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Project Reinvest: Homeownership

Funding Opportunity

The Project Reinvest: Homeownership application opportunity is now closed.

This grant opportunity will provide grant funding to eligible community development financial institutions (CDFIs) to provide deferred down payment assistance loans to borrowers at 100 percent of area median income or less in urban, suburban and rural communities in the U.S. and Puerto Rico.

Eligible organizations are limited to nonprofit CDFIs with current certification by the U.S. Department of Treasury CDFI Fund (CDFI Fund) at the time of application.

Eligible organizations must be able to demonstrate the ability to originate a high volume of down payment assistance loans in conjunction with a first mortgage product over a two-year program period. The grant period, February 2017 through February 2019, includes project implementation, progress monitoring, grant reporting and evaluation.

Eligible Organizations

Only nonprofit CDFIs with current certification from the CDFI Fund at the time of application are eligible to apply for Project Reinvest: Homeownership. Each eligible entity may submit only one application for Project Reinvest: Homeownership funding. Joint or multi-organization applications are not permitted.

Applying organizations are required to demonstrate the ability to do high volume residential lending. Please refer to the funding announcement for further information on eligibility requirements.

Timeline

Action

Anticipated Date

Funding announcement released Sept. 26, 2016
Grants Portal opens Oct. 3, 2016
Application opens Oct. 3, 2016
Webinar on funding opportunity and application Oct. 6, 2016
Application closes Nov. 15, 2016
Application review period November 2016-January 2017
Final determination sent Feb. 21, 2017

Award notifications were communicated to Project Reinvest: Homeownership grantees Feb. 17. If you have not received any information on the status of your application, please contact Project Reinvest.  
 

Grantee

Location

Appalachian Community Federal Credit Union Gray, Tennessee
Community LendingWorks Springfield, Oregon
Community Ventures Corporation Lexington, Kentucky
Fahe, Inc. Berea, Kentucky
FINANTA Philadelphia, Pennsylvania
GROW South Dakota Sisseton, South Dakota
HomeSight Seattle, Washington
Homewise, Inc. Santa Fe, New Mexico
Housing Development Fund, Inc. Stamford, Connecticut
Ithaca Neighborhood Housing Services, Inc. Ithaca, New York
Midwest Minnesota Community Development Corporation Detroit Lakes, Minnesota
Neighborhood Finance Corporation Des Moines, Iowa
Neighborhood Housing Services of Baltimore, Inc. Baltimore, Maryland
NeighborWorks Home Partners St. Paul, Minnesota
NeighborWorks Pocatello Pocatello, Idaho
NeighborWorks Rochester Rochester, New York
NHS Neighborhood Lending Services Los Angeles, California
Renaissance Community Loan Fund (formerly Gulf Coast Renaissance Corporation) Gulfport, Mississippi
Self-Help Credit Union Durham, North Carolina


For questions or more information, email us.