NEIGHBORHOOD FINANCE CORPORATION (NFC) SURPASSES 300 MILLION LOAN MARK LOANS SUPPORT REVITALIZATION

Monday, February 15, 2016

DES MOINES, IOWA – February 15, 2016 – Since May 4, 1990, the Neighborhood Finance Corporation has originated more than $300 million loans and grants that have helped revitalize more than 5,000 housing units in 27 designated neighborhoods in both Des Moines and West Des Moines, as well as in low- to moderate-income areas in those cities.

We achieved our 300 million mark with a loan at the end of 2015“,said NFC executive director Stephanie Preusch. “It was exciting for our staff to know we have helped so many achieve the goal of homeownership while preserving the historic beauty of our Des Moines area neighborhoods.”

“Over its 25 year history, the Neighborhood Finance Corporation has had a tremendously positive impact on our neighborhoods, which is why Polk County continues to invest $800,000 annually in the program,” said Steve Van Oort, Polk County Supervisor and NFC Board Chair. “It has become a model that communities all over the U.S. are working to replicate.”

NFC, a 501(c)(3) organization, celebrated 25 years in 2015 providing unique lending programs and other services to facilitate neighborhood revitalization in Polk County through partnerships with residents, governments, community based organizations and the business community.

More Than Just Traditional Loans
What makes NFC lending programs truly unique are the forgivable loans for home improvement that come with every mortgage loan. A subsidy (forgivable loan) of up to $10,000 can be obtained to help pay for property repairs and improvements when purchasing a home in a NFC lending area. Eligible home buyers can also receive a subsidy (forgivable) up to $2,500 to assist with down payment and/or closing costs on a purchase transaction. (Final determination of loan eligibility cannot be made until a completed application and supporting documentation have been reviewed by NFC)

For more information or to speak with Stephanie Preusch about the NFC’s history or loan products, call 246-0010 or email her at spreusch@neighborhoodfinance.org.

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