New Cedar Rapids nonprofit aims to revitalize targeted neighborhoods

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CEDAR RAPIDS, Iowa (KCRG-TV9) -- Finance experts are calling a new program a "game changer" for people who are looking to own or fix-up homes in Cedar Rapids.

NFC officials hope the fixed-rate loans will encourage people to purchase and renovate Cedar Rapids properties leading to a revitalization of some of its neighborhoods. (Forrest Saunders/KCRG-TV9)

Thursday, the Neighborhood Finance Corporation announced it's opening an office in Cedar Rapids on Old Marion Road after nearly three decades in the Des Moines area.

Those in the qualified zones, an area that includes a lot of the city's core neighborhoods like Wellington Heights, Mound View, and the Czech Village can get up to $10-thousand dollars of the loan forgiven, depending on income. The city is supporting it with a $5-million dollar contribution.

NFC officials hope the fixed-rate loans will encourage people to purchase and renovate Cedar Rapids properties leading to a revitalization of some of its neighborhoods.

Stephanie Preusch, the group's executive director, said NFC worked with Cedar Rapids officials to target spots in town that would see the most benefit from its loan programs, largely lower to moderate-income areas were selected.

"We looked at housing stock," Preusch. "Where were the houses older and need more repair or where were things turning from more owner-occupied to more rental and help maybe curb that."

NFC will start accepting loan applications October 1st.

To find out if you qualify for any of the loans, click here.