Inman

Nehemiah Targets Affordable Housing: Down Payment Gift Program Contributes $5.5 Million to Community Reinvestment Fund

July 28, 2003
Inman News Features

Sacramento, Calif.-based Nehemiah Community Reinvestment Fund today announced a national initiative that will make short-term, low interest loans to community- and faith-based organizations for the development of affordable, workforce and special needs housing.

The program, "Moving People from Homelessness to Homeownership," will also target economic development in low-income and underserved communities nationwide, according to Nehemiah.

The Nehemiah Corporation of California will capitalize the fund with an initial equity contribution of approximately $5.5 million, according to Nehemiah. The reinvestment fund is a national project, but initial target markets include select areas in California, Nevada, Arizona, Kansas, Missouri, Indiana and Ohio.

The loans will range in size from $10,000 to $750,000 and will have terms extending for up to 5 years. NCRF will exclusively offer short-term loans in order to maintain a constantly recycling pool of funds, according to Nehemiah.

Eligible projects will include rental housing, senior residences, single room occupancy units, housing for people with special needs and the formerly homeless as well as ownership housing, according to Nehemiah.

Community facilities loans will support a wide range of faith-based organizations and human service agencies, including churches, child care providers, health care, employment training, substance abuse and AIDS services, senior services and educational facilities, according to Nehemiah.

Nehemiah Community Reinvestment Fund is a nonprofit community development lender.

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