Nehemiah Touts Fannie LOC

Nehemiah Community Reinvestment Fund, Sacramento, Calif., has announced that Fannie Mae will provide a $2 million line of credit for the fund, which is the community development lending affiliate of Nehemiah Corp. of America, a downpayment assistance provider.The LOC will be used to make loans to create or preserve affordable housing, transitional housing, and housing for people with special needs. NCRF said it expects to leverage the funding over the next three years to make nearly $13 million in loans for community development projects worth more than $40 million. "Nehemiah created NCRF to help community and faith-based groups alleviate the scarcity of affordable housing in their communities," said Scott Syphax, president and chief executive officer of Nehemiah Corp. "By providing these organizations with short-term, below-market-rate loans, NCRF works to stimulate the creation and preservation of safe, decent affordable housing neighborhood by neighborhood across the nation." Nehemiah can be found online at http://www.nehemiahcorp.org, and Fannie Mae can be found at http://www.fanniemae.com.