Save the Date
September 15, 2016
Riverside Municipal Auditorium
Special thanks to our Silver Lining Benefactor and Dinner Chair:
NPHS’ Community Investment Trust Deploys
Over $3.5 Million into our Communities
NPHS’ Community Investment Trust is strategically deploying over $3.5 million to advance affordable housing and community lending in the Inland Empire. The Community Investment Trust serves as the NPHS’ CDFI fund which leverages both public and private sector investments to finance the organization’s affordable housing developments and capitalize its lending fund to provide financial products aimed to serve low–to-moderate income families. Expansion of the Trust will allow NPHS to address key housing and community lending issues in the Inland Empire, including the preservation of quality, affordable rental housing, sustainable homeownership opportunities for first-time homebuyers, and the creation of innovative financial products.
The Community Investment Trust supports NPHS’ Rental Housing Program which provides quality affordable housing to families who are not yet ready for homeownership. Recently, the Trust financed the acquisition of two four-unit multi-family properties in the City of San Jacinto. To address the rising cost of rental housing in the Inland Empire, the program makes available single-family and multi-family homes for rent to low-income families. NPHS’ goal is to acquire and rehabilitate a total of 150 rental units by 2020.
The Trust also funds NPHS’ Neighborhood Stabilization Program which converts REO foreclosed properties into safe and healthy homes for first-time homebuyers. These homes are sold exclusively to low-and-moderate income homebuyers in order to increase the rate of homeownership in neighborhoods that were hard-hit by foreclosures. Over the last 3 years, NPHS has acquired, renovated and sold 51 homes to low-and-moderate income first-time homebuyers. NPHS anticipates renovating and selling 75 homes by 2020 as part of the Neighborhood Stabilization Program.
As a Community Development Financial Institution (CDFI), NPHS provides community lending products that are also funded through the Community Investment Trust. An example of a new secondary financing product being launch this month is the Opportunity Down Payment Loan which provides eligible first-time homebuyers with up to a $20,000 down payment loan to purchase a home in Riverside or San Bernardino County. The loan is designed to assist first-time homebuyers in achieving affordable and sustainable homeownership. NPHS will also be launching the unique Sojourner Solar Loan before the summer that will offer up to $25,000 in financing for low-to-moderate income homeowners interested in purchasing and installing solar panels on their home. Further information will be available in next month’s NeighborWire.
NPHS is seeking additional equity investments to capitalize and expand the Community Investment Trust to improve affordable housing and community lending programs in the Inland Empire. Financial institutions, foundations and the public sector interested in investing in the Community Investment Trust may contact Victor Ramirez at (909) 218-8483 or at firstname.lastname@example.org.
NPHS Launches New Down Payment Assistance Loan
The Opportunity Down Payment Loan
NPHS has launched the Opportunity Down Payment loan program this month which offers up to $20,000 for each eligible household to be used towards down payment for the purchase of a home within the Inland Valley. The program is intended for low-to-moderate income (120% AMI and below) first time home buyers who can afford monthly mortgage payments but do not have quite enough saved to pay the initial home purchase down payment and non-reoccurring closing costs to get into a home. The program is designed to not only help borrowers come up with a required down payment for getting into the home, but in many cases the loan can be used strategically with a lender’s portfolio product to potentially eliminate a mortgage insurance payment. By doing so, the loan would be a much more affordable alternative to having mortgage insurance and would save the family money to be used in sustaining their homeownership dream. The goal of the program is to increase homeownership in Inland Valley. Read more…
Free Income Tax Assistance Provided at NPHS
Rancho Cucamonga, CA – Did you know that there are 5 seasons in the year? Spring, Summer, Fall, Winter and Tax Season! For the upcoming 2016 tax season, NPHS will continue to partner with the County of San Bernardino to offer FREE Federal and California state income tax return preparation and electronic filing services to eligible low-to-moderate income individuals and families through the Volunteer Income Tax Assistance (VITA) program. VITA offers free tax help to people who earned a household income of up to $54,000 in 2015. Basic tax returns are completed and e-filed by IRS trained and certified volunteers who make sure important refundable tax credits such as the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC) are correctly claimed.
Qualified taxpayers can be eligible to receive up to $6242 for the EITC, which can make a difference in supporting a family’s financial needs and helping them achieve self-sufficiency. The EITC and CTC tax credits were developed to help provide an incentive for employment. Every year, thousands of families miss out on these refundable tax credits due to lack of awareness on how to claim the credits on their tax returns. The additional money that taxpayers receive as part of their tax refunds helps make ends meet, stabilizes families, and has proven to help boost the local economy.
VITA services are available to qualified residents regardless of the county they live in. NPHS will offer VITA services at their main office location at 9551 Pittsburgh Avenue in Rancho Cucamonga on the following date in 2016:
Wednesday, March 16 1:00pm-5:00pm
Free VITA tax preparation is available now by appointment only. To schedule an appointment, call (909) 347-1255 or (760) 552-6176.
City of Riverside Down Payment Assistance Program
Up to $50,000 Available for Eligible Homebuyers
The City of Riverside offers up to $50,000 for each eligible household to be used toward down payment for the purchase of a home within the City of Riverside. It is intended for low- to moderate-income home buyers who can afford monthly mortgage payments but do not have enough to pay the initial home purchase down payment and non-reoccurring closing costs. The goal of the program is to increase homeownership in Riverside.
If you have questions regarding the application process, please contact the Riverside Community and Economic Development Department at (951) 826-5371 or go to www.riversideca.gov/housing/downpaymentassistance.asp.
Free Upcoming Homebuyer Classes
To register for one of the classes listed below or for more information, please call NPHS at (909) 988-5979.
Click on each calendar below to view a PDF version of the workshops.