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Proceeds from note sales enable additional affordable home construction

Sept. 12, 2022 – CEDAR CITY, Utah – CBC Mortgage Agency (CBCMA), a nationally chartered housing finance agency and a leading source of down payment assistance for first-time homebuyers, announced its CRA Note Exchange platform has completed the sale of mortgage notes on behalf of Habitat for Humanity Affiliates in Florida and South Carolina, supplying much needed liquidity to enable them to build more affordable homes.

The CRA Note Exchange is a secondary market platform that makes it possible for non-profit homebuilders and other Community Housing Development Organizations (CHDOs) to generate capital by selling their affordable mortgages. CBCMA launched the exchange in 2018 to sell its second mortgages and has since expanded its scope to include affordable homebuilders, allowing CBCMA to provide reduced-cost home financing for lower-income families.

CRA Note Exchange enables the sale of Community Reinvestment Act (CRA) eligible loans through an online portal to free up capital for additional affordable home construction. Banks and other financial institutions can review, select and purchase loans in specific areas that support their CRA or other lending objectives.

Even when an Affiliate’s collateral documents are not in perfect order, CRA Note Exchange works closely with their teams and guides them through the tedious process until all documents are in good shape and a sale is completed.

Recently, Habitat for Humanity of St. Augustine/St. Johns County in Florida successfully sold 14 mortgage notes utilizing CRA Note Exchange. It was the first note sale ever for the Affiliate, which was founded in 1993.

“While the notes we hold can each bring in a few hundred dollars a month, the cash flow isn’t enough to cover the hundreds of thousands of dollars necessary for new affordable housing transactions,” said Malinda Everson, Executive Director of Habitat for Humanity of St. Augustine/St. Johns. “The CRA Note Exchange arranged the sale of a portion of our portfolio and gave us significant liquidity, enabling us to double our home building production. It was an excellent opportunity for growth.”

Everson noted her team engages with their homebuyers for six months after they close on their new homes to help mentor them through the transition of homeownership. While most homebuyers can get help from family members, many Habitat for Humanity buyers do not always have access to this type of support.

Habitat for Humanity Georgetown, SC utilized CRA Note Exchange to sell five notes. The Georgetown Affiliate was founded in 1991 and has built 117 homes to date. Its sweet spot is its own exclusive project that houses extremely low-income seniors in a 675-square-foot cottage for just $300 a month.

“As long as an Affiliate can get their paperwork in order, CRA Note Exchange is a very easy way to generate additional capital for housing more people,” said Habitat for Humanity Georgetown, SC Executive Director Laura Gassler. “After educating our board about the note selling process, we started with a small sale of two notes, then felt comfortable enough to sell another three notes.”

Gassler explained that the note sales, which took just a few weeks from start to finish, has provided a financial cushion for the Georgetown Affiliate following a difficult fundraising period during the COVID pandemic. Plus, it avoided recourse on the notes by paying a small fee, thus averting assuming the risk in case the loans default.

“There are few more noble causes than helping people achieve homeownership, which is why I’m proud to help organizations like Habitat for Humanity Affiliates increase the number of families they can serve,” CRA Note Exchange Senior Advisor Mark Tribuna said. “We provide a turnkey secondary marketing solution to help the Affiliates organize the loan files into a salable condition, and only collect a fee when the loans are successfully sold.”

To learn more about the CRA Note Exchange, visit


About CBC Mortgage Agency

Founded in 2013, CBC Mortgage Agency is a nationally chartered housing finance agency. As a leading source of down payment assistance, the company helps low-to-moderate income consumers, often in minority neighborhoods, achieve the dream of homeownership. CBCMA, which was recognized as one of the Top 25 Companies in Mortgage & Servicing by MReport, is a wholly owned subsidiary of Cedar Band Corp., a federally chartered tribal corporation founded by the Cedar Band of Paiute Indians. More information can be found at


About Habitat for Humanity Georgetown County, SC

As an Affiliate of Habitat for Humanity International, Habitat for Humanity Georgetown County SC is a non-profit, ecumenical, Christian-based organization that builds decent and affordable homes for low-income working families in Georgetown County, South Carolina. The Affiliate helps families purchase homes with affordable, no-profit mortgages and sweat equity thanks to generous donations of time, money, grants and building materials from people and organizations in their local communities. Read more about Habitat for Humanity Georgetown, SC at


About Habitat for Humanity of St. Augustine/St. Johns County

Habitat for Humanity of St. Augustine/St. Johns County is an Affiliate of Habitat for Humanity International that serves Florida families in St. Augustine and St. Johns County. Habitat for Humanity of St. Augustine/St. Johns County is a Christian ministry that builds strength, stability and self-reliance through shelter. It brings people together to build homes for those in need and transforms communities. Read more about Habitat for Humanity of St. Augustine/St. Johns County at