Lewis & Clark Development Group (LCD Group) is pleased to announce that it has officially been recertified as a Certified Development Financial Institution (CDFI) with the U.S. Department of the Treasury.
Offering Crucial Access
First certified as a CDFI in 2004, LCD Group serves North Dakota homeowners and developers as a specialized financial institution dedicated to revitalizing low-income and distressed areas.
Over the last two decades, LCD Group has leveraged federal funds to expand affordable housing throughout North Dakota, with a sharp focus on rural and underserved communities.
Unlike traditional banks, which may hesitate to lend to these regions or individuals with limited credit histories, LCD Group bridges the gap. By utilizing federal CDFI resources, LCD Group provides crucial access to capital and flexible loan programs where they are needed most.
Why this Matters to North Dakotans
The successful recertification ensures uninterrupted access to vital, mission-driven financing options that empower local families, developers, and municipalities. These funds are distributed through a range of programs, chief among them being these three core programs:
DREAM Fund: This program offers financing options not typically available from traditional lenders, helping borrowers cover gaps in funding for down payments, closing costs, repairs, construction, bridge loans, and mortgage support, including appraisal and affordability issues. Interest rates and terms aim to keep payments manageable for homebuyers, typically at or below market rates.
DREAM II Fund: This lending program offers financing and support for projects that promote affordable housing, community revitalization, and improved living standards for North Dakotans. It aids developers, nonprofits, and communities in covering pre-development, acquisition, construction, rehabilitation, permanent financing, and gap loans.
Essential Public Employee Program (EP2): This program, created with traditional lenders, offers down payment and closing cost assistance to public employees, including city, county, school district, medical, and long-term care workers, the state of North Dakota, and others, according to LCD Group. Loans of up to $10,000 are available at interest rates as low as four percent for ten years.
A Continued Lifeline for Communities
“In North Dakota, local lending and affordable housing are essential for community survival. By using federal funds, we offer local families, seniors, communities, and developers the flexible capital necessary to build, expand, and succeed,” states Brent Ekstrom, LCD Group Executive Director.
“Our recertification as a CDFI highlights our long-standing dedication to increasing housing options and revitalizing communities. We will continue serving as a vital lifeline for these communities without interruption.”
