Washington, DC – (RealEstateRama) — NeighborWorks America announced today that the application period will open Oct. 3 for special one-time down payment assistance grants to eligible community development financial institutions (CDFIs) that want to increase low- and middle-income homeownership in their communities. The one-time grants are part of Project Reinvest, a limited and targeted program from NeighborWorks America, not related to its core grant operations.
Eligible organizations are limited to nonprofit CDFIs with current certification by the U.S. Department of Treasury’s CDFI Fund at the time of application. Eligible organizations must be able to demonstrate the ability to originate a high volume of down payment assistant loans in conjunction with a first mortgage product over a three-year period.
An informational webinar to guide applicants through the process is scheduled for Oct. 6 at 3 p.m., ET. The application period closes 11:59 pm, ET on Nov. 14. Grantee awards are expected to be announced in January 2017.
For more information about the program and the informational webinar, visit Project Reinvest: Homeownership.
About NeighborWorks America
For more than 35 years, NeighborWorks America, a national, nonpartisan nonprofit, has created opportunities for people to improve their lives and strengthen their communities by providing access to homeownership and to safe and affordable rental housing. In the last five years, NeighborWorks organizations have generated more than $27.2 billion in reinvestment in these communities. NeighborWorks America is the nation’s leading trainer of community development and affordable housing professionals.