New Funding Will Provide Additional Down Payment Assistance Loans, Revitalize Local Communities, and Create New Homeownership Opportunities for Working Families.
Rancho Cucamonga, Ca. – Neighborhood Partnership Housing Services (NPHS) was recently awarded over $1,000,000 in state and federal funding that will be leveraged with private sector investments to create new homeownership opportunities for low to moderate income families in the Inland Valley. Funding from the State of California Department of Housing and Community Development will be used to acquire, rehabilitate, and resell properties in distressed areas to first time homebuyers as part of the state’s HOME Investment Partnerships Program. Additionally, NPHS was awarded funding from the Department of Treasury CDFI Fund to provide down payment assistance loans to help new homebuyers afford the cost of homeownership.
The stabilizing housing market coupled with homeowners regaining equity in their homes has begun to increase inventory and bring more prospective buyers to NPHS. Since 80% of NPHS clients are working families with limited income, one of the greatest barriers to homeownership is being able to save for a down payment. The recent public sector funding awarded to NPHS will bridge the gap to home ownership by offering secondary financing for down payment loans and creating a pipeline of affordable homes for purchase.
“This is great news for our community. I’m happy to see important federal funds come back to the Inland Empire to help families find safe and affordable housing,” said Representative Pete Aguilar for California’s 31st Congressional District.
NPHS plans on leveraging the state’s HOME funding with private investments to make homeownership affordable through the acquisition, rehabilitation and reselling of 10 to 15 properties in targeted areas that will be sold to qualified first-time homebuyers. Through the CDFI Fund award, NPHS will make homeownership even more attainable by providing up to 50 down payment assistance loans to help low- to moderate-income individuals afford the cost of homeownership.
“NPHS is excited to be extending down payment assistance loans and homeownership opportunities to more working families in the Inland Valley,” said Clemente Arturo Mojica, President aid Clemente Mojica, President in assisting large portions of the Inland Valley population. ty. able for low- to moderate-inco& CEO of NPHS. “We are extremely grateful for this funding that will make it possible to create new sustainable homeowners in our local communities.”
# # #