Lynchburg Community Loan Fund
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Lynchburg Community Loan Fund |
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| Mission & Goals | What is a CDFI? | LCLF Funding Sources | The Loan Process | Products and Services | Eligibility Requirements | Preliminary Application | Board |
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General Qualifications Limited Income Applicant household income may be up to 80%, but no less than 60% of area median income (AMI). Some exceptions are made for related household size according to Housing and Urban Development (HUD) figures and all applicants are eligible for additional funds in grant money. Target Census Tracts Applicant
home must be in LCLF’s focus areas, which consist of 13 distressed neighborhoods in
Lynchburg, which are delineated by census tracts. Exceptions are made on a case-by-case
basis. Between “Good” and “Fair” Credit
Profile Applicant
must have at least a “fair” credit history report meaning that the majority of
the credit report demonstrates timely payment history and good credit management. Applicants who do not qualify upon application may be referred to the credit
improvement counseling program at LCLF with the goal to prepare them to borrow from LCLF.
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