Lane, Rockville, MD 20857, Telephone: (301) 443-4776. SECONDARY MARKET FOR NON-CONFORMING LOANS TO LOW-WEALTH BORROWERS DEMONSTRATION PROGRAM Current Year: Grants:$10,000,000 Loans: $0,000 Other-.$0,000 Total:S10,000.000 506 OBJECTIVES: To enhance homeownership opportunities for low-wealth borrowers by enabling nonprofit intermediaries (including community Development Financial Institutions) to purchase non-conforming home loans from conventional lenders, document the performance of these pools of affordable mortgages, and thereby encourage the secondary market to expand purchases of, or investments in, loans made to low-income homebuyers. APPLICATION AND AWARD PROCESS: Pre-application Coordination: None. This program is excluded from coverage under HO. 12372. Application Procedure: Applications must be submitted in accordance with requirements of the NOFA. Award Procedure: HUD will review each application that meets the requirements of the NOFA and assign points in accordance with the selection criteria listed in the NOFA. Deadlines: Deadlines are specified in the NOFA. The application deadline is firm as to date and hour. In the interest of fairness to all competing applicants, the Department will treat as ineligible for consideration any application that is received after the deadline. Applicants should take this practice into account and make early submission of their materials to avoid risk of loss
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