As a Community Development Financial Institution Homewise has utilized resources available through the CDFI Fund to help New Mexicans achieve their dream of homeownership. With dollars from the CDFI Fund Homewise has provided approximately $10.5 million in amortizing loans and another $6.9 million in down payment assistance to 656 households. Of these households, 60% were under 80% AMI.
CDFIs fill a critical void in funding the development of affordable housing. They provide below market interest rates, have flexible terms, and can respond to critical funding needs with more flexibility than a traditional bank/credit union.
As a Native CDFI, funding from the CDFI Fund provides Native communities with access to capital that would otherwise be unavailable. Due to the complexities of tribal lands, traditional banks do not offer the same financial opportunities. Native CDFIs, supported by the CDFI Fund, are bridging this gap by providing equitable access to capital in ways that were previously unheard of.