Rochester Housing Development Fund
The Rochester Housing Development Fund Corporation (RHDFC) acquires and rehabilitates foreclosed single-family homes to create affordable homeownership opportunities for low- and moderate-income families. This project is anticipated to fund 45 additional home renovations over three years to continue strengthening economic opportunities for Rochester families.
According to one homeowner:
“Because of the RHDFC, I was able to purchase a brand new home that was once a zombie home. I didn’t have to do anything but move in. I tell anyone looking for a home in Rochester to look at homes by the RHDFC.”
Loan Purpose: Rehabilitation
Project: Affordable, for-sale single-family housing
Borrower: To mitigate the lasting effects of Rochester’s foreclosure crisis in the late 1990s and to address vacant properties, RHDFC pools public and private capital in order to revitalize neighborhoods.
Initiated in 2001, RHDFC’s main program, HOME Rochester, is a collaboration among the city of Rochester, New York state and federal affordable housing programs, the Greater Rochester Housing Partnership that administers the program, and the local banking community led by Chase Bank. Since its inception, the program has funded the renovation and sale of over 800 single-family homes to Rochester families, the majority of whom earned less than $60,000 a year. First-time homebuyers are also required to complete homeownership counseling and training prior to closing to support their economic success.
Loan Details: Partners provided $1.5 million to a $14.5 million loan with Chase, other CDFIs, local nonprofits, and multiple banks.