Nehemiah Pledges $1.6M for Storm Relief

Nehemiah Corporation of America, a privately funded provider of downpayment assistance gifts based in Sacramento, Calif., has pledged $1.6 million to aid victims of the hurricanes of 2005.Nehemiah said it plans to combine its DPA program, community reinvestment fund, community foundation, and urban ministry program, along with support from other partners, to meet the needs of middle- to lower-income market borrowers often overlooked by the large banks. According to a Nehemiah spokesman, customer benefits include interest rates between 6% and 9% and loans that average $300,000. In addition, most of the capital will be available to developers with interest rates as low as 3% to 4%.