GROW SD Receives $2M for Down Payment Assistance
Wednesday, April 24, 2019
GROW South Dakota was recently awarded $2 million from the Capital Magnet Fund (CMF) of the U.S. Treasury’s Community Development Financial Institutions Fund (CDFI Fund). GROW SD, a certified CDFI, will use the award for down payment assistance loans to assist low-income home purchasers.
The CMF program focuses on affordable housing. GROW SD will use the funds to provide down payment assistance in the form of a deferred second mortgage to eligible borrowers. All of the funds are earmarked for people at or below 80% of the area median income. “We’re excited to receive our second CMF grant,” said Marcia Erickson, CEO. “We received a grant in 2016 that allowed us to help 60 families purchase homes. Though this grant, we’ll help four times as many.”
Across the nation, the CMF awarded $142.9 million in grants to 38 organizations serving 39 states, the District of Columbia and Puerto Rico. These awards were made through the fiscal year (FY) 2018 round of the Capital Magnet Fund, and will support financing for the preservation, rehabilitation, development or purchase of affordable housing for low-income communities.
"Securing affordable housing continues to be a necessity for many Americans across the country,” said CDFI Fund Director Jodie Harris. “These awards will lead to increased availability of affordable housing in both rural and urban communities. More than 25,000 affordable housing units are projected to be developed as a result of these awards.” The 38 awardees were selected after a merit-based competitive review of applications submitted from 116 organizations, which requested more than $570 million in awards this round of the Capital Magnet Fund.
Grow South Dakota continues to find solutions that create opportunities for South Dakota residents to achieve their dream of home ownership. More information can be found at www.growsd.org, or by contacting us at (605) 698-7654.
GROW South Dakota has served South Dakota communities since 1966. The organization excels at providing housing, community, and economic development to 10,000 customers annually. GROW South Dakota consists of three separate private nonprofit agencies.
For more information about GROW South Dakota’s housing and business development programs and services, please visit our website at www.growsd.org or call (605) 698-7654.
GROW SOUTH DAKOTA is an Equal Opportunity Lender, Provider, and Employer Complaints of discrimination should be sent to: USDA, Director, Office of Adjudication, 1400 Independence Ave SW, Washington DC 20250-9410.
Category: GROW SD