NTIC coordinated a successful site visit with national representatives from Fannie Mae and the Central Illinois Organizing Project (CIOP) on June 15. CIOP held the meeting with one of their member organizations, Metanoia Centers in Champaign, IL.

CIOP, an NTIC affiliate, is an ecumenical, faith-based community organization. It encompasses 12 counties in central Illinois and includes the communities of Springfield Bloomington-Normal, Decatur, Champaign-Urbana, Danville, Peoria and rural Logan county. 

Representatives of Fannie Mae, NTIC and CIOP gathered in central Illinois for a site visit and neighborhood tour.

Fannie Mae executives Monica Cole and Charmaine Brown participated in a round table discussion about the work that CIOP has accomplished around home preservation and home ownership. National City Bank, community leaders and housing counselors spoke about how they work together to accomplish these goals. It became clear that organizing and relationships are key in building communities.

CIOP and the Metanoia Centers have offered the NTIC-CIOP low down payment mortgage with National City Bank for two years. This product allowed hundreds of families in central Illinois to buy a home with a quality loan instead of a subprime or predatory loan.
“It has been very helpful to hear the best practices that CIOP has implemented to improve their community,” said Cole. “Fannie Mae looks forward to continue working with NTIC, CIOP and other NTIC affiliates to better understand and address the affordable housing needs of their communities.”

NTIC has worked with Fannie Mae for over a decade to make mortgage underwriting reflect the needs of low- and moderate-income neighborhood residents. A groundbreaking low down payment mortgage was developed by Fannie Mae and NTIC which translated to a more affordable product for people of low- and moderate-incomes in eight cities.

NTIC and Fannie Mae are entering into a new phase of this partnership. The partnership will explore ways to preserve homeownership and continue to meet the credit needs of our neighborhoods.