Loans & Mortgages

AACI Administered Loan Funds & Supplemental Mortgage Funds for North American Olim

A number of Jewish Federations, organizations and individuals in North America have established funds to help North American's living in Israel. Some funds are intended to assist olim in times of emergency, in establishing a business or for educational purposes; others exist specifically for supplementing Israeli government guaranteed mortgages. Through these funds, administered by AACI, communities in the United States and Canada can provide tangible, ongoing support for North American Olim.

AACI currently administers loan and mortgage funds totaling over $2,500,000. Each fund has a volunteer committee in Israel composed of former residents of the sponsoring community, former members of the sponsoring organization, or community representatives of the Federations. Most funds are geared to a specific target group. All details are available from AACI COUNSELORS.

Loans

1. What are the terms?

The average repayment period is between one and two years. All loans are linked to the U.S. dollar, repayment is in Israeli Shekels. Most loans are interest free, though some non -emergency loans carry interest.

2. What size loans are available?

Most funds provide loans in sums ranging from $300 to $2,000. One fund gives loans up to $5,000. The average loan is approximately $1,000.

3. Who is eligible?

Each fund has specific eligibility requirements.

4. How does one apply?

Applications are made through AACI COUNSELORS sitting in the 5 REGIONS of AACI. Each loan application requires 2 guarantors. Specific information may be required by the counselor depending upon the type & size of the loan.

Loan Funds

BG JORE ELGO BEMI Family Fund

Estate of the late Maurice & Esther Slutz, Cincinnati

Federations of the Bay Area, California

Greater Boston Aliyah Council

Greater Miami Jewish Federation

Greater Washington Aliyah Council - Washington, DC

Hadassah, The Women's Zionist Organization of America

Hadassah - Wizo Organization of Canada

Hebrew Free Loan Association of Seattle, Wa.

Jewish Family Services of Dayton, Oh.

Jewish Federation Council of Greater Los Angeles

Jewish Federation of Greater Houston

Jewish Federation of Greater Philadelphia

Jewish Federation of Metropolitan Chicago

Jewish Federation of Metropolitan Detroit

Jewish Federation of St. Louis

Minneapolis Federation of Jewish Services and St. Paul Fund & Council

Naamat USA

Parents of North American Israelis - PNAI. Dr. Nahum Weissman Fund

The Associated Jewish Community Federation of Baltimore

UJA - Federation of Jewish Philanthropies of New York

 
Mortgages

1. What size mortgages are available?

Funds currently grant mortgage loans ranging from $7,500 to $15,000.

2. What are the terms?

Mortgage loans are payable over 10 years at an interest rate of 6.5% per annum. The tenth year is forgiven if all payments over the first nine years were made consistently and on time. Payment is made in Israeli Shekels, linked to the U.S. Dollar.

Please note that interest and repayment terms differ for the Chicago Fund. Details are available from an AACI COUNSELOR.

3. Who is Eligible?

Supplemental mortgage funds are available to Olim purchasing their first home. A committee determines the eligibility of each application.

4. How does one apply?

Applications are made through AACI COUNSELORS sitting in the 5 REGIONS of AACI. With the exception of the Chicago Fund, each loan application requires guarantors.

Mortgage Funds

Baltimore Community Mortgage Fund - Anonymous Endower

Greater Miami Jewish Federation - The Leo Gelvan Mortgage Loan Fund

Jewish Federation Council of Greater Los Angeles

Jewish Federation of Metropolitan Chicago

United Israel Appeal of Canada