Nehemiah Community Reinvestment Fund (NCRF)
NCRF is an affiliated non-profit federally certified community development financial institution dedicated to providing capital and technical assistance to organizations working to revitalize low income neighborhoods, and to provide housing, services, and jobs to underserved people throughout the United States.
NCRF provides loans of $25,000 - $1.5 million to community and faith-based organizations unable to obtain sufficient and affordable financing from conventional lenders. It also invests capital for the creation of equity funds focused on real estate investments in low-income and underserved communities. These include the:
Sacramento Valley Fund which was developed to manage the effects of rapid population growth and enhance economic competitiveness and quality of life in the six-county Sacramento region. It invests in real estate projects located in overlooked urban areas to support urban-scale, in-fill development and adaptive mixed use housing, commercial and industrial projects. After investing $1 million for fund development and start-up, Nehemiah raised $30 million from investors to capitalize this private real estate-based equity fund.
Genesis LA Real Estate Fund which was the first private real estate based equity fund focused on double bottom line investing in California. This innovative economic initiative targets blighted areas for renovation thus combating high unemployment and poverty. In March 2000, NCRF invested $5 million within the Genesis L.A. Real Estate Fund, serving as the only non-profit corporation to contribute to the project which raised $85 million in capital.
Since 2000, NCRF has provided over $42 million in loans and investment capital for projects focused on affordable and special needs housing, community facilities such as childcare and senior centers, nonprofit offices, and economic development projects, leveraging total project costs of $928.3 million. NCRF has been a catalyst for the revitalization of underserved communities and populations benefiting over 24,600 clients and residents, enabling the development of 4,900 housing units (4.1 million SF of residential and commercial space), creating over 13,900 new jobs.
Read more about this topic: Nehemiah Corporation Of America
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