United States Department of the Treasury Awards Los Angeles-based Neighborhood Housing Services of Los Angeles County (NHS) One of the Largest CDFI Awards in the Nation

Los Angeles, CA – August 15, 2012 – (RealEstateRama) — Last week, Neighborhood Housing Services of Los Angeles County (NHS) was awarded a $1.45 million grant made by the U.S. Department of the Treasury’s Community Development Financial Institution (CDFI) Fund program. As part of the U.S. Treasury’s commitment to revitalizing economic and community development, NHS was one of 177 CDFI Program awardee organizations receiving an aggregate total of more than $176 million. NHS was awarded the highest amount given to an organization.

NHS is committed to creating lifelong homeownership and stable communities in Los Angeles County. The majority of the organization’s clients are low to moderate income families, targeted by unfavorable lending practices and lacking the knowledge of the critical role that credit plays in their financial security. “We are grateful for support to help create sustainable communities in the neighborhoods we serve”, says Mrs. Lori Gay, President & Chief Executive Officer of Neighborhood Housing Services of Los Angeles County. NHS will use the CDFI award of $1.45 million to provide lending and related financial assistance to families in its target, economically distressed communities.

The organization serves a market in dire need of its services. Low income levels, high denial rates from conventional lenders, lack of affordable housing, poor-quality housing, foreclosures, and many other factors point to the need to offer carefully crafted loan products and a comprehensive approach to lending and borrowing. The financial assistance and educational resources provided by the CDFI Fund program are critical to Los Angeles County families and will provide much needed resources to the most vulnerable communities. This funding will assist NHS to facilitate its affordable revolving loan fund for first-time homebuyers, and to provide low cost home repair loans to needy families, veterans, and seniors.

About Neighborhood Housing Services of Los Angeles County

Since 1984, NHS has reinvested more than $2.43 billion into neighborhoods throughout the county. As a part of our work, we have developed and rehabilitated more than 13,000 housing and commercial units, put 2.47 million families on the road to homeownership, created 175 block clubs, and employed 200 neighborhood youth. As a lender to these underserved communities, Los Angeles Neighborhood Housing Services has maintained a loan portfolio with a 5% or less delinquency ratio. NHS is the largest, non-profit, affordable homeownership provider in Southern California.

Contact:
Rhonda J. McMillan
Assistant Vice President
Neighborhood Housing Services of Los Angeles County
3926 Wilshire Blvd., Suite 200
Los Angeles, CA. 90010-3303
(213) 381-2862 X219
rmcmillan (at) lanhs (dot) org
Visit us at www.lanhs.org
Establishing, Protecting and Preserving Lifelong Homeowners