Rocky Mountain Region

  1. NeighborWorks Montana - $2,500,000

    This Organizational Pilot Loan was used to provide NeighborWorks Montana with a source of capital to on-lend for various affordable housing project loans. (2009)

  2. Primavera Foundation - $1,600,000

    With a loan from NC, the Primavera Foundation is able to fund the construction gap for this new 12-unit rental development designed for intergenerational (grandparents and grandchildren) occupancy, while completing the fundraising for a capital campaign. All 12 apartments are affordable to households earning 50% or less of AMI. (2013)

  3. NeighborWorks Montana - $560,000

    Glacier Ridge Apartment Photo

    NC worked with NeighborWorks Montana (NWMT) on a $700,000 interim development loan closed in April, 2013 for the acquisition of the Glacier Ridge Apartments project by the GMD/Homeword Partnership. NC’s purchase of a $560,000 participation in this loan provided NWMT with liquidity necessary to expand their lending impact in their targeted communities. The property is located in the City of Cut Bank, Montana (population of 2,900) in the north-central portion of the State. Glacier Ridge Apartments includes a total of 36 units of rental housing, all of which are subject to a Section 8 Housing Assistance Payment (HAP) contract. (2014)

  4. Tierra Del Sol Housing Corporation - $400,000

    El Camino Real Apartments

    This is NC’s 2nd loan with Tierra del Sol Housing Corporation (TDS). This $400,000 predevelopment loan will be used for land acquisition and predevelopment expenses associated with the development of El Camino Real Apartments (the Project), a proposed 40-unit affordable rental housing development in Hatch, New Mexico to be financed primarily with Low Income Housing Tax Credits (LIHTC). All 40 units will be restricted to 50% of AMI or less. In addition, all 40 units will benefit from rental assistance from the USDA. (2014)

  5. Rocky Mountain Mutual Housing Association - $500,000

    Belle Creek is a 156-unit rental project containing a mix of affordable housing units, primarily for households with 60% AMGI, and commercial space. This interim development loan was used to provide equity to the project. (2001)

  6. Cabrillo Economic Development Corporation - $400,000

    The Village Apts Rendering

    This will be NC’s 12th loan to Cabrillo Economic Development Corporation (CEDC). This $400,000 predevelopment loan will be used for predevelopment expenses associated with the development of The Village Apartments, a proposed 50-unit new construction affordable senior rental housing development in Buellton, CA. Proposed rents are affordable to seniors with incomes between 30% and 50% of Area Median Income. (2015)

  7. NeighborWorks Waco - $600,000

    This interim development loan was used to perform site improvements to the commercial property where NeighborWorks Waco's headquarters. (2009)

  8. Alamo Area Mutual Housing Association - $709,033

    Thompson Place is a 268-unit multifamily rental project consisting of 1-3 bedroom units primarily for households at 50% AMGI. This interim development loan was used to fund acquisition costs. (2003)

  9. Thistle Housing CDC - $500,000

    Fairway Oaks is a 74-unit multifamily rental project consisting of one and two bedroom units for households with 50% AMGI. This interim development loan was used to bridge an insurance claim to expedite the restoration of one building after the project suffered fire and smoke damage. (2010)

  10. Community Resources and Housing Development Corp - $285,000

    San Luis Self-Help is a 24-unit single family self help project for households at 60% AMGI. This interim development loan was used to fund costs associated with site improvements. (2004)

  11. Alamo Area Mutual Housing Association - $150,000

    Twin Oaks is a 150-unit multifamily rental project featuring 1-3 bedroom units for households earning up to 50% AMGI. This interim development loan was used to fund the property acquisition. (2001)

  12. Alamo Area Mutual Housing Association - $720,000

    Las Bougainvilleas is a 150-unit multifamily rental project consisting of 1-3 bedroom units for households at 60% AMGI. This interim development loan was used to fund acquisition costs. (2006)

  13. Alamo Area Mutual Housing Association - $7,500,000

    NC provided a $7,500,000 Interim Acquisition Loan to Alamo Area Mutual Housing Association (AAMHA) to acquire the Cimarron Apartments, a 140-unit multifamily property in Universal City, Texas that was being sold by a private owner. NC was able to provide flexible terms to assure AAHMA could close within 90 days, provide some minor repairs and incorporate resident programs while assembling permanent financing. This loan was done in participation with Enterprise Community Loan Fund and Community Housing Capital. This is NC's fifth loan with this borrower. (2012)

  14. Nevada HAND - $700,000

    Sierra Pines Apartment Photo

    NC’s second loan to Nevada HAND is an interim development loan for $700,000 for Sierra Pines Apartments at 5.50%. This loan was subordinated to a new first mortgage from CitiBank repaid an existing first mortgage with a higher interest rate. This is a 90 unit rental apartment complex for seniors developed using Low Income Housing Tax Credits and placed in service in 2000. (2014)

  15. NeighborWorks Waco - $1,400,000

    NeighborWorks Waco used a mini-permanent NC loan to refinance short-term acquisition loans for 20 of the 58 existing scattered site rental properties known as the PEARLS/PRIDE!. The NC loan provided NW Waco with liquidity to acquire additional homes. (2011)

  16. Homewise - $1,500,000

    SGF Logo

    This is Homewise’s first loan with NeighborWorks Capital. Homewise requested the maximum loan amount of $1,500,000 from the Strategic Growth Fund as a key component of the net new debt it needs to provide lending capital to fund its FY17 goal of $12.5 million in new originations of deferred and amortizing portfolio home mortgages. Both to create mission impact and to sustain its organization, Homewise plan is to grow its mortgage origination line of business beyond what can be funded out of its own net assets. By expanding its lending line of business it is projecting that it will increase its self-sufficiency. Homewise’s loans primarily assist low and moderate income homebuyers, with about three quarters of buyers with incomes at or below 120% of AMI and 35% below 80% AMI in FY16. (2016)

  17. Thistle Communities - $3,430,000

    Kimbark Apartments

    This is NC’s 3rd loan with Thistle Communities (Thistle). This $3,430,000 interim development loan was used to acquire Kimbark Apartments, an existing 48-unit affordable rental property located in Longmont, Colorado. The property was constructed in the mid-1990s with 9% Low Income Housing Tax Credit (LIHTC) financing. NC’s interim development loan will enable Thistle to acquire and hold the property while it secures rehabilitation and permanent financing. (2014)

  18. NeighborWorks Provo - $203,500

    A first-time NC borrower, NeighborWorks Provo (NWP) is using a $203,500 Interim Development loan to purchase vacant single family homes and rent them to households with incomes ranging up to 80% AMI. (2013)

  19. Housing Resources of Western Colorado - $2,000,000

    This Organizational Pilot Loan was used to provide HRWC with the resources necessary to purchase vacant land for affordable housing development. (2009)

  20. Alamo Area Mutual Housing Association - $450,000

    Bentley Place

    Bentley Place is a 156-unit mixed use project consisting of multifamily rental units and commercial space. This interim development loan was used to fund acquisition costs. (2001)

  21. Thistle Housing CDC - $200,000

    1000 Rosewood is a proposed 18-unit, new construction for sale project offering affordable housing in the form of 4-bedroom units. This loan was used to fund predevelopment costs associated with the project. (2010)

  22. Tierra del Sol - $300,000

    Paseo del Oro Apartments Photo

    This is NC’s first loan to a project sponsored by Tierra del Sol Housing Corporation (TDS). The proceeds of this $300,000 predevelopment loan will be used for predevelopment expenses associated with the development of Paseo del Oro Apartments a proposed 24-unit affordable rental housing development financed primarily with Low Income Housing Tax Credits (LIHTC) and located in Las Cruces, New Mexico. (2014)

  23. Alamo Area Mutual Housing Association - $1,050,000

    Alamo Area Mutual Housing Association (AAMHA) has a strategic focus to broaden its portfolio. In alignment with this, AAMHA received an Interim Development loan for $1,050,000 from NeigborWorks Capital. Along with additional funds in participation with Community Housing Capital, AAMHA was able to purchase Cypress Cove Apartments and preserve more than 200 units of affordable rental housing in San Antonio, Texas. (2012)

  24. Tri-County Housing and Community Development Corporation - $100,000

    With a $100,000 predevelopment loan, Tri-County Housing and Community Development Corporation will renovate the Melonaire Apartments in Rocky Ford, Colorado, transforming two vacant buildings into 18 one-, two- & three-bedroom affordable rental units. (2012)

  25. Nevada HAND - $500,000

    Stewart Pines Senior Living Photo

    NC’s first loan to Nevada HAND (NHI) is a $500,000 mini-permanent loan for the Stewart Pines Senior Living apartment complex at a rate of 5.75%. Loan proceeds repaid a first mortgage with a higher interest rate. This 72 unit rental apartment complex for seniors was originally constructed using Low Income Housing Tax Credits and placed in service in 1999. (2014)

  26. Nevada HAND - $1,560,000

    Housing Complex Site

    This is NC’s 3rd loan with Nevada HAND, Inc. (NHI). This $1,560,000 Interim Development Loan was used to finance the acquisition of 501 N. Lamb Boulevard in Las Vegas, Nevada. The site is intended to be developed into a 250 to 300-unit multifamily affordable housing complex built in phases using Low Income Housing Tax Credits and tax-exempt bonds. The property will be developed in multiple phases. The project will benefit low-income families, primarily those with incomes below 50% of (AMI) Area Median Income. (2014)

  27. Nevada HAND - $2,915,750

    Boulder Highway Campus

    This will be NC’s 5th loan to Nevada HAND, Inc. (NHI). This $2,915,750 Interim Development Loan will be used to finance the acquisition of 4315 Boulder Highway in Las Vegas, Nevada. The site is intended to be developed into a 300-unit multifamily affordable housing complex built in phases using Low Income Housing Tax Credits, as well as several community facilities including a branch of the Boys and Girls Club of Southern Nevada. The affordable housing is planned to be developed in two or three phases, with NC’s loan repaid in stages upon closing on each phase of construction/permanent financing. The project will benefit low-income families (primarily those with incomes below 50% of AMI) who are priced out of the metro area’s increasingly expensive rental market, and will provide high-quality, new construction housing in an area with limited affordable housing options. (2015)

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