GROWTH program stands up for homeownership with new model

$40 million will be invested in 400 homes in Delaware

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The National Community Reinvestment Coalition (NCRC), a nonprofit whose mission is to boost homeownership for low- to moderate-income families, is launching its GROWTH initiative in Delaware today and will expand to include up to 4,000 homes in 10 to 15 markets throughout the nation. GROWTH is a partnership with investors and banks to purchase, renovate and sell homes, beginning in Wilmington, Delaware. Through the NCRC Housing Rehab Fund, the fund offering size will be $80 million: a $60 million debt investment and $20 million equity investment. Not only does NCRC help with inventory shortages, especially for those who need affordable housing solutions, but it is also helping to improve lower-income communities, as it is dedicated to creating jobs for working-class families and making basic financial services easily accessible. The homes being purchased by the organization are located in the neighborhoods in which the families currently reside. "It's a private equity fund or ...