NFC Lending and Community Programs

Polk County (Des Moines Area) Programs

POLK COUNTY LARGE RENOVATION PROGRAM

The program is funded by a $6 million dollar grant from Polk County.  Homeowners with household incomes below 80% of the Polk County area median income limit may be eligible to receive up to $50,000 for repairs to their home using a deferred loan.  The goal is to create sustainable and safe living conditions for existing homeowners who may not otherwise qualify to make repairs on their own due to income or credit.

You must first inquire with one of these affordable housing organizations who are working in a collaborative effort to provide this service.  Neighborhood Finance Corp (NFC), City of Des Moines Improving Our Neighborhoods (ION), Habitat for Humanity, Rebuilding Together, City of West Des Moines Metro Home Improvement Program (MHIP), or Polk County Emergency Repair. Click here for contact information for these programs or contact Neighborhood Finance Corporation if you are interested in our loan programs.

Click here for the Program Flyer for more information!

What is a Deferred Loan?

A deferred loan does not have to be repaid until the home is sold, is no longer your primary residence, or in some instances, when the home is refinanced. For this program, there are no payments or interest due until year twenty, and at that time the deferred loan will convert to a forgivable loan. The loan will be forgiven at 10% a year over 10 years. If the deferred loan is less than $20,000 it will be forgiven at 20% a year over 5 years.

Invest DSM

The Invest DSM neighborhoods are those in green with the dark green outline on our NFC Lending Area map. For more information on how NFC loans and forgivable loans work together contact Terry Gearhart, Vice President of Lending, NMLS 4453, at 515-273-1365 or tgearhart@neighborhoodfinance.org.

NFC and Invest DSM Programs work together if the home is in a Special Investment District (SID). Click here for more information.

NFC’s Exterior Repair Loan and forgivable loan can work with the Block Challenge Grant. Click Here for information on how the two programs work together.

Additional information on the Invest DSM programs are available on the Invest DSM website.

Historic West Des Moines Housing Fund - Downpayment Assistance

The City of West Des Moines has a Down Payment Program that can be used with a NFC Advantage loan and forgivable loan for eligible applicants.

For more information on the Program guidelines visit the City of West Des Moines website. For more information on how NFC loans and forgivable loans work together contact Terry Gearhart, Vice President of Lending, NMLS 4453, at 515-273-1365 or tgearhart@neighborhoodfinance.org.

Save Our Sewer Program (Available in all of Windsor Heights)

NFC partners with Polk County and the Windsor Heights-Urbandale Sanitary Sewer District to provide a financing option for Windsor Heights residents who need to replace or repair their sewer line as part of the Save Our Sewers (S.O.S.) Program. The SOS Loan program is offered city-wide to residents as a NFC Advantage Loan paired with a forgivable loan.