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Brenda Woods did want to move n’t and then leave the garden she had tended for 40 years. Nevertheless the roof had been falling in. And her bank would give the woman and n’t her spouse Larry that loan to get an upgraded house.

Brenda’s nevertheless tending her garden, however, because of a second-chance loan through the brand New Hampshire Community Loan Fund-a Community developing lender (CDFI). It let the Woods exchange their house with a brand new, safe, affordable, energy-efficient home that is manufactured.

Almost 700 families financed domiciles through the grouped Community Loan Fund, which won a $5.5 million prize through the Wells Fargo WFC, +2.48% NEXT Awards for Opportunity Finance. The prize had been for expansion of a financing that is innovative for produced housing mortgage loans. The THEN Awards recognize revolutionary CDFIs that responsibly serve low-income and low-wealth individuals and communities.

Community Development banking institutions, including banking institutions, credit unions, loan and venture funds, are making loans that are second-chance other people may fear to tread. “We are looking for those loan possibilities which are likely to relax and play a role that is transformational someone’s life, particularly somebody low earnings and low wide range,” claims Mark Pinsky President and CEO of Opportunity Finance system, a nationwide system of CDFIs.

How CDFIs assist borrowers

Versatile loan quantities. Read more