|
Bank of America Foundation contributes to NFC
In July 2010, the Bank of America Charitable Foundation contributed $10,000 to Neighborhood Finance Corporation to support our Home Buyer Education Program. NFC would like to thank the Bank of America Foundation for their strong continued support of this program.
Community Development Block Grant Funding
NFC was awarded a $50,000 grant for the Home Buyer Education program for 2010. This grant is a Community Development Block Grant fund and is included in the City of Des Moines' HUD Consolidated Plan developed with recommendations made by the City's Neighborhood Revitalization Board.
NFC Welcomes New Neighborhoods, Expands Services
NFC doubled its designated lending area with the addition of Douglas Acres and the Drake, Merle Hay and South Park areas to its neighborhoods on Friday, September 1, 2006. The expanded lending area will include nearly 8,000 additional Des Moines homes.
Borrowers looking to buy homes in these neighborhoods as well as current residents may now be eligible to receive NFC’s home purchase, home improvement and refinancing assistance.
“We partner with the City of Des Moines, Polk County, Des Moines area banks and neighborhood associations to create neighborhoods of choice in older areas of Des Moines,” says Holly Olson, executive director of Neighborhood Finance Corporation. “By expanding our designated lending area, we hope more people will invest in Des Moines and preserve these established neighborhoods for future generations.”
NFC’s unique lending options and forgivable loans can make home ownership more affordable. Borrowers purchasing homes are eligible to receive subsidies of up to $2,500 to ease the burden of closing costs or down payment. Home buyers as well as current home owners are eligible to receive home improvement subsidies of up to $10,000 to cover the cost of necessary home repairs. While this program is ideally suited for low- to moderate-income borrowers, there currently are no borrower income limits.
“The most common financial barriers that home buyers face when purchasing an older home are deferred maintenance, down payment or closing costs,” says Olson. “Our goal is to remove those barriers and help make home ownership more affordable for buyers with moderate means.”
NFC already provides lending assistance to homeowners and home buyers in Fairground, Gray’s Woods, King Irving, North of Grand and Sherman Hill neighborhoods, and other areas. Qualifications for eligibility for NFC lending programs include the location and the condition of the home being purchased or repaired.
Since its founding in 1990, NFC has originated over $204,000,000 in loans and grants and assisted more than 3,700 homeowners.
NFC makes homeownership more affordable
NFC is working ot make home ownership more affordable for you. Effective January 1, 2006, for loan applications submitted after January 1, 2006, NFC will increase the closing cost subsidy for borrowers below 80% of area median income to a maximum of $2,500. Plus, NFC will increase the closing cost subsidy for borrowers over 80% of area median income to a maximum of $2,000. Borrowers earning more than 120% of area median income are eligible for a maximum $2,000 subsidy if they are purchasing a home in a low-and-moderate income area. In addition to these subsidies, NFC continues to provide a $10,000 property rehabilitation subsidy to borrowers purchasing and financing their homes with NFC. All subsidies are in the form of a 5-year forgivable loan. Please contact an NFC loan originator at 288-5626 or by e-mail:
Karen Riccelli Ext. 211 kriccelli@neighborhoodfinance.org
Joni Norman Ext. 209 jnorman@neighborhoodfinance.org
Stockard Engler Brigham Reevaluation of NFC
In April 2005, Wisconsin Housing Partnership LLC and Stockard Engler Brigham returned to Des Moines to reevaluate the success of Neighborhood Finance Corporation's efforts with 15 years of neighborhood revitalization. The consultants met with over 21 groups of community stakeholders to gather input. A 15-member Steering Committee was established to work with the consultants to guide their recommendations. The consultants returned to Des Moines in June to share their summarized thoughts on the input. In August, a final report: A New Strategy for a New Time: An Evaluation and Recommendations for the Future of the Des Moines Neighborhood Revitalization Program was presented to the Steering Committee. Since then, the Steering Committee has been working with the City of Des Moines, Polk County and housing not-for-profits in the Des Moines area to explore ways to increase neighborhood revitalization in the Des Moines area.
Phase 15 Begins
NFC launched its 15th phase of loan investments. NFC thanks the following banks for their generous investment in our programs. Because of their commitments, NFC can continue to provide mortgage and home improvement loans and further our mission to revitalize neighborhoods.
Wells Fargo & Company has awarded $10,000 in grants to NFC, in support of our Home Buyer Education and Tool Lending Library programs.
The Principal Financial Group Foundation, Inc. recently contributed $5,000 to support NFC's Tool Lending Library.
Bank of the West has awarded a $2,500 grant to NFC, in support of our classes on Home Buyer Education, Financial Counseling and Foreclosure Prevention Counseling.
US Bank has awarded a $5,000 grant to NFC, to be used for the Home Buyer Education Program and the Tool Lending Library.
The West Bancorporation Foundation, Inc. has contributed $2,500 for our Tool Lending Library and Home Buyer Education programs.
|