Nehemiah Launches New AH Project

Nehemiah Community Reinvestment Fund, Sacramento, Calif., has announced the "Moving People from Homelessness to Homeownership" national initiative, which will fund short-term, low-interest affordable housing loans.The Nehemiah Corp. said it will capitalize the fund with an initial equity contribution of $5.5 million to be loaned to community development and faith-based organizations involved in affordable, workforce, and special-needs housing and economic development in low-income and underserved communities nationally. According to Nehemiah, the loan term of these $10,000 to $750,000 loans cannot exceed five years "in order to maintain a constantly recycling pool of funds," and to allow Nehemiah to finance a larger number of community revitalization projects. Target markets include: California, Nevada, Arizona, Kansas, Missouri, Indiana, and Ohio. Nehemiah can be found online at http://www.nehemiahcorp.org, and the fund can be found at http://www.ncrfund.org.