Neighborhood Finance Corporation

Street Address:
1912 6th Avenue
Des Moines, IA 50314


Phone: 515-288-5626
Fax: 515-246-0112
Website: www.neighborhoodfinance.org

Holly Olson, Executive Director

Contact Name: Holly Olson
Phone: 515-288-5626x203
Fax: 515-246-0112
Email: holson@neighborhoodfinance.org


Staff Size: Full Time: 13    Part Time: 1

Background
Neighborhood Finance Corporation (NFC) was incorporated on May 4, 1990 as a result of a study of housing and neighborhood needs jointly sponsored by neighborhood leaders, City of Des Moines, Polk County, and local financial institutions. NFC’s mission is to assist in the revitalization of targeted neighborhoods in Polk County, Iowa by making purchase and home improvement loans. NFC is a 501 (c) 3 nonprofit corporation and has obtained a state mortgage banker license with a direct seller/servicer contract with Fannie Mae. On July 17, 2000, NFC was certified by the Department of Treasury’s Community Development Financial Institution Fund as a Community Development Financial Institution (CDFI). NFC programs include home purchase/rehab loans, home improvement/rehab loans, contract refinance/rehab loans, multifamily loans, mixed use property loans, commercial real estate loans and as of September 2002 educational programs and a tool lending library. NFC launched its newest program--the Acquisition Rehabilitation Program--effective 9/4/07. Since NFC began lending in April 1991, NFC has originated over $179 million in loans and grants that has helped over 3,200 families with their housing needs and since September 2002 has provided education to over 2,000 individuals.

Mission
Neighborhood Finance Corporation provides unique lending programs and related services to facilitate revitalization of targeted neighborhoods located in Polk County, Iowa through partnerships with residents, government, community-based organizations, and the business community.

Total Operating Expense (9/30/2007): $2,301,617

 Lines of Business
  • Community Based Economic Development

  • Home Ownership Promotion Services

  • Lending and Loan Portfolio Management


    • National NeighborWorks ® Programs
  • NeighborWorks Campaign for Home Ownership

    • Accomplishments in FY 2008
  • Provided 191 families with pre- and post- purchase housing counseling.
  • Rehabilitated or repaired 255 rental or owner occupied units (1-4 units).
  • Assisted 214 families in purchasing a home through homeownership counseling, downpayment, closing cost or financing assistance.
  • Owned or managed 0 rental units.
  • Invested $13,551,512 in the community through Neighborhood Finance Corporation's revolving loan fund, which leveraged $36,799,110 from conventional lenders and other sources.
  • Total direct investment in the community is $50,350,622.



    • Board of Directors
    NameBoard Role/TitleSectorCompany/OrganizationJob Title
    Lanny BenishekBoard MemberFinancial InstitutionWells Fargo Bank, NASenior Regional Credit Officer
    Robert BrownellBoard MemberCounty GovernmentPolk County Board of SupervisorsCounty Supervisor
    Pamela CarmichaelBoard MemberResidentHousing Opportunities Made Easy, Inc.Executive Director
    Cyndi ChenBoard MemberResidentState of Iowa 
    Janice ConeyBoard PresidentFinancial InstitutionPrincipal BankManager of Community Development
    Jeni CooperBoard SecretaryFinancial InstitutionBankers TrustV.P. Commercial Banking Services
    Christine HensleyBoard MemberFinancial InstitutionBank of the WestVice Pres. Community Affairs Regional Manager
    Larry HulseBoard MemberLocal GovernmentDes Moines, IA, City ofDeputy Director, Community Development
    Kathy KahounBoard MemberLocal GovernmentDes Moines, IA, City ofNeighborhood Development Administrator
    Kevin KopaskaBoard Vice PresidentFinancial InstitutionBank of AmericaVice President, Credit Products Officer
    Jeanne MillerBoard MemberFinancial InstitutionUS Bank EP-IA-1328V.P. Community Dev. Mgr.
    John MorrisseyBoard MemberResidentWellmark Blue Cross and Blue Shield 
    Frank OwensBoard MemberResidentNeighborhood Revitalization Board 
    John RowenBoard MemberCounty GovernmentPolk County Board of SupervisorsPublic Works Director
    York TaenzerBoard MemberResident  

    About the NeighborWorks ® Network
    The NeighborWorks® network is a nationwide network of more than 240 community development organizations working in nearly 4358 urban, suburban and rural communities across America. These organizations engage in revitalization strategies that strengthen communities and transform lives. In the last five years alone, NeighborWorks® organizations have generated more than $8.5 billion in reinvestment and helped more than 500,000 families of modest means purchase or improve their homes or secure safe, decent rental or mutual housing.

    NeighborWorks ® America Contact Information
    District:  North Central
    Name:  Diana Mitchell
    Phone:  816-714-1211
    Toll-Free:  800-823-1428
    Fax:  816-714-1291
    Email:  dmitchell@nw.org