Neighborhood Finance Corporation Secures $2 Million to Expand Affordable Housing in Polk County

Des Moines, Iowa – August 25, 2025 – Polk County must add more than 55,000 housing units by 2038 to meet the needs of its growing workforce, many of whom require affordable rental options. In response to this critical demand, Neighborhood Finance Corporation (NFC) has secured $2 million in new funding to expand access to affordable rental housing through permanent financing.

The investment represents a significant step forward in NFC’s continued growth as a commercial lender. Four local financial institutions—Bankers Trust, Great Southern Bank, Iowa State Bank, and Two Rivers Bank & Trust—have committed to supporting the expansion through NFC’s Investor Multi-Family Loan Program, which provides permanent financing for multi-family housing developments that enhance neighborhoods and increase affordability.

This $2 million in lending is expected to leverage an additional $6.1 million in public and private investment, helping close funding gaps for critical rental housing projects in Polk County.

“Affordable rental housing is essential to supporting the region’s economic growth and neighborhood vitality,” said Stephanie Murphy, Executive Director of NFC. “Thanks to the support of our banking partners, we can help ensure more families have access to safe,
stable, and affordable homes.”

In 2025, NFC celebrates 35 years of investing in Polk County communities. Since its founding, NFC has provided more than $450 million in lending to help over 8,000 homeowners and homebuyers purchase and renovate homes, supporting both individual families and long-term neighborhood revitalization in Polk County.