The DREAM Fund [brochure] is an award-winning program that has helped families and individuals to purchase, repair, or build their homes.  The program can provide affordable assistance to homeowners for the following activities:
 
Down payment and closing cost assistance.
Rehabilitation assistance to repair or improve a home.
Emergency repair assistance for fixing or replacing essential items in the home.
And other housing loans, including construction bridge loans.
Mortgage assistance, including the financing of appraisal gaps.

The DREAM Fund is not intended to be a lower-cost alternative to traditional financing options.  Instead, the Fund provides financing that banks and other lenders are unable to provide.  Typically, lenders will provide most of the financing and the DREAM Fund will provide the difference with a second mortgage behind the lender.  To see how the program has already helped families to achieve affordable homeownership, click on this link.  (Note: Names have been changed to protect homeowner identities)

Although the program is not limited to low-income borrowers, most are expected to be at or below 80% of the median income.  But, loans have also been made to families earning 120% of the median income and in some cases more.

A DREAM Fund loan is arranged to be affordable and practical.  Rates and terms are structured to make total payments affordable to you.  In addition, the paperwork your lender does for their loan is generally the same as we require.  For the most part, we are able to use copies of the paperwork your lender already has.  CommunityWorks does charge an application fee and fees for any other out-of-pocket expenses incurred by the organization.

Currently, the DREAM Fund is not available statewide.   The linked map indicates the current area currently covered by the DREAM Fund.  For further information about the program or to determine your area's eligibility, contact your local lender or CommunityWorks (701-255-4591).