There will also be renovation loans for people willing to buy properties in Dayton that have “deferred maintenance and challenges,” Theobald said.
“That’s a win for the homeowner because hopefully they improve it to a point that it creates equity for themselves right out of the gate and it’s a win for the neighborhood and the community because they’re…beautifying the neighborhoods,” he said.
Veterans will be able to get loans with no funding fees and cheaper closing costs, too.
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Though nothing is formal yet, Day Air hopes to partner with Montgomery County Land Bank or similar projects to finance homes after they’ve been rebuilt without a traditional appraisal, Theobald said.
Under this program, a buyer could get a 15-year mortgage with payments still cheaper than they could rent almost anywhere in the region, he said.
Day Air will also expand financial education and outreach programs to thousands of underserved residents each year.
The credit union has been operating in the Miami Valley since 1945 and has more than 44,000 members. It became eligible for the loan for the first time this year after determining that a majority of members fall into the low-to-middle income category and received a designation as a Community Development Financial Institution.
As a CDFI designated credit union, Day Air can apply for the grant every year as long as they provide at least $10 million in loans over two years.
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