By Em Holter | March 24, 2025

 

Tiara Gordon had resigned herself to a lifetime of renting — believing she could never afford a home as a mother of three on a fixed income.

That all changed Friday, however, when she was approved for a mortgage. Now, she is on the hunt for her first home. It was a feat made possible through an unconventional program aimed at helping people escape poverty.

“It feels like Christmas,” Gordon said. “I’m just so grateful.”

 

For three days, the Neighborhood Assistance Corporation of America, the Boston-based mortgage lending company — in partnership with the Richmond Redevelopment and Housing Authority — set up shop at Virginia Union University to help thousands of people on their homeownership journey.

The majority of those who came out to experience the organization’s homeowner workshops were public housing residents. Of them, nearly 30% received immediate loan offers. All of them received advice as to how to qualify and the promise of continued consultation throughout the process.

For Stephen Nesmith, CEO of the RRHA, this partnership aligns with the authority’s overall goals of returning public housing to its original purpose: a temporary solution to help people get back on their feet.

“We have thousands of folks on our public housing wait list who are just begging to come into public housing. If we can graduate public housing residents onto self-sufficiency, that opens up the safety net to bring those off the waiting list and into public housing,” Nesmith said.

Calvin Johnson has lived in public housing for nearly 20 years. Although he dreamed of being a homeowner, like Gordon, he never felt like it was an attainable dream. This weekend, he received news that he was approved for a mortgage.

Soon, he will leave public housing, freeing up a spot for someone else.

Bruce Marks is the mastermind behind the organization. When he started NACA 40 years ago, he knew there was a need, but he didn’t expect it would grow into the nationwide organization it is today. “We’ve reinvented mortgage lending. Everyone gets no down payment, no closing costs, no fees, always at a low market fixed rate,” Marks said. “We believe that if you build it, people will come and that’s the reality.”

Through a character-based loan process, Marks said the group works with people to determine where their needs are. Instead of relying on a person’s credit score, they evaluate their bank statements and career history.

If there are missed bill payments, then they discuss it with their clients. From start to finish, it is a four-step process.

First, folks learn of the organization. From there, they input their documentation and then meet with a mortgage counselor to determine what they could afford.

Lastly, they meet with a final specialist to determine whether they qualify for a loan. If not, they are advised on how to later qualify.

And it seems to be working.

According to Marks, they have a 0.0001% foreclosure rate. To date, the organization has issued over 75,000 loans with 3 million members nationwide.

“Everyone deserves a chance at the American dream,” Nesmith said.

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