Arizona Daily Star
Nonprofit Expands
its Help to Tucson
Mac Juarez
3 August 2003
The Arizona Daily Star
The Nehemiah Corp. of California, a nonprofit group
known for its down-payment assistance to home buyers, is providing
short-term, low- interest loans to community groups that create
jobs, housing and other services for lower-income families and
individuals.
Tucson and Phoenix are among cities in seven states
eligible for a piece of the Nehemiah Community Reinvestment Fund's "Moving
People from Homelessness to Homeownership" program.
Cities in Nevada, Kansas, Missouri, Indiana and
Ohio also are eligible.
Initially, about $5.5 million will be made available
for loans - mostly ranging between $10,000 and $30,000 - to help
finance new housing projects and community facilities such as
health clinics.
By partnering with local, regional and national
investors, Nehemiah expects to grow the fund to about $13 million
over three years and help finance more than $40 million in community
development projects.
"This initiative will allow Nehemiah to reach
into more communities in new ways and make a greater impact than
ever before," Nehemiah Corp. President Scott Syphax observed.
The Nehemiah Corp., based in Sacramento, has offered
self-funded loans and equity investments in California since
2000.
It identified Tucson and Phoenix as "target
markets" for funding because of their shortages of affordable
housing.
As of 2000, Pima County lacked 25,100 homes for
lower-income households. In Maricopa County, the number was about
108,500 - more than four times as large, according to the Arizona
Affordable Housing Profile, a state study released earlier this
year and funded by the U.S. Department of Housing and Urban Development.
"Sometimes small amounts of money can make
a big difference," said Emily Nottingham, director of the
city's Community Services Department.
To learn more about the Nehemiah Community Reinvestment
Fund's new program or how to apply for funding, call Nehemiah
fund director Peggy Jones at 1-916-231-1999 or visit the Web
site www.ncrfund.org.
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