The Community Reinvestment Group invites qualified organizations to apply for its 0% interest rate loan program. To be eligible for the program, applicants must meet the following requirements:

• The borrower must be an established Community Development Corporation certified as a 501(c)(3) not-for-profit organization or non-profit group with single family property development experience.
• The CDC or non-profit group, as well as the property, must be located within Miami-Dade, Broward or Palm Beach County.
• The funds must be used for the construction, acquisition, and/or rehabilitation of residential property, for owner occupancy by a pre-qualified applicant.
• The borrower must have the ability to repay from proceeds from the project.

After reviewing the above requirements, the applicant should contact the Community Reinvestment Group Administrator Sharon McLennon at 954-693-9989 or info@RMGSouthFlorida.com. Ms. McLennon will confirm the applicant meets program guidelines. Once eligibility has been confirmed, the applicant may submit a loan package of required documents to Ms. McLennon.

A general description of documentation required follows:

• 501(c)(3) Determination Letter from the Internal Revenue Service.
• Copy of most recent program reviews, funding agency audit, internal management letter or reference letter, etc.
• Background on the non-profit to include history, target area, purpose, board composition, staff background, resumes, list of prior projects and funding sources.
• Three years financial statements and tax returns.

If applicable, please provide:

• Project description including listing of other committed funding sources.
• Project proformas including breakdown of costs, funding terms, and any assumptions utilized.
• Contractor's qualifications and most recent financial statements.

If available, please submit:

• Proposed site plan and/or structural concept
• Proposed draw schedule (especially for rehabilitation requests)
• Buyer profiles or names
• Copy of construction or permanent lending

Borrowers are encouraged to utilize the services of CRG member banks as preferred lenders.

After application review, Ms. McLennon will let the organization know if it has received approval. If it is approved, discussion of documentation and funding will ensue.