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Nuestra Development Fund
56 Warren St., Suite 200Roxbury MA, 02119
CDFI Awards for Nuestra Development Fund
FA (2006) - $449,000
The Nuestra Development Fund, Inc (NDF) is a nonprofit CDFI established in 2001. It serves the Dorchester, Jamaica Plain, Mattapan, and Roxbury neighborhoods in Boston, MA. The housing stock in this market is older and has a high cost for both homeownership and rental. The $365,000 Financial Assistance Award will enable the NDF to provide subordinate, fixed-rate 30 year mortgages to its mostly minority, low-income borrowers. Many of the loans support the rehabiliation of additional rental units which, when rented, help borrowers to increase their income and build wealth. NDF loans also provide an affordable alternative to the higher rates of sub-prime lenders. The $84,000 Technical Assistance Award will enable NDF to upgrade its computers and hire an in-house construction manager.
CORE (2000) - $700,000
The CDFI Fund"s $700,000 award ($350,000 capital grant and $350,000 loan) will help NDF carry out is business plan that calls for offering first and/or second mortgages to prospective homebuyers. It will also help NDF provide financing so that existing owners can rehabilitate their properties, many of which contain between two and four units. NDF projects that such rehabilitation financing will create additional housing opportunities in the exceedingly tight Boston market, generate rental income for the lowincome homeowners, and contribute to the stabilization of the neighborhoods.
Other Community Development Financial Institutions in Massachusetts
ACCION USA
Boston
AI Wainwright LLC
Boston
BCLF Ventures II, LLC
Boston
Institute for Community Economics
Springfield
Jobs for Fall River, Inc.
Fall River
Local Enterprise Assistance Fund
Brookline
MHIC, LLC
Boston
NOAH Community Development Fund, Inc.
East Boston
UECDF Corporation
Roxbury
WCHR Securities, Inc.
Worcester
YouthBuild Loan Fund
Somerville
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