New funds to make homeownership affordable for more families!
December 17, 2020
Four Bands Community Fund received a $114,000 Housing Opportunity Fund award from the South Dakota Housing Development Authority (SDHDA). The award was part of $12 million awarded for affordable housing across the state. We will use the award to provide down payment assistance to approximately 20 homebuyers on the Cheyenne River Sioux Reservation.
“We are really excited to have received the Housing Opportunity Fund award and look forward to helping even more families,” says Kristen Stambach, Director of Lending at Four Bands.
Since we launched our home mortgage program in late 2018, we have deployed 28 mortgage loans valuing $2.2 million. Stambach says one of the biggest challenges is making homeownership affordable for local families. To date, sources of down payment assistance have been limited, but she is hopeful that this award will open the door to more resources.
“By providing down payment assistance to our mortgage borrowers we can reduce their monthly payments, which will help them achieve a balanced budget and maintain a stronger financial position as they move into homeownership,” says Stambach.
We are currently helping 60 applicants move through the mortgage process. Stambach says that although it can take up to a couple years, it is a rewarding accomplishment for families and an asset that they can pass down to future generations.