January 20, 2011
Community Reinvestment Fund, USA Receives $500,000 Loan Servicing Grant from the Ford Foundation Grant
FOR IMMEDIATE RELEASE
For more information contact:
Community Reinvestment Fund, USA
Grant to support CRF's continued foreclosure remediation activities in low- and middle-income communities nationwide
MINNEAPOLIS - Jan. 20, 2011 - Community Reinvestment Fund, USA (CRF), a non-profit organization that connects community development lenders with the capital resources of Wall Street, today announced it received a $500,000 grant from The Ford Foundation. This contribution will help CRF expand its organizational capacity to service a higher volume of affordable housing loans associated with foreclosure remediation programs, such as the Sustainable Home Ownership Program (SHOP) in St. Paul, Minn. and similar regional programs nationwide.
"We are grateful for the Ford Foundation's continued support of CRF's mission," said Frank Altman, president and chief executive officer for CRF. "Home ownership is a fundamentally important part of the American economy, and CRF has long been involved with helping local housing authorities service their mortgage portfolios. With the Foundation's help, CRF will be able to expand and improve its mortgage servicing capabilities and help even more families remain in their homes."
With more than 14 years of contract loan servicing experience, and a special focus on non-profit, socially responsible loan servicing, CRF takes care to institute safeguards against foreclosure during the servicing process - a practice the organization calls "high-touch servicing."
"We are proud to support CRF and its vital role in aiding foreclosure remediation programs," said George McCarthy, Director of Metropolitan Opportunity for the Ford Foundation. "Homeowners need real solutions that are geared to their individual situations. We hope this grant will help families break through the delays, confusion and red tape that can make foreclosure seem like the only option."
"Generally speaking, nonprofit community housing organizations don't have the capacity or expertise to get involved in servicing," said Altman. "These programs, with multiple loan types and non-traditional borrowers, require a specialized servicer willing to look at each loan as more than simply numbers and recognize that behind every loan is an individual or family who deserves a fair chance."
The grant funds are available to CRF immediately and will be paid over a two-year period.
Community Reinvestment Fund, USA (CRF), a non-profit organization and certified Community Development Financial Institution (CDFI), is the nation's leader in bringing capital to public and private, non-profit community development lenders through the secondary market for community development loans. Formed in 1988, CRF has injected more than $1.2 billion into low-income and economically disadvantaged communities
around the country to help stimulate job creation and economic development, provide affordable housing, and support community facilities. CRF is headquartered in Minneapolis, Minn. www.crfusa.com.
About The Ford Foundation
The Ford Foundation is an independent, nonprofit grant-making organization. For more than half a century it has worked with courageous people on the frontlines of social change worldwide, guided by its mission to strengthen democratic values, reduce poverty and injustice, promote international cooperation, and advance human achievement. With headquarters in New York, the foundation has offices in Latin America, Africa, the Middle East, and Asia. www.fordfoundation.org
Posted by: CRFUSA