lender’s license number: MC5638
Officer Loan Origination (MLO # 1581290)
MCCI is helping unemployed homeowners prevent foreclose on their homes with the creation of a new interest free loan program. According to MCCI Executive Director Frank Carvalho, “The program is designed to assist unemployed or under employed homeowners make monthly mortgage payments on a temporary basis. It will also help homeowners get caught up on arrearages owned on the mortgage while the homeowner is unemployed or underemployed.” The loan amount is expected to be repaid once the borrower is reemployed.
To qualify, Massachusetts homeowner must live in Lowell, Acton, Billerica, Carlisle, Chelmsford, Dracut, Tewksbury, Tyngsboro or Westford. Plus these residents must be currently unemployed or underemployed. Applicants are required to attend Coalition for a Better Acre’s Home Preservation Center Foreclosure prevention workshops and one-on-one counseling sessions.
The maximum loan amount is $20,000 and will be dispersed in a lump sum or monthly payments over a 24 month period. No income caps apply. This is not a government program and it is funded by a local family. For more information contact MCCI at 978-970-0600, Ext. 5
Mill Cities Community Investments is a Community Development Financial Institution (CDFI). CDFIs are private-sector, financial organizations with community development as their main goal.
They can be for-profit or not-for-profit financial institutions who lend and invest in low- and moderate-income communities. CDFIs deliver loan and investment services to people and communities that have often been under served by other financial organizations. Many of these communities are among those hardest hit by the current economic conditions.
CDFIs are different than conventional financial institutions because they have a in-depth knowledge of the communities they serve. And they work closely with their customers and the community leaders. In other words, they have a willingness and commitment to spending time on individualized services, and specialized programs that conventional financial institutions cannot commit because of time and cost restraints.
CDFIs often team up with traditional banks to develop innovative ways to deliver loans, investments, and financial services to communities in need. This includes jointly funding community projects. For more information about the Mill Cities Community Investments, write to the Executive Director Frank Carvalho at Frank.Carvalho@mvcdfi.org
168 Newbury Street
Lawrence, Ma 01840
978-722-2634
Fax 978-688-8453
450 Merrimack Street
Lowell, Ma 01854
978-970-0600, Ext. 5
Fax 978-970-0609
Email: Frank.Carvalho@mvcdfi.org