Brenda Woods didn’t would you like to go and then leave the yard she had tended for 40 years. But the roof ended up being falling in. Along with her bank wouldn’t offer her and her spouse Larry financing to buy a replacement house.
Brenda’s nevertheless tending her garden, however, by way of a second-chance loan through the brand new Hampshire Community Loan Fund-a Community developing standard bank (CDFI). It let the Woods replace their house with a brand new, safe, affordable, energy-efficient home that is manufactured.
Almost 700 families financed houses through the grouped community Loan Fund, which won a $5.5 million honor through the Wells Fargo WFC, -1.58% NEXT Awards for Opportunity Finance. The honor ended up being for expansion of a financing that is innovative for produced housing mortgage loans. The UPCOMING Awards recognize revolutionary CDFIs that serve low-income and responsibly low-wealth individuals and communities.
Community developing banking institutions, including banking institutions, credit unions, loan and endeavor funds, are making second-chance loans where other people may fear to tread.