What We've Done
During the early 80’s NHS began utilizing funding to assist in owner occupied rehabilitation projects in our target area which was originally limited to South of Locust from Jersey Ridge on the East to Brady on the West. Later the area was expanded to include the Garden Addition and encompassed the original historic preservation area of the City of Davenport. NHS sought and received grant funds, and conducted fundraising activities to assist in owner occupied rehabilitation projects within that area.
In the late 80’s NHS determined that many of the home repair projects that we were providing technical and financial assistance for were being purchased by a liberal sellers contract with predator LTV and DTI interest. This caused concern among the staff and board of the organization because without a secure lien mechanism, there was nothing to protect the home buyer from action by the contract seller to forfeit the home buyers interest and benefits of NHS programs.
In 1987 NHS developed a grant program that established gap financing to allow our clients the ability to repay an affordable loan. NHS began adding a restriction in the form of a 5 year forgivable grant, and also in order to further secure our investment and the home buyers’ investment, refinancing contract(s) into traditional mortgage loans.
Soon, NHS responded to demand for multiple types of 1st and 2nd mortgage lending products which assisted in Home Ownership opportunities and Home Owner rehabilitation products within our community.
Vacant Property Rehab Examples