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Project Reinvest: Homeownership

Funding Opportunity

The Project Reinvest: Homeownership application opportunity is now closed.

This grant opportunity will provide grant funding to eligible community development financial institutions (CDFIs) to provide deferred down payment assistance loans to borrowers at 100 percent of area median income or less in urban, suburban and rural communities in the U.S. and Puerto Rico.

Eligible organizations are limited to nonprofit CDFIs with current certification by the U.S. Department of Treasury CDFI Fund (CDFI Fund) at the time of application.

Eligible organizations must be able to demonstrate the ability to originate a high volume of down payment assistance loans in conjunction with a first mortgage product over a two-year program period. The grant period, February 2017 through February 2019, includes project implementation, progress monitoring, grant reporting and evaluation.

Eligible Organizations

Only nonprofit CDFIs with current certification from the CDFI Fund at the time of application are eligible to apply for Project Reinvest: Homeownership. Each eligible entity may submit only one application for Project Reinvest: Homeownership funding. Joint or multi-organization applications are not permitted.

Applying organizations are required to demonstrate the ability to do high volume residential lending. Please refer to the funding announcement for further information on eligibility requirements.

Timeline

Action

Anticipated Date

Funding announcement released Sept. 26, 2016
Grants Portal opens Oct. 3, 2016
Application opens Oct. 3, 2016
Webinar on funding opportunity and application Oct. 6, 2016
Application closes Nov. 15, 2016
Application review period November 2016-January 2017
Final determination sent February 2017

The public comment period for Project Reinvest: Homeownership opened June 1 and closed July 1. View the results of the Project Reinvest: Homeownership public comment period.

For questions or more information, email us.

Homes & Finances