Neighborhood Development Alliance offers a suite of financial tools and products to propel you forward. Most of our tools do require an advising session with one of our staff members, which is always free-of-charge. Please make an appointment to get started.
As a certified Community Development Financial Institution (CDFI), NeDA’s lending branch, Centro de Finanzas, is dedicated to serving residents of the Twin Cities Metro Area that historically lack access to financial services.
We put the community first and value local, economic growth. In order to become a certified CDFI, we have a primary mission of promoting community development; provide financial products and services; serve one or more defined low-income target markets; and maintain accountability to the community we serve. Learn more below about our tools.
ONLINE HOMEOWNERSHIP EDUCATION
Buying a home is a big deal, whether you're doing it for the first time or getting back into the ever-changing market. NeDA partners with Framework to make it easy. When you educate yourself for smart homeownership with Framework, you'll navigate every step of the process with confidence. The Framework online course is affordable too: just $75. Get started by clicking the image below.
matched savings accounts
NeDA offers Family Assets for Independence in Minnesota (FAIM) matched savings accounts, called Individual Development Accounts (IDAs). FAIM helps Minnesotan low-wage earners build assets through the purchase of a home, the pursuit of higher education, or launching a small business. Every dollar saved up to $960 is matched 3:1 for a total savings of nearly $4,000 at program end. A financial assessment is required for this product.To get on our wait list, please email info@nedahome.org
Credit builder loans
Good credit can be the key to a successful financial future. NeDA offers $120, 0% interest micro loans that report to all three major credit bureaus: Experian, Equifax, and Trans Union. Borrowers pay back their loan at $10/month for 1 year. We work with individuals who have no credit to those looking to rebuild their credit and boost their score. The fee for a credit builder loan is $15, due at loan closing. A financial counseling session is required for this loan. Contact us.
Home improvement loans
NeDA is an approved lender through the Minnesota Housing Finance Agency to offer Fix-Up loans and we also offer home improvement loans through our CDFI. These products offer a fixed rate, affordable loan to make repairs to your primary home. Borrowers seeking to make energy efficiency upgrades or accessibility improvements may receive a lower interest rate. Single family homes, duplexes, triplexes and four-plexes are all eligible; however, you must own and occupy the property to be improved.
We also work with Hennepin County to refer families with young children for lead hazard reduction programs.
DEBT MANAGEMENT PLANS
NeDA works in partnership with Lutheran Social Service to offer non-profit Debt Management Plans (DMP). A DMP is an agreement made between you and your creditors to pay off outstanding debts. You create a plan with one of our financial counselors, consolidate your payments, then make one payment to LSS each month, and they send the funds to your creditors on your behalf.
Payments for a DMP are typically lower than your current payments, and most creditors will significantly reduce interest rates and stop fees once you are on a DMP. With on-time payments, your debt will be paid off in five years or less, depending on your balances.
Interested in Learning more?
Please contact us if you would like to learn more about our financial tools.