SERCAP's Certified CDFI Loan Fund Program Assists Low-Income Single Man in the City of Roanoke, VA!

Thursday, 14 May 2020 SERCAP News

Recently, SERCAP’s Certified CDFI (Community Development Financial Institution) Loan Fund assisted a low-income single man living in the City of Roanoke, VA, to make several critical repairs to his home following a house fire. The client’s house was significantly damaged by the fire, however, due to his low-income status, he was unable to afford the necessary repairs on his own without causing serious financial hardship. Fortunately, SERCAP was able to step-in and provide financial assistance, through a low-interest, affordable loan, which covered the full cost of repairing the home.

SERCAP’s Loan Fund provided a Home Improvement Loan in the amount of nearly $11,000.00, to cover the full cost of the project, and set-up an affordable monthly payment for the client. The contractor, Solid Rock Enterprises, divided the project into three (3) phases, including: 1) removing water from the basement, 2) rewiring and repairing the electrical work, and 3) repairing damaged indoor plumbing. Now the client’s home has been fully repaired, and he once again has an affordable home that is warm, safe, and dry.

Without SERCAP’s Loan Fund Program, and other similar services, many low-income families and communities would be forced to go without such necessities as reliable access to clean drinking water, indoor plumbing, safe and affordable housing, community development and infrastructure needs, water/wastewater infrastructure solutions, and more. It is important to remember that even in the US in the 21st Century; there are those who do not have reliable access to clean, safe drinking water, environmentally sound septic facilities, and affordable housing. In order to help SERCAP continue to provide assistance to both the individuals and communities in need, please consider making a donation to SERCAP’s Water Life! Fund!

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*Funding for SERCAP’s Certified CDFI Loan Fund is primarily made possible by USDA Rural Development, and SERCAP’s own Agency Revolving Loan Fund. Additionally, all of SERCAP’s programs in Virginia, are leveraged by a Budget Appropriation granted to SERCAP by the Virginia General Assembly, and administered by the Virginia Department of Housing and Community Development (DHCD).