Grant: $600,000 - Community Development Financial Institutions - Jul. 21, 2009
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Award Description: Eastern Dakota Housing Alliance (EDHA) will use these funds to provide loan financing that may be more flexible than other sources and to leverage resources for financially feasible affordable housing. Financing capital will make loans available for rehabilitation or for new construction. EDHA's service area is the 25 counties of eastern North Dakota, largely rural communities, with a mission to foster the development and preservation of affordable housing. Affordable housing loans generally must target households at or below 80% of median income in rural areas. Loans in urban areas may serve mixed-incomes up to 120%. By December 31, 2010, $150,000 will be deployed within the service area, by December 31, 2011, $300,000 will be deployed.
Project Description: The award will be used to offer flexible financing opportunities to affordable housing developers in 25 counties of eastern North Dakota. EDHA serves a low-income targeted population in its service area. This quarter's activities included development services in four rural communities (with population averages of 1,000); establishment of the financial tracking system; preparation of software to track specifics from borrower inquiry to closing and loan repayment; and initial marketing to prospective borrowers and interested parties. EDHA?s development services play a pivotal role in meeting market demand for affordable housing, as well as creating additional demand and a loan pipeline. EDHA?s technical expertise in affordable housing development, especially with complex financing strategies, is essential to supporting emerging affordable housing developers, local communities, and regional councils attempting to address affordable housing need and demand.
Jobs Summary: Retained employee to establish loan fund office procedures, reporting protocol, and deployment operations. (Total jobs reported: 2)
Project Status: Less Than 50% Completed
This award's data was last updated on Jul. 21, 2009. Help expand these official descriptions using the wiki below.