Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

Cedar Band Corporation Puts Profits to Work for the Community


CEDAR CITY, Utah, May 6, 2019 /PRNewswire/ -- In 2013, the Cedar Band of Paiute Indians decided to diversify its economic efforts by launching a mortgage agency. For the next three years, and without any outside investment, the Band built CBC Mortgage Agency (CBCMA) into a thriving company that provides down payment assistance to creditworthy homebuyers.

CBCMA is a federally chartered government entity, and the agency has helped thousands of borrowers achieve the dream of homeownership through its Chenoa Fund. More than half of CBCMA's borrowers are African American, Latino, or other minorities who lack the funds necessary to meet the down payment threshold to obtain an FHA-insured loan.


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