Iowa · Nonprofit
Neighborhood Finance Corporation
Neighborhood Finance Corporation (Iowa) receives grants from 7 organizations whose IRS filings report $4,770,607 to it, the largest being NEIGHBORHOOD REINVESTMENT CORPORATION ($3,989,291). 7 of them have funded it in more than one year.
- Revenue FY2024
- $11M
- Funders on record
- 7
- Grants received
- $4.8M
- Net assets
- $65M
What Neighborhood Finance Corporation does
Mission
Neighborhood Finance Corporation provides unique lending programs and related services to facilitate neighborhood revitalization in Polk and Linn Counties through partnerships with residents, governments, community-based organizations, financial institutions and the business community.
As stated on its FY2024 Form 990.
Programs
Loan Origination: Neighborhood revitalization is the key mission of NFC. This is accomplished by providing a loan for repayment as well as a forgivable loan for each qualified transaction. The forgivable loan is at 0% interest with no payments and generally forgiven over 5 years. In addition, purchase and some refinance loans have a second mortgage at a 2% interest rate for 10 years instead of requiring private mortgage insurance for borrowers with less than 20% equity. NFC's loans work together to provide a mortgage that reduces the barriers of downpayment and equity while completing needed renovations of the property.In 2024, NFC closed 216 loans. Clients were served through our purchase, second mortgage, refinance and home improvement loan products as well as Polk County Large Renovation and Polk County Down Payment deferred loans. The total dollar amount of repayable loans closed in 2024 was $10,477,952. Purchase loan, second mortgage, refinance and home improvement transactions were completed in areas of Polk County and Cedar Rapids that are identified as areas for revitalization. In 2024 NFC launched a new commercial lending line of business to support the development of…
$1,790,079 spent$1,866,097 earned by the program30% of program spendingForgivable Loan: As stated in loan origination description, each transaction that NFC provides to our borrowers includes a forgivable loan for property rehabilitation. The forgivable loan is a 0% interest rate loan for either 5 or 10 years. A 5 year forgivable loan is granted on all single family dwelling transactions. A 10 year forgivable loan is granted on all transactions that are downsizing a multi-family dwelling back to a single family dwelling. There is no repayment required on the forgivable loan as long as the borrower is residing in the home. The forgiven amount is reported to the borrower on Form 1099C each year until the entire amount is forgiven. Since inception, NFC has awarded forgivable loans totaling $61,377,391 through December 31, 2024.In 2024, NFC closed $1,637,810 in forgivable property rehabilitation loans and $78,000 in closing costs forgivable loans.All NFC loans for home purchase have a home inspection. In Polk County, this role is provided by a full-time renovation coordinator that is on the NFC staff. In Cedar Rapids, this is provided by a city employee. In both locations, the renovation coordinator makes sure all code violations at the property are…
$2,851,374 spentof which $2,535,663 as grants48% of program spendingAt NFC Properties LLC, our goal is to provide safe, affordable, quality housing to owner occupants. In 2024 NFC Properties LLC acquired 11 properties. Of those 11 properties, 1 was an existing home and 10 were infill lots within the City of Des Moines for new construction in primarily low and moderate income census tracts. During 2024, 5 units in NFC Properties LLC housing inventory completed rehabilitation, and 8 of the inventory units were sold. NFC Properties LLC focuses on energy efficiency by adding high efficiency furnace and A/C, vinyl Low-E windows, and blown cellulose insulation. This helps ensure that the home stays affordable for the future homebuyer.
$264,723 spent$199,032 earned by the program4% of program spendingThe Home Buyer Education services are offered in Polk and Linn counties through service agreements with local nonprofit HUD approved housing counseling agencies. These services are offered in an individual, classroom, and online format. NFC refers home buyers for home buyer education and existing homeowners for financial/debt management and budgeting. During 2024, NFC, through our partner organizations, provided home buyer education to 95% of home buyers, and budget and credit counseling and education to 8.6% of existing homeowners. In total, 18.6% of NFC borrowers received education and/or counseling through our partner agencies. Education was completed through HUD approved housing counseling agencies in Des Moines and Cedar Rapids, Iowa, or through HUD approved online platforms.NFC has agreements with the City of Des Moines (the city) and Polk County (the county), wherein the city and the county agreed to contribute money for the specific purpose of funding neighborhood housing revitalization programs. Under the agreements, cumulative contributions by the city and county have totaled $33,537,687 and $32,285,687 respectively, through December 31, 2024. During 2022, the city and…
$1,040,661 spent17% of program spending
The 4 programs described on its FY2024 Form 990, listed largest first by expense. Program spending in total: $5,946,837.
The organization over time
Each line starts at 100 in 2017, so what you read is the shape rather than the size: 150 means half as much again as 2017, 50 means half. The number beside each label in the key is where it ended. The shaded band is where the middle 50% of its peers' revenue would sit, given their growth.
Balance sheet
Total assets and total liabilities at each year end, in dollars. The largest one-year move in total assets was 2023 to 2024, from $101M to $114M (+13%).
How it's funded, over time
Each bar is one year's revenue split into where it came from, and every bar is the same height — these are shares, not amounts, so a year that raised twice as much looks the same size. Hover a bar for the split.
Government-grant reliance: 2017 65% · 2018 26% · 2019 43% · 2020 44% · 2021 51% · 2022 56% · 2023 65% · 2024 69%. Grants only. Government contracts and fees sit inside program revenue.
72% of Neighborhood Finance Corporation’s revenue is contributions — more donation-reliant than the typical peer (13% for the typical peer).
Surplus & reserves
Operating surplus or deficit each year, and months of liquidity in hand. 0 of the last 8 reported years ran a deficit.
reserve
Leadership and staff
The officers, directors, trustees and key employees listed on each return. Joined and no longer listed compare each filing with the year before, matching people by surname and first initial; a year after a gap, or a roster under three people, has no comparison.
Chief executive
Stephanie Murphy
Executive Director
As listed on its FY2024 Form 990.
The chief executive listed changed between the FY2018 and FY2019 filings.
Who funds it, year by year
2017 → 2023: the base broadened from 3 funders to 4 funders, grant income rose $430k → $692k.
Left out of every figure on this page: $10k from one payer (the payer shares this organization's board, largest Greater Cedar Rapids Community Foundation). These are real filings, and they are not money Neighborhood Finance Corporation raised.
From the IRS filings of Neighborhood Finance Corporation’s funders (the co-funder graph). Association, not causation. Trends are read to FY2023, the last fiscal year that has finished arriving. FY2024–FY2026 are still being filed and are shown unshaded; they do not move any figure on this page.
How concentrated its funding is
Neighborhood Finance Corporation leans on a few funders — its largest provides 84% of grant income and the top three 96%; half comes from just 1 funder.
the vertical line marks half of all grant income — 1 funder to its left
96% of the income these shares are computed over arrives through pass-through sponsors or from payers whose filings do not say what kind of payment it is. Concentration is still measured over all of it, because the money is real; what it does not support is a claim about how many institutions have chosen to fund Neighborhood Finance Corporation.
Largest funder’s share by year: 2017 92% · 2018 93% · 2019 91% · 2020 94% · 2021 93% · 2022 67% · 2023 62% — diversifying over time.
“Effective funders” = inverse Herfindahl index (1 / Σ shareᵢ²) — the number of equal-sized funders that would give the same concentration. Trends are read to FY2023, the last fiscal year that has finished arriving. FY2024–FY2026 are still being filed and are shown unshaded; they do not move any figure on this page.
Where its funders are
Neighborhood Finance Corporation draws 86% of its grant income from funders outside Iowa, across 5 states in all.
In-state vs out-of-state, by year
Funder states come from each funder’s own filing. Trends are read to FY2023, the last fiscal year that has finished arriving. FY2024–FY2026 are still being filed and are shown unshaded; they do not move any figure on this page.
Against its field
Neighborhood Finance Corporation runs a healthier operating margin than three-quarters of the 817 housing & shelter nonprofits its size.
this organization peer median middle 50% of peers· 817 housing & shelter nonprofits $10M–$100M, FY2024
Government funding Neighborhood Finance Corporation receives
Grants and contracts to this organization from federal (USASpending) and state checkbooks, reconciled to its EIN. $4.8M on record.
- Department of the Treasury$4.5M
- Department of Housing and Urban Development$360k
Federal grants vs contracts are distinguished; state line items keep their reported category. Matched by name + geography (the BMF), so coverage is partial and precision-first.
Organizations like Neighborhood Finance Corporation
Organizations whose mission and program text most resemble this one, by semantic similarity over every organization in the US filings — the closest peers, and often the clearest route to shared or prospective funders.
In Iowa
Nationally
Read directly from this organization’s own Form 990, as neutral context.
Where the money goes
83% of spending goes to programs.
Governance
Public support
91%
Share of support from the public (Schedule A) — the basis for its public-charity status.
Footprint & structure
Part of a family of 2 related entities
- NFC Properties LLC · disregarded
- NFC Cedar Rapids LLC · disregarded
Screen this organization
A dated, signed PDF of the compliance screen for Neighborhood Finance Corporation: IRS status (Business Master File, Publication 78, auto-revocation), the OFAC sanctions lists, the Internal Revenue Bulletin, and California registration, with the Rev. Proc. 2018-32 §8.01 reliance elements stated element by element. Generated from the current files at the moment you download it.
Screens are triage, not determinations; a source that cannot be read reports not screened, never clear. Screen this nonprofit · How the screen works · on the API as GET /api/screening/{ein}?format=pdf
Questions and answers
- Who funds Neighborhood Finance Corporation?
- Neighborhood Finance Corporation (Iowa) receives grants from 7 organizations whose IRS filings report $4,770,607 to it, the largest being NEIGHBORHOOD REINVESTMENT CORPORATION ($3,989,291). 7 of them have funded it in more than one year.
- How many funders does Neighborhood Finance Corporation have?
- IRS filings report 7 organizations giving $4,770,607 in grants to Neighborhood Finance Corporation, 7 of which have funded it in more than one year.
- Who is the largest funder of Neighborhood Finance Corporation?
- NEIGHBORHOOD REINVESTMENT CORPORATION is the largest funder on record, with $3,989,291 in grants. The full list of funders is on this page.
- How can an organization like Neighborhood Finance Corporation find more funders?
- Start with the funders already giving here, then look at the foundations that back similar organizations in Iowa. The funding by cause and by state pages list the largest funders for a given area and how to approach them.
Play a game about who funds Neighborhood Finance →
These figures are read directly from IRS Form 990 / 990-PF e-file XML: this organization’s own return for FY2024 (financials across 2017–2024), and the filings of 7 funders that report grants to it. “On record” means captured in the filings we have parsed — a funder that does not e-file, or whose grant detail is not itemized, will not appear. Filings run roughly 12–24 months behind. Trends on this page end at FY2023, the last fiscal year that has finished arriving; later years are shown and marked, and move no figure. Data on this page was exported October 14, 2026. What this page cannot tell you · view filing