these NeighborWorks organizations and others affiliates in the network plan to continue making sustainable, affordable homeownership available in communities across the U.S.

Roy Nash, president and CEO of NeighborWorks Waco said, “CDFI funds are a major tool in our work to safely increase homeownership in our market. Being able to help homeowners secure a low-cost, fixed-rate mortgage and a home that is right for their needs is part of what these grants do and do very successfully.”

In addition to the twenty five grant recipients in this latest round of financing, there are 47 additional NeighborWorks organizations with certified CDFI operations. NeighborWorks organizations use these recent CDFI grants and prior grants to foster sustainable housing in a variety of ways, including:

  • providing down payment assistance to qualified first-time homebuyers who have successfully completed homeownership education classes
  • underwriting the cost of homeownership education classes
  • providing capital to support the construction and project management of affordable homes for sale.

Learn more, including the names and location of the award recipients.