On Tuesday, January 22nd, Think Mutual Bank presented First Homes Officer Shirley Lee with a $50,000 grant for Impact Finance, a program of Rochester Area Foundation. The grant will be used to continue to provide down payment or closing cost assistance to qualified homebuyers earning less than 80% of Area Median Income in targeted counties.
Impact Finance was certified by the US Treasury as a Community Development Financial Institution (CDFI) in 2012. Impact Finance is an on-going program to provide affordable housing Gap Loans to qualified buyers purchasing a home with financing options. Impact Finance works in partnership with Rochester Area Foundation services and First Homes, which has provided over 430 Gap Loans to low-moderate income restricted buyers since its inception in 2000.
“Think Mutual Bank continues to be a wonderful and generous partner in our efforts to make home ownership attainable and affordable for families in the greater Rochester area.” said Jennifer Woodford, Rochester Area Foundation president. “With this grant, we will be able to increase the amount of gap loan assistance available to qualified buyers.”
If you’re interested in learning more about Gap Loan programs or Impact Finance, contact Shirley Lee.