Real Estate Development Program Summary
Neighborhood Finance Corporation’s Real Estate Development Program has been implemented with one simple goal – to revitalize targeted Des Moines areas by purchasing vacant homes and rehabilitating them for sale to owner-occupants. The NFC Real Estate Development Program will strengthen neighborhoods and improve property values.
NFC partners with the City of Des Moines, Polk County, other not-for-profit developers and neighborhood associations to identify target areas for housing rehabilitation. With assistance from these organizations, NFC locates suitable properties, finances necessary improvements and manages the completion of the rehabilitation process.
The Real Estate Development Program maintains a qualified bidder list for general contractors and subcontractors. Contractors and subs must meet minimum insurance requirements and provide references as part of the application process. If you are interested in being considered for work on an NFC Real Estate Development Program project, please download and print the appropriate application packet below. Completed applications and supporting documents should be returned to Holly Olson, NFC Real Estate Development Program, 1912 6th Avenue, Des Moines, IA 50314
The packets include information on payment procedures and program policies. Please contact Holly Olson at (515) 288-5626 x203 with any questions.
Program Benefits
Through quality rehabilitation, NFC’s Real Estate Development program will:
- Attract New Homeowners – By rehabilitating and improving vacant or abandoned structures, new owner-occupants will seek to invest in established Des Moines neighborhoods.
- Build Healthy Homes – By correcting hazards such as lead paint, asbestos and mold, NFC will help provide a healthy living environment.
- Create Energy Efficiency – Adding insulation, repairing or replacing windows and doors and upgrading to high efficiency furnaces, central air systems and appliances will help lower the monthly cost of home ownership.
- Provide Affordable Home Ownership Opportunities – Renovated homes qualify for NFC financing including affordable fixed rate loans, down payment assistance and closing cost assistance. NFC’s lending programs are not income-based.
NFC is an equal opportunity lender.
Extensive Rehabilitation
The rehabilitation process may include the following projects:
- New fixtures and/or appliances
- Updated heating, cooling, plumbing and/or electrical systems
- Roof and/or windows
- Siding replacement and/or repair
- Structural repairs
- Flooring
- Interior and exterior painting
- Garage addition or repair
- Floor plan changes
- Landscaping and regrading
Rehabilitated homes are sold to owner-occupants and are eligible for NFC’s affordable loan programs. All homes renovated through the Real Estate Development program will be move-in ready.
Contact:
For more information about the NFC Real Estate Development Program:
Call Zack Lacquement at 515-288-5626 x219 or zlacquement@neighborhoodfinance.org
Contractors interested in submitting bids for the Real Estate Development Program projects:
Call Zack Lacquement at 515-288-5626 X219 or
Email zlacquement@neighborhoodfinance.org.