HOW NHPS IS WORKING WITH MUNICIPALITIES TO DEPLOY ASSISTANCE PROGRAMS
Ameer Elahee
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s a certified Community Development Financial Institution (CDFI) certified by the United States Treasury, NPHS has deployed millions of dollars in state and federal funding to support housingrelated programs and services. Due to the COVID-19 pandemic, many people in our community are facing uncertainty and experiencing financial hardship. We are here to help keep people in their homes. NPHS is using its CDFI capacity and working with local governments to deploy CARES Act CDBG funding in the form of mortgage, rental, and utility assistance programs to help families experiencing financial hardship. Thanks to contributions from Citi and JP Morgan Chase, NPHS’ Community Investment Trust received $500,000 to support shared equity strategies that preserve housing affordability and create wealth for low-income homebuyers. The Community Investment Trust is NPHS’ CDFI investment vehicle that finances its affordable housing developments and community lending programs. The $500,000 capital infusion will be leveraged to develop and preserve affordable homeownership through NPHS’ Community Land Trust, a shared equity strategy. Community Land Trusts and other shared equity and appreciation strategies have become increasingly crucial to NPHS as means to develop affordable homeownership, repurpose vacant properties, extend the long-term impact of public and private sector investment, and to create intergenerational wealth among low-income households. Shared 44
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equity and appreciation models enable NPHS and its partners to retain or recapture the benefits of public and private subsidies for future low-income households, enabling the initial investment to serve more families over long periods. NPHS created its Community Land Trust (CLT)as part of a holistic framework to develop, preserve, and protect affordable homeownership in neighborhoods throughout the Inland Empire. Homeowners build wealth by paying down the principal balance of their mortgage and through the share of home price appreciation allocated to them under a ground lease. By acquiring and transferring land to the CLT, NPHS maintains ownership and controls housing costs by permanently limiting land costs and “locking in” subsidies so that they benefit multiple generations of homebuyers each time the home is sold. Through the NPHS CLT, access to homeownership for people who are otherwise priced out of the housing market becomes a reality. To learn more about NHPS, contact Ameer Elahee, a VIP Agent with the Power Is Now Media. You can reach Ameer through the following link https:// thepowerisnow.com/ameer-alahee/. Sources; https://nphsinc.org/2020/05/12/2020justclickhomeca mpaign/ https://nphsinc.org/2020/04/22/cares-act/ https://nphsinc.org/2020/06/09/neighborworksweek-2020/ THE POWER IS NOW MAGAZINE | JULY 2020
