A mortgage agency is investing $1 million to help boost rental opportunities for low paid workers.
CBC Mortgage Agency (CBCMA) is owned by Cedar Band Corporation, which was founded by the Cedar Band of Paiute Indians in 2002 and had committed the funding to accelerate the acquisition, rehabilitation, and development of affordable and workforce housing, especially in communities where gentrification and soaring rents have priced out many lower-income families.
CBCMA is a federally chartered mortgage agency that provides down payment assistance to homebuyers and has helped more than 15,000 borrowers in 49 states achieve the dream of homeownership through its Chenoa Fund program.
More than half of CBCMA's borrowers are African American, Latino, or other minorities who lack the funds necessary to meet the down payment threshold to obtain an FHA-insured loan.
But the agency acknowledges that not every worker is ready to move into homeownership and its investment in the Workforce Housing Opportunity Fund (WHO) is intended as lead funding to entice a further $20 million of investment into Opportunity Zones.
"WHO is dedicated to helping hardworking families remain in their communities by expanding the availability of rental housing that is within their financial reach," said Michael Whipple, Vice President of CBCMA. "That is a mission we fully endorse, and we are delighted to be contributing to this collaborative effort made possible by the Opportunity Zone program."
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