The Affordable Housing Clearinghouse
The Affordable Housing Clearinghouse is a network of lenders, community groups, and public agencies dedicated to the creation of quality affordable housing.
Community Development Financing
The primary purpose of the Clearinghouse is to facilitate the financing of community development projects that meet Community Reinvestment Act criteria. Working together with non-profits and lenders, we provide decent housing for low- and moderate-income families, provide services to distressed communities and people with special needs, and help to develop a well-prepared work force. By leveraging the resources of our lender members and our direct lender affiliate, the Clearinghouse CDFI, we are able to provide even more financing to the low-income community.
To promote homeownership, the Clearinghouse provides mortgage loans with no down payment and flexible credit requirements to low- and moderate-income families. In addition, to assist these families in preparing to purchase a home, we provide homebuyer education and credit counseling. We have already funded nearly $40 million in mortgage loans and have counseled hundreds of families. Complementing our mortgage lending program is our single-family rehabilitation program, through which we purchase foreclosed homes and rehabilitate them to sell to low-income families.
Support from Lender Members
The Clearinghouse is funded by contributions from our lender members. When a project is funded, the Clearinghouse receives a small fee, as a percentage of the total loan amount. In addition, we receive an application fee to help cover the cost of processing the application.
