Overview
What is Impact Finance?
Impact Finance, formerly known as Rochester Community Finance (RCF), is a nonprofit organization situated in Rochester, Minnesota. Its primary mission is to foster community development by offering assistance to low- and moderate-income families, enabling them to secure affordable housing. Impact Finance achieves this goal through a lending program that provides gap loans with low interest rates to underserved buyers, in collaboration with local banks. This program helps qualified buyers attain homeownership by offering funds to cover closing costs and down payments, thereby reducing monthly mortgage payments. The organization serves seven local counties and has a successful gap loan program, offering up to $10,000 to eligible buyers in two options: a 2% interest gap loan amortized over ten years or a 0% interest deferred gap loan amortized over thirty years when purchasing a first home within a Community Land Trust property.
Is Impact Finance legitimate?
Impact Finance is a legitimate nonprofit organization registered as a 501(c)(4) entity. Impact Finance submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $6,974
Professional Fundraising Fees: $0
Other Salaries and Wages: $10,737
For more financial information, click here
What is the mission statement of Impact Finance?
Impact Finance, as an organization, is committed to promoting community development. They achieve this by engaging in activities aimed at improving the social or economic conditions of underserved individuals or communities that are in distress. This mission is carried out by providing financial assistance, such as down payment loans, to help low-income families afford housing and achieve homeownership. Impact Finance has a successful gap loan program that offers low-interest loans to underserved buyers, in partnership with local banks, to assist qualified buyers in achieving affordable homeownership. The program provides funds to cover closing costs and down payment assistance, which can help reduce monthly mortgage payments. Impact Finance offers up to $10,000 in gap loans, available at two options: a 2% interest loan amortized over 10 years or a 0% interest deferred loan amortized over 30 years, specifically for first-time homebuyers purchasing a Community Land Trust property.
Who is the CEO of Impact Finance?
Jennifer Woodford is the Chair of Impact Finance.
What is the revenue of Impact Finance?
Impact Finance's revenue in 2020 was $279,628.
Who are the executives of Impact Finance and what are their salaries?
There 5 volunteers at Impact Finance.
Here are 6 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
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- Other: $0
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- Other: $0
- Compensation: $6,824
- Related: $129,650
- Other: $2,996
Where can I find the form 990 for Impact Finance?
Impact Finance's most recent form 990 was submitted in 2020 and can be accessed here.
Mission Statement of Impact Finance
Impact Finance, formerly known as Rochester Community Finance, is committed to fostering community development. Their primary mission is to engage in activities aimed at enhancing the social or economic conditions of underserved individuals and distressed communities. By providing assistance, Impact Finance strives to help low-and moderate-income families attain affordable housing. The organization operates in seven local counties and has a successful gap loan program. This program offers low-interest gap loans to underserved buyers, in partnership with local banks, to make homeownership more attainable. Qualified buyers can receive funds to cover closing costs and down payments, which can significantly reduce monthly mortgage payments. Impact Finance provides up to $10,000 in gap loans, offering two options: a 2% interest loan amortized over 10 years, or a 0% interest deferred loan amortized over 30 years for first-time home buyers purchasing a Community Land Trust property.
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Impact
October, 2024
Impact Finance significantly enhances community development by fostering affordable homeownership among low- and moderate-income families. By offering down payment assistance and low-interest gap loans, it empowers individuals in seven local counties to achieve their dream of owning a home.
Targeting underserved populations, Impact Finance provides critical financial support that helps mitigate the barriers to homeownership, such as high closing costs and down payments. The organization offers up to $10,000 in funding, with options including a 2% interest gap loan amortized over 10 years or a 0% interest deferred loan for 30 years when purchasing a property through a community land trust.
This financial assistance not only eases monthly mortgage burdens but also promotes economic stability, strengthens communities, and improves overall social conditions. By addressing the specific needs of distressed communities, Impact Finance plays a pivotal role in generating positive change and fostering sustainable growth in the region.
This information is meant to be a general summary of Impact Finance. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2020.
- Investment Income: $223,358
- Program Service Revenue: $6,270
- Gross Receipts: $279,628
Assets and Liabilities:
- Total Assets: $0
- Total Liabilities: $0
- Net Assets: $0
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN FORGIVENESS
Revenue
$4,227
ADMIN FEE INCOME & OTH
Revenue
$2,043
Organization Details
Founding Year
2011
Phone
(507) 282-0203Principal Officer
Jennifer Woodford
Main Address
12 ELTON HILLS DRIVE NW, ROCHESTER, MN, 55901
NTEE Category
Code: Z99 - Unknown
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