SACRAMENTO, Calif., Nov. 17, 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®, a division of TIAA-CREF Trust Company, FSB, for the advancement of its Neighborhood Restoration Program, a single family housing renovation program, which increases affordable homeownership opportunities for low- to moderate-income families across the country. The program particularly 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.
Originally designed to address the foreclosure crisis, the program acquires properties that are often vacant and are located in communities that are in need of revitalization. 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. Since 2011, Nehemiah has renovated and sold more than 500 homes in 36 states, creating more than 3,000 jobs through its Neighborhood Restoration Program.
While the number of foreclosed homes has decreased with the economic recovery, there are still many communities across the country in need of revitalization. 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.
"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 Community Reinvestment Fund is a nonprofit U.S. Department of Treasury-certified Community Development Financial Institution (CDFI), founded in 1995. Its mission is to provide capital and technical assistance to organizations working to revitalize low-income neighborhoods, and to provide housing, services and jobs to underserved people throughout the United States.
SOURCE Nehemiah Community Reinvestment Fund (NCRF)