In a recent government meeting, representatives from NeighborWorks highlighted their significant contributions to community development in Polk County, emphasizing their role as a Community Development Financial Institution (CDFI) and licensed mortgage banker. Over the past year, NeighborWorks facilitated $12 million in lending, serving 296 borrowers, which included $4.2 million dedicated to home renovations. The organization reported that every dollar of local funding leveraged an impressive $11.40 in private and federal funds, resulting in an estimated annual economic impact of $34.7 million and the maintenance of 179 jobs in the area.

Three key initiatives were discussed: the Polk County Large Renovation Program, the Down Payment Assistance Program, and the Energy Advantage Program, all of which were supported by funding from the American Rescue Plan Act (ARPA). The Down Payment Assistance Program, administered in partnership with 17 local lenders, has already deployed $4.5 million of its $5 million budget, primarily benefiting Habitat for Humanity homebuyers.

The collaborative approach of these programs has streamlined access for homeowners, allowing them to connect with multiple organizations through a single point of contact. This has proven effective in addressing funding gaps for home repairs and renovations, with significant contributions from various partners, including Habitat for Humanity and the City of Des Moines.

Additionally, the meeting revealed that a substantial portion of the beneficiaries of these programs are from communities of color, with efforts made to ensure equitable access to housing assistance. The average allocation for down payment assistance reached up to $40,500, combining local and federal resources, with terms structured as 0% deferred loans that are repayable upon sale or refinancing of the home.

Overall, the meeting underscored NeighborWorks' commitment to enhancing housing accessibility and economic stability in Polk County, showcasing the positive impact of collaborative community efforts.