EBR Mortgage Finance Authority to offer $700,000 in local grants and joint venture projects
April 16, 2007
BATON ROUGE— The East Baton Rouge Mortgage Finance Authority announced today a $700,000 program that will provide grants and capital for projects by non-profit organizations that help place local residents in homes, or promote economic development and neighborhood revitalization.
The program will provide $300,000 in grant funds and $400,000 in capital funds to be used for projects by non-profit organizations that advance the Authority’s mission. Grants will not be required to be repaid. Capital funds provided to other projects at below-market costs will be repaid to the Authority when projects are completed and/or sold.
“The grants and projects we fund are investments in our community,” said Astrid R. Clements, chairperson of the East Baton Rouge Mortgage Finance Authority. “As a major resource for homeowners in Baton Rouge, the Authority has a strong interest in supporting projects that strengthen the community through home ownership, economic development and revitalization of neighborhoods.”
Since it began operations in 1979, the Authority has provided more than $910 million in reduced-cost mortgages to almost 15,000 first-time, moderate and low-income homebuyers. Following Hurricane Katrina, the Authority extended its services to persons who had previously owned homes and raised income limits for borrowers. The Authority sells tax-exempt bonds and uses the money to provide reduced-cost mortgages for East Baton Rouge Parish residents.
The Authority’s mortgages carry interest rates that are at or below existing conventional rates. The Authority also extends other incentives such as providing part of the down payment for eligible buyers. The Authority provides mortgages through participating commercial banks and mortgage loan companies.
Non-profit organizations wishing to receive guidelines for submitting proposals should send a fax or e-mail to the Authority listing the name and title of a contact person, the organization’s name, address, phone number, fax number and e-mail address. Requests for the guidelines should be submitted by no later than April 27, 2007. Requests should be faxed to (225) 771-8573 or e-mailed to programadministrator@ebrmfa.org.