June 17, 2021 –
FOR IMMEDIATE RELEASE, Santa Fe, NM – New Mexico’s Homewise, Inc. has been awarded $1.8 million from the U.S. Department of the Treasury to finance home purchase, home improvement, or home refinancing loans for modest-income households in New Mexico. The Awards were made through the Treasury’s Community Development Financial Institution Rapid Response Program (CDFI RRP). The Awards, which total $1.25 billion, will provide necessary capital for CDFIs such as Homewise to respond to economic challenges created by the COVID-19 pandemic, particularly in underserved communities.
The CDFI Fund designed the CDFI RRP program to disburse the funds rapidly in light of the nationwide economic impacts of the COVID-19 pandemic. The CDFI RRP was authorized by the Consolidated Appropriations Act, 2021.
“These awards provide CDFIs with an unprecedented level of flexible capital to help distressed and underserved communities across the country take meaningful steps towards recovering from the debilitating economic impacts of the COVID-19 pandemic,” said CDFI Fund Director Jodie Harris. “CDFI RRP awards will enable CDFIs to help businesses keep their doors open, help families make ends meet, and help maintain important community facilities during this difficult time.”
“We are honored that the Treasury Department has made this award to Homewise and is continuing to support our work to create successful homeowners,” said Laura Altomare, Chief Communications Officer for Homewise. “These funds will allow Homewise to adapt to our state’s changing post pandemic economic conditions and provide lending products that will help New Mexicans build long-term financial wellbeing through affordable and accessible homeownership.
Homewise is a New Mexico-based nonprofit Community Development Financial Institution (CDFI) founded in 1986. Our mission is to help create successful homeowners and strengthen neighborhoods so that individuals and families can improve their long-term financial wellbeing and quality of life. Our services include financial literacy education and coaching, real estate services, affordable mortgage lending and down payment assistance, loan servicing, refinance and home improvement lending. We strengthen neighborhoods by increasing homeownership through real estate development, property rehabilitation, and revitalizing communities to benefit existing residents. Since Homewise was founded in 1986, over 17,000 New Mexicans have attended our financial capability and homebuyer education workshops. During that time, we’ve helped over 5,600 New Mexicans purchase homes, over 2,300 make energy efficient home improvements, and more than 800 refinance their mortgages. We’ve also built over 800 high quality, energy efficient and affordable homes. To learn more, visit our website at www.homewise.org