News: Program - Single Family
First Home Super Wins National Award
The Nebraska Investment Finance Authority (NIFA) was honored September 18 by the National Council of State Housing Agencies (NCSHA) for their First Home Super Mortgage loan program. The NCSHA recognized First Home Super as the best program in the nation for the “Homeownership: Empowering New Buyers” category at their annual conference in San Francisco. This prestigious award is given to housing finance agencies that demonstrate financial ingenuity and creativity in helping first-time homebuyers achieve the American dream of homeownership.
NIFA statistics indicate a wide distribution of the resource through its partnerships with banks, mortgage lenders, and community intermediaries. Approximately 44% of borrowers earn below 60% of area median income, and 83% of borrowers reside in rural communities. From February 1 to August 11, NIFA allocated $26 million in First Home Super loans across Nebraska. NIFA Executive Director, Tim Kenny, said that the goal of the program is to target resources into underserved areas in order to help create a revitalization effect in which new homeowners help to reestablish distressed or disinvested neighborhoods.
All of NIFA’s First Home Super funds have been allocated for 2006. A new allocation for 2007 will be announced at the Affordable Housing Deal Makers’ Marketplace on January 23-24, 2007, at the Omaha Marriott.
The NCSHA also honored NIFA with the Impact Award. This award was given to nine housing finance agencies from across the country that contributed time and resources to the agencies of the gulf coast states affected by last year’s hurricanes. NIFA was extremely proud to send Mike Fallesen to Louisiana to help the Louisiana Housing Finance Agency score multifamily tax-credit applications. The agency was overwhelmed with applications to help rebuild New Orleans and other cities devastated by hurricanes.
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