Northeast Region

  1. RUPCO - $400,000

    Fallsburg Site Plan Drawing

    This is NC’s second loan to a project sponsored by RUPCO for an initiative in the rural town of Fallsburg, New York to replace 10 dilapidated scattered-site manufactured homes. The proceeds of the loan will be used to bridge committed project funding from HOME and New York State Affordable Housing Corporation that is available to be drawn on a reimbursable basis. The replacement units and site work will be provided by a local manufactured home dealer, and administration and supervision of the project will be provided by RUPCO. (2015)

  2. NJCC and CAPC - $3,500,000

    Scattered Site Rental Property Photo

    This is NC’s first involvement with New Jersey Community Capital (NJCC), which has a very active real estate development affiliate, Community Asset Preservation Corporation (CAPC) who is undertaking the project. NC’s participation in the NJCC’s $7,000,000 loan for this project. Loan proceeds will be used to refinance existing short-term acquisition/construction loans for occupied scattered-site rental properties located primarily in Essex, Hudson, Middlesex, and Union Counties, New Jersey. A total of 60-75 units will be funded by the loan. Conventional financing and/or unit sales to homebuyers are the expected take-out sources. (2014)

  3. Central Vermont Community Land Trust - $300,000

    River Station Condos is an 18-unit for sale project. This interim development loan was used to fund acquisition costs. (2006)

  4. NeighborWorks New Horizons - $505,000

    Kirkham is a 15-unit rental property with both rehabbed and new construction units. This interim development loan was used to fund acquisition costs. (2003)

  5. Avesta Housing Development Corporation - $4,335,000

    Antrim Village Apartments and Lincoln Green Apartments

    This is NC’s 2nd and 3rd loan with Avesta Housing Development Corporation (Avesta). These two interim development loans were used to acquire two affordable rental properties located in New Hampshire from the same owner: Antrim Village Apartments and Lincoln Green Apartments. Both properties were acquired to preserve existing Section 8 Housing Assistance Payment (HAP) contracts. Both properties are well maintained, but in need of capital improvements which Avesta plans to undertake using tax exempt bonds and 4% credits. NC’s loans will provide Avesta with the time they need to assemble bond and tax credit financing. Antrim Village is a 40-unit rental apartment complex for senior occupancy built in 1980 in rural Antrim, New Hampshire for a loan amount of $2,100,000. Lincoln Green Apartments is a 35-unit rental apartment complex for senior occupancy built in 1982 in rural Lincoln, New Hampshire for a loan amount of $2,235,000. Approximately 40% of Avesta’s rental projects have project-based HAP contracts allowing Avesta to serve extremely low income families 35-40% of Area Median Income (AMI). (2014)

  6. Mutual Housing of Southwestern Connecticut - $315,000

    Wilton Commons Elderly Rental Housing

    This is NC’s fourth loan with Mutual Housing Association of Southwestern Connecticut (MHASWCT). This $315,000 predevelopment loan will be used for predevelopment expenses associated with the new construction of a 23-unit affordable elderly rental housing development in Wilton, CT. Tenants will be pay no more than 30% of their income towards housing costs with the remainder paid by a Congregate Housing Grant from the State of Connecticut. Proposed rents are affordable to households with incomes between 25% and 50% of Area Median Income. (2014)

  7. Manchester Neighborhood Housing Services - $150,000

    Silver Mill

    Silver Mill is a 57-unit rental project with 1-4 bedroom units for households within 50%-60% AMGI. This loan was used to fund predevelopment expenses. (2005)

  8. Gilman Housing Trust - $50,000

    Shattuck Hill is a 41 unit mobile home park owned Gilman Housing Trust. This interim loan financed replacement and other repairs of the water system. (2006)

  9. Mutual Housing of Greater Hartford - $750,000

    Park Terrace I Site Photo

    This is a $750,000 interim development loan to the Mutual Housing Association of Greater Hartford (MHAGH). The proceeds of this loan will be used to cover a portion of the expenses related to the renovation of Park Terrace Apartments, a 42-unit affordable housing project that MHAGH acquired in 1989 and is in need of significant capital improvements. At construction completion/permanent financing, the outstanding principal of the NC loan will be reduced to $250,000, with the balance will be repaid over a seven year term with a 20 year amortization period. Park Terrace provides a mix of one and two bedroom units with 32 of the units reserved for residents at 50% of the Area Median Income (AMI) and 10 units for residents at 100% of the AMI (AMI for a family of four is $87,700). (2013)

  10. Nuestra Comunidad Development Corp - $956,000

    Quincy Commons is a mixed-use project consisting of 50 units of affordable rental housing and commercial space. This interim development loan was used to acquire the property. (2008)

  11. Rural Ulster Preservation Corporation - $1,443,000

    RUPCO used an NC Interim Development loan to refinance a construction loan that had matured to give RUPCO time to sell 15 newly constructed townhomes that came on line precisely when home mortgage credit and housing markets collapsed. These homes are ENERGY STAR® homes, built for superior energy performance, health and safety and are being sold to income qualified individuals at 80% to 100% of AMI. (2011)

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  12. NeighborWorks Blackstone River Valley - $820,000

    Gardening at The Meadows, Senior Housing, North Smithfield, RI

    The Meadows is an 80-unit HUD 202 rental project offering one bedroom units and onsite social services and transportation for low and moderate income seniors. This interim development loan, provided in participation with Community Housing Capital, was used to acquire the land for the project. (2003)

  13. Codman Square Neighborhood Development Corp. - $200,000

    Codman Square NDC used a predevelopment loan to begin architectural and zoning activity. This 36-unit affordable housing project will be a mix of rehab and new construction, contributing to the transformation of an assortment of vacant lots and aging commercial & industrial buildings into a vibrant residential neighborhood, close to shops, jobs, and transit. (2011)

  14. Interfaith Housing Delaware, Inc

    Arbor Place I is a 43-unit multifamily rental project with 1-3 bedroom units for households at 50%-60% AMGI. This interim development loan was used to fund acquisition costs related to the project. (2006)

  15. Avesta Housing Development - $2,000,000

    NC provided and interim acquisition financing for the Butler Payson Apartments, a 56 unit senior property with an existing HAP contract in Portland, Maine. This $5.3 million acquisition loan was assembled by Community Housing Capital and closed within 60 days from application to meet the seller's deadline.This is NC's fist loan with Avesta Housing. (2011)

  16. Nuestra Comunidad Development Corp - $1,550,000

    Bartlett Place is a multi-phase development consisting of 220 units of newly-constructed affordable rental housing and 92-units of single family for-sale housing catering primarily to households with 80% AMI. This subordinate interim loan was used to acquire the property and begin environmental and design work on the first phase of rental housing. (2010)

  17. New Kensington Community Development Corporation - $200,000

    First-time NC borrower NKCDC will use a $200,000 Predevelopment loan for design and planning expenses related to Orinoka Mills in Philadelphia. The project is a proposed mixed-use redevelopment of a vacant mill building into 40 units of affordable rental housing and approximately 7,000 square feet of commercial space. The design process will focus on LEED certification along with Energy Star and local Green Initiatives. (2013)

  18. Codman Square Neighborhood Development Corp. - $150,000

    AB&W is a 24-unit mixed use project featuring both multi-family rental and commercial space. This loan was used to fund predevelopment expenses associated with the project. (2006)

  19. NeighborWorks New Horizons - $1,100,000

    Spruce Ridge Map

    This is NC’s 7th loan with NeighborWorks New Horizons (NWNH). This $1,100,000 Interim Development Loan will be used for the acquisition of land and related costs associated with Spruce Ridge, a proposed 44-unit affordable rental housing project in Stonington, Connecticut. When completed, the property will serve a diverse population – elderly, supportive housing, and workforce housing. (2014)

  20. New Jersey Community Capital (NJCC)/Community Asset Preservation Corporation (CAPC) - $505,000

    Church in Jersey City, NJ

    This is NC’s second loan with New Jersey Community Capital (NJCC)/Community Asset Preservation Corporation (CAPC) (website: http://www.capcnj.org/). This $505,000 interim development loan will be used to finance the acquisition, pre-construction and limited demolition expenses for an existing church in shell condition in Jersey City, New Jersey. CAPC will use the loan proceeds to purchase the facility and begin demolition of the interior and an attached one-story building in preparation for the redevelopment of the church into a 12-unit for-sale condominium project. When completed, the project will create 12 for-sale housing units affordable according to New Jersey HMFA Emerging Market criteria, which provides the project with access to a 20-year property tax exemption. (2014)

  21. Asian Americans for Equality - $400,000

    NC’s first loans in New York City will enable Asian Americans for Equality, Inc. (AAFE), a new NC borrower, to undertake two separate projects: the new construction of 16 units of affordable rental housing in the Crown Heights section of Brooklyn; and the refinance and renovation of a 19-unit affordable co-op housing project located in the Soho neighborhood of lower Manhattan. (2013)

  22. Mutual Housing Association of Greater Hartford - $500,000

    Summit Park Renderings

    This is NC’s sixth loan request from MHA of Greater Hartford (MHAGH) of $500,000 to help with predevelopment costs for Summit Park II, a proposed scattered-site 62-unit low income housing tax credit (LIHTC) apartment project on two sites that MHAGH has under contract in Hartford, CT. One of the sites has an operating property for which the second site consists of two adjacent parcels – one is vacant and one has an abandoned building on it that will be demolished. LISC is providing acquisition financing for this second site. The project will include a mixture of 1-, 2-, and 3 bedroom units, and it will target households with incomes ranging from 30% to 60% of Area Median Household Income. (2016)

  23. AHC Inc. - $250,000

    Barclay-Greenmount is a 139-unit multifamily rental project consisting of 1-4 bedroom units for households at 60% AMGI. This loan was used to fund predevelopment expenses associated with the project. (2006)

  24. Concord Area Trust for Community Housing - $717,000

    Friedman Court is a 79-unit multifamily rental project with 1-3 bedroom units, including 25 units dedicated exclusively for senior housing. This interim development loan was used to fund acquisition costs. (2005)

  25. Housing Resources of Columbia County, Inc. - $75,000

    Hudson Homestead is a 23-unit multifamily rental project with 2-3 bedroom units for households between 30%-50% AMGI. This interim development loan was used to fund acquisition costs. (2004)

  26. Troy Rehabilitation and Improvement Program - $930,000

    NC worked in partnership with first-time customer Troy Rehabilitation & Improvement Program (TRIP) to originate and close a loan within 30 days to take advantage of a unique acquisition opportunity in Troy, New York. In late July, TRIP was the successful bidder at an auction for Jacob Square Apartments, a 22-unit apartment community with a troubled past located just blocks from TRIP’s headquarters. NC was able to complete due diligence, underwriting and close on a $930,000 mini-permanent loan that enabled TRIP to meet a strict 30-day settlement deadline. This new acquisition provides TRIP with a valuable addition to their already sizable portfolio of multifamily properties in Troy. (2013)

  27. NeighborWorks New Horizons - $1,500,000

    Fair Haven Mutual is a proposed 44-unit rental project to consist of a combination of gut rehabilitation (25 units) and new construction (19 units). A portion of the units will be dedicated to permanent supportive housing for tenants who are at risk for homelessness. This interim development loan provided a bridge to construction financing in the form of takeout of Connecticut Housing Finance Agency acquisition loans. (2010)

  28. Nuestra Comunidad Development Corp - $150,000

    Edgewood is a 54-unit project consisting of 46 rental and 8 for sale units for household within 30%-80% AMGI. This loan was used to fund pre-development expenses associated with the project. (2003)

  29. Affordable Housing, Education & Development - $325,000

    With a $325,000 predevelopment loan provided by NC, Affordable Housing, Education & Development (AHEAD) can move forward with Senior Living at Notre Dame located in Berlin, NH. The project will provide 33 one-bedroom units affordable to households at or below 60% of AMI, catalyzing this neighborhood’s revitalization. AHEAD stepped in to finish this project when the prior sponsor was unable to move forward. This is NC’s first loan with AHEAD. (2013)

  30. Neighborhood of Affordable Housing (NOAH) - $250,000

    The proceeds of this $250,000 Predevelopment Loan will be used for design and planning expenses related to Coppersmith Village, a proposed mixed-use, mixed-income project composed of 56 apartments and 15 for-sale townhomes, as well as retail space, located in East Boston, MA. Coppersmith Village will provide stable, quality affordable housing in a neighborhood undergoing gentrification. (2013)

  31. Mutual Housing Association of Southwestern Connecticut, Inc - $200,000

    Wilton Commons II

    Wilton Commons is a newly constructed 77-unit multi-family rental project offering 1-2 bedroom units exclusively for senior housing. This loan was used to fund pre-development expenses associated with the project. (2008)

  32. Community Works Rhode Island - $630,000

    Parkis Avenue is a proposed 14-unit property, offering a mixture of for-sale and rental units of affordable housing. This interim development loan was used to fund expenses associated with rehabilitation of the property. (2010)

  33. PathStone - $300,000

    HOPN II is a five-unit for sale project for households between 50%-80% AMGI. This interim development loan was used to rehabilitate the properties in preparation for placing them on the market for sale. (2007)

  34. West Elmwood Housing Development Corporation - $650,000

    Sankofa Apartments Site Plan

    This is NC’s third loan with West Elmwood Housing Development Corporation (WEHDC). This $650,000 interim development loan will be used for predevelopment and pre-construction expenses related to Sankofa Apartments, a proposed new construction 50 NC’s loan will provide WEHDC with the capital necessary to cover the expenses associated with predevelopment, land acquisition and pre-construction costs necessary to secure remaining financing and start construction. The project has received a reservation of 9% Low Income Housing Tax Credits and State gap financing. (2014)

  35. St. Ambrose Housing Aid Center - $165,000

    This is NC’s first loan to a project sponsored by St. Ambrose Housing Aid Center in Baltimore, Maryland. This $165,000 interim development loan will be used to bridge a grant from the Maryland Energy Administration for energy efficiency improvements to the 54-unit Buena Vista Apartments project in Baltimore, Maryland. (2014)

  36. Mutual Housing Association of Greater Hartford - $404,000

    Office Space Refinancing

    This is NC’s 5th loan with Mutual Housing of Greater Hartford (MHAGH). This $404,000 mini-permanent loan will be used to refinance the existing debt on MHAGH’s office building located in Hartford, Connecticut resulting in significant debt service savings. Built in 1890 and moderately rehabbed in 2006, the 4,680 SF building provides the office space for MHAGH operations as well as providing the conference space for board and staff meetings. (2014)

  37. Neighborhood Housing Services of New Haven - $1,000,000

    This is NC’s first loan to a project sponsored by Neighborhood Housing Services of New Haven (NHS-NH), in New Haven, Connecticut. The proceeds of this interim development loan will be used as a 4-year, $1,000,000 project-based line of credit to support the Affordable Housing Development Program (AHDP). Through AHDP, it is expected that at least 40 vacant homes will be acquired and renovated by NHS of New Haven in targeted neighborhoods over the next several years for re-sale to qualified homebuyers. (2014)

  38. New Jersey Community Capital (Lead Lender) - $1,589,123

    Paulsboro Plaza

    This is NC’s 3rd loan with New Jersey Community Capital (NJCC). This $1,589,123 construction/mini-permanent loan will be used for the redevelopment of the Paulsboro Plaza shopping center in Paulsboro, Gloucester County New Jersey. The project is being undertaken by CDIP-Paulsboro Summit, LP, a partnership of two for-profit companies: Lindsay-Ore, LLC and Bancroft Construction Company. NJCC is strongly supportive of the project, which is consistent with their social impact goals and views the redevelopment of the shopping center as a critical step in revitalizing the downtown business district of a community that is home to a large population of low- and moderate-income households. The project also presents NJCC with an opportunity to expand their presence in southern New Jersey, whereas most of their lending historically has focused in central and northern parts of the State. (2015)

  39. Lawrence CommunityWorks, Inc. - $200,000

    Duck Mill is a proposed 45-unit affordable housing project. This pre-development loan was used to fund pre-development expenses associated with redeveloping a 120,000 square-foot brick mill into affordable housing and commercial space. (2010)

  40. Montgomery Housing Partnership, Inc - $1,500,000

    Parkview Towers is a 125-unit high rise rental property offering 1, 2, & 3 bedroom apartments. Due to the $7 million purchase price and 60 days to close to preserve its affordability, MHP approached Enterprise Community Loan Fund as lead lender. NC participated in this loan with a $1.5 million Mini-Perm Acquisition Loan. Due to high water and sewer bills over $500,000 was used to replace all water/sewer lines in the building and replace all toilets. This will reduce utility costs by 12.5%. (2010)

  41. West Elmwood Housing Development Corporation - $170,167

    Solar array on the Westfield Commons building.

    West Elmwood used a Mini-Perm Energy loan to purchase and install a solar array as part of a mixed-use office and affordable housing development. It is expected to provide at least 80% of the electrical needs of the common area of the housing complex and WEHDC’s office, helping reduce operating costs and minimizing the risk of severe energy cost spikes. Savings will provide resources for programmatic activities. (2010)

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  42. Urban Edge Housing Corp. - $150,000

    Egleston Crossing is a 64-unit multifamily rental project offering efficiency, 1 and 2-bedroom units to households with 50% and 60% AMGI. This loan was used to cover predevelopment expenses associated with the project. (2002)

  43. Mutual Housing Association of Greater Hartford - $125,000

    Mutual Housing Association of Greater Hartford (MHAGH) secured a $125,000 predevelopment loan from NeighborWorks Capital, making possible the preservation of 42 units of affordable housing at Park Terrace Apartments. Renovations focusing on improving the energy efficiency of this historic building will enable Park Terrace’s low income residents to spend significantly less on utilities, while preserving the historic character of the structure. (2013)

  44. Madison Park Development Corporation - $3,700,000

    Madison Tropical Building

    NC provided a $3,700,000 acquisition loan to assist Madison Park Development Corporation initiate an ambitious and transformative multi-phase development in the Roxbury neighborhood of Boston. NC’s loan enabled MPDC to acquire a 4-story historic building which is currently home to a neighborhood grocery store known as Tropical Foods. In partnership with the owner of Tropical Foods, MPDC will relocate the grocery store to a newly-constructed building nearby, and then proceed to redevelop the existing building into a mixture of residential and commercial uses. This loan allows MPDC the ability to undertake multiple redevelopment projects on this property known as Parcel 10, for which MPDC is serving as master developer. This is NC’s sixth loan to Madison Park and was made in participation with the Boston office of the Local Initiatives Support Corporation (LISC). (2013)

  45. Codman Square Neighborhood Development Corp. - $20,000

    Latin Academy II is a 36-unit multifamily rental project featuring 1-2 bedroom units for households at 60% AMGI. This loan was used to fund predevelopment expenses associated with the project. (2004)

  46. Asian Americans for Equality, Inc. - $517,000

    Photo of Union Station (commercial property) located in Flushing, NY.

    This $517,000 interim development loan to Asian Americans for Equality, Inc. (AAFE) will be used to bridge a capital grant from the New York City Economic Development Agency for the acquisition and renovation of 35-34 Union Street, a commercial property located in Flushing, New York to provide office space for several of AAFE’s social service programs. (2014)

  47. Lawrence CommunityWorks - $511,500

    108 Newbury Street is planned to be a newly constructed 18 unit affordable rental project serving large low-income families with two- and three-bedroom apartments The proceeds of the loan were used to refinance the acquisition financing and cover a portion of design and financing expenses. (2011)

  48. Housing Resources of Columbia County, Inc. - $75,000

    Millerton is a 22-unit multifamily rental property consisting of 1-3 bedroom units for households between 50%-80% AMGI. This loan was used to fund predevelopment expenses associated with the project. (2004)

  49. PathStone - $250,000

    West Broadway Villas

    First-time borrower PathStone will use a $250,000 predevelopment loan to support the extensive rehabilitation of West Broadway Villas, a 42 affordable rental units for families in the Village of Monticello in the Hudson Valley region of New York State. PathStone was selected to acquire this troubled property owned by USDA’s Rural Development which was originally constructed in 1988. PathStone will complete a total renovation of the existing units plus the construction of a new community building. PathStone, founded in 1969, has been a NeighborWorks America® (NWA) member since 1996 and owns over 2,400 units of rental housing and 92,000 square feet of retail and community space. (2013)

  50. HAP Housing (HAP) - $400,000

    This is NC’s first loan request from HAP Housing (HAP). HAP requested $400,000 to cover predevelopment costs for 188 Fuller Street, a proposed 42-unit low income housing tax credit (LIHTC) apartment project in Ludlow, MA. During the term of the loan, HAP will be applying for project financing including LIHTC and conventional and soft debt. The loan funds will be used to assist with predevelopment expenses until construction closing. The project will include a mixture of 1-, 2-, and 3 bedroom units, and it will target households with incomes ranging from 30% to 60% of Area Median Household Income. There will be 10 1-bedroom/1-bathroom units, 20 2-bedroom/1-bathroom units and 12 3-bedroom/2 bathroom units in four or more buildings. (2016)

  51. Mutual Housing Association of Greater Hartford - $4,000,000

    NC provided a $400,000 predevelopment loan to Mutual Housing Association of Greater Hartford for SummitPark, a 42-unit mixed-use, six building scattered site redevelopment in Hartford, Connecticut. Summit Park represents a key component to MHAGH’s community stabilization strategy underway in the Frog Hollow neighborhood of Hartford. Rehabilitation of the vacant historic structures, will result in energy efficient one-, two- and three- bedroom units for low and moderate-income families, and seniors, and people with special needs as well as five retail suites for neighborhood businesses. (2013)

  52. Neighborhood of Affordable Housing, Inc. - $150,000

    Benfield Farms is a proposed 26-unit rental project that will offer 1-2 bedroom affordable housing units. This loan was used to fund pre-development expenses associated with the project. (2009)

  53. Affordable Housing, Education & Development, Inc. - $700,000

    This is NC’s second loan to a project sponsored by Affordable Housing, Education & Development, Inc. (AHEAD). This $700,000 interim-development loan, structured as a development line of credit, will be used for “Better Homes AHEAD”, an initiative to provide high-quality, energy efficient factory-built homes for sale to low- and moderate-income households in partnership with NEXTSTEP US. Over the first 3 years, it is anticipated that a total of 25 homes will be sold to qualified homebuyers in New Hampshire, Maine and Vermont. (2014)

  54. NeighborWorks New Horizons - $200,000

    A $200,000 Predevelopment loan will be used for expenses related to Spruce Meadows, a new construction multifamily rental development. This project will include a community building plus 43 residential rental units - 21 units will be market rate and 22 units will be for residents with household incomes ranging from 25% to 100% of the Area Median Income. (2013)

  55. Madison Park Development Corporation - $300,000

    Ruggles-Shawmut is a 43-unit affordable rental project providing housing to families at 30% AMGI. This loan was used to cover predevelopment costs. (2005)

  56. Neighborhood of Affordable Housing (NOAH) - $1,200,000

    Coppersmith Village

    This is NC’s fourth loan with Neighborhood of Affordable Housing (NOAH). This $1,200,000 interim development loan will be used for predevelopment and pre-construction expenses related to Coppersmith Village, a proposed mixed-use, mixed-income project composed of 56 rental apartments and 15 for-sale townhomes, as well as retail space, located in East Boston, MA. NC’s loan will provide NOAH with the capital necessary to cover the significant expenses associated with undertaking a complex mixed-use project involving multiple layers of public and private financing in the Commonwealth of Massachusetts. (2014)

  57. St. Ambrose Housing Aid Center - $100,000

    Buena Vista Apartments

    St. Ambrose received a $100,000 Lead Hazard Reduction Grant award from the State of Maryland to complete lead abatement work in at least four properties in their Scattered Site Rental Portfolio and NC provided bridge financing for these public funds. The lead abatement work is one component of St. Ambrose’s multi-year, multi-phase project to substantially upgrade 50 units of scattered-site rental housing available to low- and moderate- income households. The goal of this initiative is to make rental units “lead free” while focusing additional funds on energy efficiency upgrades and capital improvements. Abatement and renovations will be completed in groups of 4-5 units as they become vacant at turn-over. (2014)

  58. NeighborWorks New Horizons - $400,000

    Highwood Square

    Highwood Square is a 27-unit mixed use project consisting of 1-3 bedroom multifamily units and commercial space. This interim development loan was used to fund expenses related to acquisition of the property. (2006)

  59. Mutual Housing Association of Southwestern Connecticut, Inc - $1,250,000

    Fairfield Commons is an affordable supportive housing rental development for previously homeless individuals and families consisting of 19 one, two and three-bedroom units. In order to construct an additional 12 units on the property and bring in HUD Section 811 funds NC provided a Mini-Perm loan until the borrower can raise other capital and grants. (2011)

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  60. Madison Park Development Corporation - $1,200,000

    Madison Park III is a 120-unit, 19-building affordable housing rental project. This interim development bridge loan was used to purchase the limited partner interest of the partnership owning the project. The LP purchase was a critical step in refinancing and modernizing this affordable housing development. (2011)

  61. NeighborWorks New Horizons - $300,000

    Canterbury Gardens is a 34-unit multifamily rental project offering 1-4 bedroom units to households within 50%-80% AMGI. This interim development loan was used to bridge organizational-based grants. (2009)

  62. West Elmwood Housing Development Corporation - $350,000

    Sankofa Apartments is a proposed 50-unit new construction LIHTC project to be located in Providence, Rhode Island. The project will also include the construction of a community building that will house the management office, a community room, and support an urban agricultural component. This predevelopment loan funded expenses associated with applying for the LIHTC financing. (2012)

  63. Montgomery Housing Partnership, Inc - $600,000

    Halpine Hamlet

    Halpine Hamlet is a 67-unit multifamily rental project consisting of 1-2 bedroom units primarily for households with 60% AMGI. This interim development loan was made in conjunction with Housing Partnership Network to provide funds for the acquisition of the property. (2009)

  64. Neighborhood of Affordable Housing - $300,000

    Sitowski School is a proposed 66-unit rental project designed to provide senior housing and a senior center to mixed-income tenants. This pre-development loan was used to fund initial expenses associated with converting the historic Sitowski School into rental apartments for senior housing. (2011)

  65. Madison Park Development Corporation - $15,000

    Interfaith Apartments, Boston, MA

    Interfaith Apartments is a mixed use, 70-unit rental property consisting of 1-4 bedroom units and commercial space. This loan was used to fund predevelopment expenses. (2002)

  66. Urban Edge Housing Corp. - $150,000

    The Amory Street project consists of a 64-unit multifamily building offering rental units of 1-3 bedrooms to households with 50-60% AMGI. This loan was used to cover predevelopment expenses associated with the project. (2002)

  67. Affordable Housing Alliance - $1,500,000

    Bayshore Bungalow

    This is NC’s first loan to a project sponsored by Affordable Housing Alliance (AHA). This $1,500,000 interim development loan will be used as a project-based Line of Credit for The Bayshore Bungalows Program, an initiative to provide high-quality, energy efficient factory-built modular homes for sale to households impacted by Superstorm Sandy in 2012. The program is being undertaken in partnership with NextStep, a national nonprofit organization promoting and supporting the development of factory-built homes. AHA expects production of a total of 75 units over the 36 month term of the Line. Units will be placed on lots in northern New Jersey along the southern shore of Raritan Bay, an area especially hard hit by Superstorm Sandy. (2014)

  68. Housing Resources of Columbia County, Inc. - $318,000

    Copake Village is a 139-unit affordable housing development containing a mix of single family and multifamily units, with 68 units dedicated to senior housing. This interim development loan was used to cover acquisition costs related to the project. (2004)

  69. NeighborWorks New Horizons - $750,000

    Hill Housing is a 17 building, 65-unit affordable rental project offering 1 to 4 bedroom apartments for households with incomes from 30% to 60% AMI. This interim loan was used to purchase the general partner interest, facilitating a cost effective approach to preservation of distressed LIHTC projects. NC’s loan has allowed NWNH to stabilize the property and make critical repairs prior to seeking permanent financing from the State of Connecticut. (2011)

  70. Montgomery Housing Partnership, Inc - $1,100,000

    Montgomery Housing Partnership, Inc

    Takoma Park Preservation is a 63-unit affordable housing rental project for households with 60% AMGI. This interim development loan was used to fund costs associated with acquiring the property. NC's lending partner through a loan participation was National Housing Trust. (2006)

  71. Mutual Housing Association of Southwestern Connecticut, Inc - $125,000

    Wilton Commons is a 77-unit multifamily rental project offering 1-2 bedroom units. This loan was used to fund pre-development expenses associated with the project. (2006)

  72. Mutual Housing Association of Greater Hartford, Inc. - $150,000

    Zion Square is a 24-unit rental project offering 3 bedroom units to households within 40%-50% AMGI. This loan was used to fund pre-development costs associated with the project. (2004)

Loans

  • Predevelopment
  • Interim Development
  • Mini-Permanent Loan for Operating Properties
  • Permanent Loans for Small Multifamily Rental Projects
  • Single Family Line of Credit
  • Multifamily Line of Credit
  • Strategic Growth Fund