IMPACT COMMUNITY CAPITAL
joins Freddie Mac, California Neighbor Works, California Bank & Trust, and California Housing Loan Insurance Fund in a $25 million private sector solution to Affordable Housing Crisis in California!

Impact Community Capital and Freddie Mac announce a landmark $25 million private-sector initiative that will significantly help more California families overcome income, credit, and savings barriers to affordable homeownership without public subsides.

The new statewide effort combines an affordable 30 year fixed-rate first mortgage with a very low market rate second that families can use to finance their down payment or closing costs. The pilot program also combines low-cost mortgage insurance, flexible underwriting, and minimal borrower contributions with a statewide grassroots marketing and counseling effort spearheaded by the California Neighbor Works Organization.

To help low and moderate-income borrowers pay the required down payment and closing costs, Impact Community Capital will establish a revolving loan pool that will be used to finance the below-market rate second mortgages. Impact Community Capital is committed to making sound and meaningful investments in California communities.

Interested borrowers can learn more about the California Neighbor Works program with Impact Community Capital, Freddie Mac and the other private sector partners by visiting www.calneighbor.com.

For additional information on Impact Community Capital commitment to California communities, please contact Daniel F. Sheehy, President, 142 Sansome Street, Suite 610, San Francisco, California 94104, telephone 415 981 1074 or please contact us.