SACRAMENTO, Calif., Nov. 15, 2016 /PRNewswire-USNewswire/ -- The Nehemiah Community Reinvestment Fund (NCRF), a Sacramento-based community development financial institution has secured a $10 million investment from TIAA-Direct®, for the advancement of its Neighborhood Restoration Program which increases affordable homeownership opportunities for low to moderate-income families across the country.
Originally created out of a need to address the foreclosure crisis, the Neighborhood Restoration Program acquires properties that are often vacant and are located in communities that are in need of revival. The homes are completely renovated and sold to low- to moderate-income families who live in the home as their primary residence, thereby restoring the home and the surrounding community by removing blight. While the number of foreclosed homes has decreased with the economic recovery, there are still many communities across the country in need of revitalization.
The first phase of the program will focus on St. Louis, Missouri, and a large portion of the financing ($4 million) has been allocated to rejuvenating neighborhoods and surrounding communities of St. Louis.
"The financing from TIAA comes at an ideal time, as it will substantially enhance our ability to strategically partner with our sourcing outlets to identify acquisition opportunities, thereby allowing for increased opportunities for affordable homeownership across the country." said NCRF President, Darrell Teat.
Nehemiah will continue to make a significant impact in community revitalization and affordable housing by leveraging its long-standing relationships with financial institutions, real estate agents and brokers, and the National Community Stabilization Trust.
Nehemiah Community Reinvestment Fund is a nonprofit U.S. Department of Treasury-certified Community Development Financial Institution (CDFI), founded in 1995. Since 2000, NCRF has provided over $42 million in loans and investment capital for projects focused on affordable and special needs housing, community facilities such as childcare and senior centers, nonprofit offices, and economic development projects, leveraging total project costs of $928.3 million. NCRF has been a catalyst for the revitalization of underserved communities and populations benefiting over 24,600 clients and residents, enabling the development of 4,900 housing units (4.1 million SF of residential and commercial space), creating over 13,900 new jobs.
For more information about the Nehemiah Community Reinvestment Fund (NCRF) please visit http://www.ncrfund.org/
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SOURCE Nehemiah Community Reinvestment Fund (NCRF)