""Community Reinvestment Fund, USA"":http://www.crfusa.com (CRF), a national nonprofit organization that connects community development lenders with the capital resources of Wall[IMAGE]
Street, has received a $500,000 grant from the ""Ford Foundation"":http://www.fordfoundation.org. The contribution will go toward expanding CRF's organizational capacity to service a higher volume of affordable housing loans associated with foreclosure remediation programs.
""We are grateful for the Ford Foundation's continued support of CRF's mission,"" said Frank Altman, president and CEO of Minneapolis-based CRF. ""Homeownership 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' contract loan servicing experience, and a special focus on nonprofit, socially[COLUMN_BREAK]
responsible loan servicing, CRF says it takes care to institute safeguards against foreclosure during the servicing process Ã¢â‚¬" a practice the organization calls ""high-touch servicing."" CRF provides loan servicing to lenders with nontraditional loans, namely community development financial institutions (CDFIs), as well as cities, municipalities, and regional economic development organizations.
""Generally speaking, nonprofit community housing organizations don't have the capacity or expertise to get involved in servicing,"" Altman said. ""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.""
As community-based housing organizations struggle to service a growing number of mortgage workouts, CRF says its expertise working with multiple loan types and nontraditional borrowers can allow housing nonprofits to focus on helping more families in low- and middle-income communities stay in their homes.
""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.""
The grant funds are available to CRF immediately and will be paid over a two-year period.