Mountain Housing Opportunities Loan Fund Receives Certification as CDFI

ASHEVILLE, NC– Mountain Housing Opportunities Loan Fund has been certified as a Community Development Financial Institution (CDFI) by the US Treasury Department’s CDFI Fund.  CDFI’s are mission-driven financial institutions that provide financial products and services to people and communities underserved by the traditional banking system.  This certification makes MHO’s Loan Fund one of 21 CDFI’s in North Carolina and only the second based in Asheville.

MHO’s Loan Fund operates a down-payment assistance program that has helped over 200 low to moderate income, working families to purchase homes in Buncombe County since 1990. More than 30 new families are served each year.   The fund currently has a portfolio of $2.9 million.  Certification by the CDFI Fund will open doors for new sources of loan capital, enabling MHO to help more ready buyers into homeownership.

“The housing affordability gap in Buncombe County— the gap between local wages and local housing prices- can make homeownership through traditional means nearly impossible.  The MHO Loan Fund bridges this gap by providing small loans for down-payment and/or closing cost assistance,” explains MHO Loan Fund Manager Mike Vance. 

Soft second mortgages in the amount of $10,000 to $20,000 are made to eligible borrowers.  To qualify, a person must be able to demonstrate stable employment, good credit history, and completion of an accredited homebuyer education course.  For more information about obtaining a loan from Mountain Housing Opportunities Loan Fund, contact loan officer Kelly Nossiter at 828-254-4030 or kelly@mtnhousing.org.