NFC Expands Lending Areas in Cedar Rapids
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Tuesday, January 21, 2020
FOR IMMEDIATE RELEASE:
Local Housing Non-Profit, Neighborhood Finance Corporation (NFC),
Expands Lending Areas in Cedar Rapids
CEDAR RAPIDS, IOWA, January 21, 2020– Neighborhood Finance Corporation (NFC), a local non-profit housing organization that provides unique home loans to facilitate neighborhood revitalization announced today that it has expanded its loan programs into more Cedar Rapids neighborhoods. A map showing the expanded lending areas is available online at NeighborhoodFinance.org or printed maps are available by visiting the NFC-Cedar Rapids offices at 1110 Old Marion Road,
New Lending Areas The changes include expansion of the program into the east, south and southwest areas of the metro. “The Cedar Rapids office of NFC opened on October of 2018. We are excited to be expanding our unique loan programs to more neighborhoods of the city, said Stephanie Preusch, NFC’s executive director. “Our lending areas are formed based on census data in neighborhoods with older housing stock and that are in need of support to encourage not only home ownership, but also home renovation. In working with our community partner, the City of Cedar Rapids, we look at the data to determine changes in neighborhood needs from time-to-time. Our ultimate goal is to meet the expectations of our local and national funders while ensuring Cedar Rapids neighborhoods stay strong and vibrant.”
Forgivable Home Repair Loans
NFC offers purchase, refinance, home improvement, and down payment assistance loans to qualified homebuyers and homeowners in the current lending areas. The NFC Advantage Loan pairs a repayable loan with second loan of up to $10,000 for home renovations that is forgivable over 5 years of owner-occupancy.
Zero Interest Down Payment Assistance Loan In 2019, NFC announced a new Neighborhood Reinvest Down Payment Assistance Loan. Eligible homebuyers earning below 100% of the area median income may apply to receive a $10,500 30-year deferred loan at 0.00% interest rate (0.00% APR)for down payment on a home purchased with a NFC Advantage Loan. The deferred loan does not have to be repaid until the home is sold or, in some instances, when the homeowner seeks to refinance the home.
For more information on all of NFC’s loan programs and current lending areas, 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 cities of Des Moines, West Des Moines, Windsor Heights and Cedar Rapids; Polk County, Des Moines and Cedar Rapids area financial institutions, business leaders and neighborhood associations. NFC is a NeighborWorks organization and a Fair Housing Lender.
NMLS# 1757818 (Cedar Rapids)
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