Cedar Rapids Marks $1 Million in Lending

Monday, September 9, 2019

Neighborhood Finance Corporation (NFC) Cedar Rapids Marks $1 Million in Lending at One Year Anniversary

Includes 28 Loans to Homeowners and Keeping Neighborhoods Strong in Cedar Rapids

September 9, 2019 – Cedar Rapids, Iowa - Neighborhood Finance Corporation (NFC) will celebrate its first year of providing unique purchase, refinance and home improvement renovation loans in Cedar Rapids with an Open House on Thursday, September 12, 4:00 p.m. to 6:00 p.m. at their offices on 1110 Old Marion Road, Suite A.

NFC has helped 28 borrowers purchase and/or renovate homes in seven Cedar Rapids neighborhood lending areas totally over $1 million.

“I couldn’t be more excited to celebrate the one-year anniversary of the opening of the Neighborhood Finance Corporation (NFC) office in Cedar Rapids,” said Scott Overland, Cedar Rapids city council member. “In a short time, NFC is making a difference by helping new homebuyers and existing homeowners reinvest in our great older neighborhoods in Cedar Rapids. NFC is truly helping to reshape our community”.

Since 1990, Neighborhood Finance Corporation has provided thousands of home buyers in Polk County with financing to purchase and renovate a home or renovate their existing home. The Cedar Rapids office was opened in October 2018 to help continue the disaster recovery efforts for replacement housing and neighborhood revitalization after the floods of 2008. Through a partnership with the City of Cedar Rapids, local financial institutions and private businesses, Neighborhood Finance Corporation Cedar Rapids was formed.

Home Buyer Testimonial

Matt Morrison, one of the first borrowers to receive an NFC purchase loan also received $2,500 down payment assistance and a $10,000 renovation loan which are forgivable at 20% a year over five years of ownership. “I’m really thankful for this program,” said Matt. “It’s such a good thing for a first-time homebuyer, especially for somebody who doesn’t have a lot of money upfront for a down payment.”

The September 12 Open House will feature Morrison, City Council Member Overland, Stephanie Preusch, NFC’s executive director, NFC Cedar Rapids Advisory Board and staff, and community partners.

For more information on Neighborhood Finance Corporation Cedar Rapids, visit NeighborhoodFinance.org or call 319.777.7127.

About Neighborhood Finance Corporation Neighborhood Finance Corporation (NFC) is a not-for-profit and licensed Iowa mortgage lender providing unique home loans and lending programs to facilitate neighborhood revitalization in Polk County and Cedar Rapids, Iowa. This program is made possible through partnerships with the local governments, financial institutions, the business community and neighborhood associations. NFC is a NeighborWorks organization and a Fair Housing Lender.

NMLS# 1757818

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