Homewise Receives $ 1.8 Million From Federal Funds To Fund Additional Home Loans | Business

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Affordable housing company Homewise and a Santa Fe lender estimate that it will be able to provide 15 to 20 additional home loans to low-income families with a $ 1.8 million grant recently provided by the US Treasury.

The grant comes from the Community Development Financial Institutions Rapid Response Program, which allows funds to be quickly disbursed to address the economic impact of COVID-19.

“They’ve never offered anything like this before,” said Rob Morlino, chief marketing officer at Homewise. “It’s very special.”

Loans can be used to finance home purchases, home renovations, or home refinancing for low-income households. The Rapid Response program is new, Morlino said, but Homewise received a $ 620,000 CDFI grant last year.

He said Homewise helped finance 600 homes for low-income families in Santa Fe and Albuquerque last year.

“With the economy and the housing market as it is, [the Rapid Response grant] simply strengthens our ability to serve the community so that 20 more families can pass on the wealth of generations, ”said Morlino.

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