To mitigate the lasting effects of Rochester’s foreclosure crisis in the late 1990s, the Rochester Housing Development Fund Corporation (RHFDC) acquires and rehabilitates foreclosed single-family homes to create affordable housing for low- and moderate-income families. The lending facility pools public and private capital, including Partners for the Common Good, in order to revitalize neighborhoods of Rochester.

Initiated in 2001, RHFDC’s main program, HOME Rochester, is a collaboration among the City of Rochester, New York state and federal affordable housing programs, the Greater Rochester Housing Partnership that administers the program, and the local banking community led by Chase. Over the past 16 years, the program has funded the renovation and sale of over 700 single-family homes to Rochester families, the majority of whom earned less than $60,000 a year. First time homebuyers are also required to complete homeownership counseling and training prior to closing to support their economic success.

This participation is PCG’s fourth round as a lending partner with Chase, other CDFIs, local non-profits, and multiple banks. The project is anticipated to fund 70 additional home renovations over three years to continue strengthening economic opportunities for Rochester families.