New Mexico-based nonprofit Homewise is receiving $690,000 from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund.
Homewise, which focuses on helping low- and middle-income residents buy and own homes, is one of 265 CDFIs across the country to receive the award, according to a news release from Homewise. The release states that the funding is intended to increase lending and investment activity in low-income and economically distressed communities.
Homewise received two grants from the Treasury Department: a $590,000 Base Financial Assistance award, and a $100,000 Persistent Poverty Counties-Financial Assistance award, according to the release.
The organization said it plans to use the funding to provide assistance to low-income homebuyers by allowing homebuyers to use the funds toward the down payment of their home.
For more information about the award, visit www.cdfifund.gov.