NFC Receives $324,500 from NeighborWorks America to Support Housing & Neighborhoods
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Monday, April 8, 2019
Des Moines, Iowa – Neighborhood Finance Corporation (NFC), a member of the NeighborWorks network, is receiving $324,500 in flexible grants from the Neighborhood Reinvestment Corporation, dba NeighborWorks America. This grant will support neighborhood revitalization in Cedar Rapids, Des Moines, West Des Moines, and Windsor Heights.
The grant will be used to support NFC’s lending programs and other initiatives such as homebuyer education and NFC Properties. NFC Properties is a program within NFC that purchases and rehabs properties and then lists them for sale. The NFC Advantage loan program provides purchase, refinance and renovation loans - including up to a $10,000 forgivable loan for home repairs - to those buying homes or remodeling homes in Polk County and Cedar Rapids, Iowa neighborhoods. All of NFC’s programs and services support the mission of keeping our neighborhoods strong and vibrant.
NFC’s Impact by the Numbers
In fiscal year 2018, a similar NeighborWorks America Grant helped NFC:
- Create 223 new homeowners
- Renovate 54 owner-occupied homes
- Refinance 38 mortgages
- Provide Housing Counseling Services to 313 through our partners HOME, Inc. and Horizons, A Family Services Agency.
Iowa Congressional Support
“These grants are made possible only through Congressional support of NeighborWorks America funding,” said Stephanie Preusch, NFC’s executive director. “We are grateful to both Representatives Cindy Axne and Abby Finkenauer for their support of NeighborWorks Funding for fiscal year 2020 so we can continue to provide housing opportunities and improve neighborhoods.”
NeighborWorks America is announcing $70 million in grants to its network of nearly 250 nonprofit organizations located around the country. NeighborWorks organizations will use the grants to develop and manage high-quality affordable housing, help consumers set and reach their goals through financial coaching, offer homeownership education and counseling, and revitalize and strengthen communities.
"NeighborWorks America is dedicated to securing that these grants create opportunities for people to improve their lives and strengthen their communities,” said NeighborWorks America President and CEO Marietta Rodriguez.
In fiscal year 2018, the NeighborWorks network provided 457,000 housing and counseling services; owned and managed 166,900 rental homes; and created more than 41,100 jobs.
For more information about NeighborWorks America go to NeighborWorks.org.
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