CBC Mortgage Agency Hits Milestone: Its Down Payment Assistance Program Has Helped 50,000 Families Achieve Homeownership

Majority of recipients from CBCMA's Chenoa Fund have been minorities and low- income households

SOUTH JORDAN, Utah, Feb. 10, 2025 /PRNewswire/ -- CBC Mortgage Agency (CBCMA), a Native American wholly-owned and federally chartered housing finance agency, announced it has helped 50,000 families achieve homeownership through its down payment assistance (DPA) program. The majority of families served by CBCMA's Chenoa Fund are first-time homebuyers, minority homebuyers and low-income households, many of whom are first-generation homeowners.

Through its Chenoa Fund, CBCMA provides both repayable and forgivable second mortgages to help families overcome the initial financial barrier of purchasing a home. The company began providing DPA services in 2013 through funding from its parent, Cedar Band Corp., a federally chartered tribal corporation founded by the Cedar Band of Paiute Indians.

"CBC Mortgage Agency's down payment assistance program has transformed homeownership opportunities, particularly for Hispanic families, who represent nearly 20% of the U.S. population today and are expected to reach more than 25% in the coming decades," said Gary Acosta, Co-Founder & CEO of the National Association of Hispanic Real Estate Professionals. "Our network of 58,000 members have seen firsthand how these programs help young families build generational wealth by enabling them to buy homes sooner."

CBCMA's DPA program has empowered families in 49 states to purchase homes, helping bridge the gap for families who might otherwise have been unable to afford homeownership. Additionally, CBCMA's financial literacy and counseling services have played a critical role in ensuring long-term success for new homeowners.

"In today's housing market, where rising costs and high interest rates have placed homeownership out of reach for too many, we're incredibly proud to have helped 50,000 families break through those barriers," said CBCMA President Miki Adams. "But 50,000 is more than just a milestone—it represents real families, stronger communities, and brighter futures. And we're just getting started. We're now setting our sights on expanding our program offerings even further to ensure that middle-income earners and a generation struggling not just with down payments but also with a lack of available housing have a real path to homeownership."

About CBC Mortgage Agency

Founded in 2013, CBC Mortgage Agency is a nationally chartered housing finance agency. As a leading source of down payment assistance, the company helps low-to-moderate income consumers, often in minority neighborhoods, achieve the dream of homeownership. CBC Mortgage Agency, recognized as one of the Top 25 Companies in Mortgage & Servicing by MReport, is a wholly owned subsidiary of Cedar Band Corp., a federally chartered tribal corporation founded by the Cedar Band of Paiute Indians. Visit chenoafund.org for more information.

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SOURCE CBC Mortgage Agency