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1 <br /> <br />This document is a preliminary proposal from NeighborWorks Home Partners for administration <br />of the City of Little Canada’s residential loan programs. While substantially detailed, this <br />document is not meant to encompass all information as related to this project but rather <br />provide a starting point in this process. If selected as administrator of this program by the City <br />of Little Canada, NeighborWorks Home Partners would sit down and work with representatives <br />from Little Canada to craft the specifics of this program. This would include discussion on the <br />goals of the program as well as advice and guidance on setting details including such things as <br />loan terms and interest rates. NeighborWorks Home Partners would like to thank you in <br />advance for consideration for this opportunity. <br /> <br />Organization Overview <br /> <br />The mission of NeighborWorks Home Partners (NWHP), a Twin Cities based non -profit, is <br />“Revitalizing neighborhoods by creating and supporting successful homeownership”. NWHP’s <br />homeownership programs seek to empower and strengthen a family’s wealth through <br />obtaining and maintaining one of the bigger investments a family can make – their home. What <br />differentiates NWHP from other similar organizations is our comprehensive combination of full- <br />cycle services that we offer our customers. We are able to meet the needs of potential and <br />current homebuyers before, during, and after their purchase. <br /> <br />NWHP was chartered as a NeighborWorks America organization in 1982 and designated a <br />NeighborWorks HomeOwnership Center in 2007. In 2001, NWHP was certified by the U.S. <br />Department of the Treasury as a Community Development Financial Institution (CDFI). NWHP is <br />a HUD approved Local Housing Counseling Agency (LCHA) and is approved to administer <br />secondary financing programs on behalf of government agencies. NWHP is also registered with <br />the NMLS and has appropriate staff licensed by the NMLS. NWHP currently operates two full <br />service locations – one in St. Paul serving the East Metro and one in Minneapolis serving the <br />West Metro. NWHP currently employs staff with the following language competencies: English, <br />Spanish, Hmong, Oromo and Amharic. <br /> <br />NWHP’s current programs include: <br />o Home Improvement Lending: NWHP offers a revolving home improvement 2nd <br />mortgage loan product, which provides flexible 1-30 year terms based on borrower’s <br />equity and affordability. Loans are available for owner occupied rehabilitation work and <br />can be as large as $85,000 with a below market interest rate depending on the location. <br />NWHP has secured capital from a variety of sources for this program including the City <br />of St. Paul (CDBG and HOME), NeighborWorks America, Federal Home Loan Bank, <br />Minnesota Housing Finance Agency, United States Department of Treasury CDFI Fund <br />and EQ2 investments as NWHP is a certified CDFI. NWHP also originates home <br />improvement loans for the cities of Woodbury, Shoreview, North St. Paul and <br />Minneapolis. NWHP generally lends approximately $1.5 million annually to families for <br />deferred maintenance and repairs. Common improvements include new roofs, furnaces, <br />windows, and siding. NWHP’ Construction Specialist helps families throughout the <br />4