FINALISTS:
Access Category
Founded in 1988, the Neighborhood Assistance Corporation of America is a certified housing-counseling agency and nonprofit mortgage broker at the forefront of fighting predatory lending. Through years of advocacy on behalf of low- and moderate-income people, NACA has set the national standard in providing affordable homeownership for both homeowners and homebuyers. NACA’s American Dream events have assisted more than 250,000 homeowners in obtaining an affordable solution. NACA’s purchase program provides mortgages with a low fixed interest rate and no down-payment requirement, closing costs or points, private mortgage insurance, or need for a perfect credit score. In 2015, NACA created its Detroit Neighborhood Initiative, a lending program designed to bring residential mortgage lending back to Detroit. This initiative offers Detroit residents all the benefits of the NACA program and introduces unprecedented mortgage features, including a 150% loan-to-value for both a 15- and 30-year mortgage term.
Founded in 1980 in Durham, North Carolina, with the mission of creating and protecting ownership and economic opportunity for all, Self-Help has grown to be one of the nation’s largest, most experienced community development financial institutions. It is being recognized for developing a new approach to financial services that allows community lenders to use technology and strategic partnerships to transcend the limitations of the brick-and-mortar branch business model and reach more deeply into underserved communities. This innovative model integrates remote technology and strong, locally trusted partners to facilitate access to affordable financial services on a much larger and more sustainable scale. Select community partners are trained to use the newly developed online platform to accept Self-Help account and loan applications at their offices or other off-site locations, using tablets, laptops, or mobile phones. Partners include immigration service providers, faith-based organizations, labor unions, and other nonprofit allies.