Greater Metropolitan Housing Corporation

New market tax credit program this is an expansion of gmhc's single family homeownership program. Gmhc has obtained dedicated tax-credit financing from a pool of outside investors to acquire, rehab and/or construct single-family homes in qualified areas in the local community, and sell at least 20% of such homes to low-income persons. The benefits of this program are similar to the single family program.

Sustainable home ownership program (shop home mortgage (tm)) in partnership with dayton's bluff neighborhood services, gmhc created shop home mortgage. Shop's proprietary product was the bridge to success contract-for-deed program, an innovative and flexible credit facility funded by public and socially responsible investors that offered prudent, affordable credit to borrowers no longer served by mainstream credit markets. The 10-year contract-for-deed was for people who had the financial capacity to purchase a home but who had been unable to qualify for bank financing due to poor credit history, bankruptcy, foreclosure, or not understanding the financial process. The program allowed buyers who had addressed their credit issues to purchase a home then and supported them through a personal financial plan, individual counseling, and home buyer education. The goal for the buyers remaining in a contract-for-deed was and still is to restore their credit and improve their financial habits so that the contract-for-deed can be refinanced into an fha or conventional fixed-rate loan product within ten years. As a result of the efforts of shop staff, counselors and our servicer, community reinvestment fund, over 70% of the 156 contract-for deed clients have been able to refinance to market rate mortgage products.effective in 2018, the shop program discontinued the issuance of new loans and now only services existing loans outstanding.

Predevelopment revolving loan fund this program began in 1992 and since then has provided over $74 million in project financing, mainly through seed money averaging 3% of total development costs for the projects. Since 1992, the program has funded over 600 projects which built out over 26,000 housing units, with total build out costs of $2.4 billion. Under this program, gmhc provided technical assistance and high-risk predevelopment (seed) loans to organizations to assist in the development of quality affordable housing. These loans covered expenses such as architectural fees, surveys, environmental and soil testing, land costs, consultants, etc., as well as bridge loans. Gmhc also administered the funding during the predevelopment phase. This program no longer makes new loans, and has 2 long-term loan receivables to collect.