A Public-Private Partnership to Encourage Home Ownership and Neighborhood RevitalizationThe City of Cedar Rapids is excited to bring this unique financing option to our residents starting fall 2018!
What is Neighborhood Finance Corporation?
Neighborhood Finance Corporation (NFC) supports and promotes neighborhood revitalization by encouraging the purchase and renovation of homes in targeted Cedar Rapids Neighborhoods. NFC has operated in the Des Moines area since 1990 and in partnership with the City of Cedar Rapids, area financial institutions, and private businesses, NFC will bring its program to Cedar Rapids fall 2018.
This program is still under development and fundraising is underway.
How does it work?
NFC offers purchase, refinance, and home improvement loans. Loans are paired with forgivable loans for renovation costs that are forgivable over 5 years.
Who is eligible?
The program is open to any homeowner in the lending areas, regardless of income. To qualify for a home improvement or refinance loan, you must have owned your home for the last 12 months (exceptions for those seeking help with emergency repairs).
View a map of the lending area: Lending Area Map
How do I apply?
The City of Cedar Rapids is not administering the program. Neighborhood Finance Corporation operates out of Des Moines, and is offering its program to Cedar Rapids residents.
Applications will be available this fall on the NFC’s website: neighborhoodfinance.org/cedarrapids.Fundraising for this Program
The City of Cedar Rapids has used disaster recovery funds since the Flood of 2008 for replacement housing and neighborhood revitalization. However, these funds have now been exhausted. To continue these efforts, Cedar Rapids is fundraising for a Neighborhood Finance Corporation.The City of Cedar Rapids has committed $1 million for FY2018, and is committed to an additional $1 million for each of the next five years. We invite the private sector to continue supporting this unique new program’s start-up costs.
- Targets specific neighborhoods for community benefit
- Increases Quality Workforce Housing
- Program builds on flood recovery
- Operates as a separate 501(c)3, and will be self-sufficient
- Does not duplicate other non-profit efforts
- Modeled after an already successful Des Moines program