NeighborWorks Capital Loans By State

Strategic Growth Fund

  • Homewise

    for Strategic Growth Fund (2016) Santa Fe, NM

    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.
  • NeighborWorks Blackstone River Valley

    for ARTech HUB Campus (2017) Woonsocket, RI

    The enterprise level loan will be used to capitalize several earned-income ventures in NWBRV’s mixed-use properties, most of them in the planned ArTech Campus. The proposed enterprise will be known as The Market Square Food Incubator. It will be an innovative, community-centered facility that will consist of a licensed kitchen incubator, pop-up retail space, co-offices, event space and outdoor public market space.
  • Way Finders

    for Business Acquisition in Western Massachusetts (2017) Springfield, MA

    NeighborWorks Capital provided a five year loan to Way Finders (WF) from its Strategic Growth Fund to cover the stock purchase of MBL Development. For over 2o years MBL, a privately held affordable housing development consulting, provides crucial development capacity to dozens of nonprofit affordable housing developers in Western Massachusetts. The SGF loan will create liquidity to MBL and ultimately positive cash flow to WF as the business grows, enabling it to build its net assets and increased self-sufficiency.

Multifamily Line of Credit

  • Hispanic Housing Development Corporation

    for HHDC Line of Credit (2017) Chicago, IL

    Hispanic Housing Development Corporation (HHDC) affordable housing strategy is to increase its portfolio size and geographic reach by acquiring operating properties in markets outside of Chicago, including in Wisconsin and Michigan. To execute their growth strategy, NC is providing a subordinate line of credit that will work with HHDC's existing bank partners to allow for quick turnaround on acquisition is markets beyond Chicago and Illinois.
  • West Elmwood Housing Development Corporation

    for Westfield Commons (2010) Providence, RI

    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.

    See case study

  • St. Ambrose Housing Aid Center

    for Lead Abatement of Four Rental Properties (2014) Baltimore, MD

    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.

Mini-Permanent Loan for Operating Properties

  • South County Housing

    for Connell Apartments, Skeels Hotel and Ford Apartments (2014) Gilroy, Morgan Hill & Watsonville, CA

    This is NC’s fourth loan to South County. NC’s loan was used to refinance three multifamily rental properties owned by South County: Connell Apartments, Skeels Hotel and Ford Apartments. Prior to NC’s refinancing, the properties were subject to a single “blanket” mortgage from a regional bank. South County approached NC to secure individual property financing to repay the existing loan at a rate that provided needed cash flow to do deferred repairs. NC provided a separate mini-permanent loan for each property, with term of 7 years, 30 year amortization and interest rate of 5.75%. Connell Apartments includes a total of 28 units of affordable rental housing located in Gilroy, Santa Clara County, California. Skeels Hotel includes a total of 13 units of affordable rental housing and over 4,000 square feet of commercial space currently occupied by a restaurant located in the City of Morgan Hill, Santa Clara County, California. Ford Apartments includes a total of 10 units of affordable rental housing located in Watsonville, Santa Cruz County, California.
  • Asian Americans for Equality

    for Hardesty Renaissance (2016) Kansas City, MO

    This is AAFE’s 4th loan with NeighborWorks Capital. AAFE requested a $6,500,000 site acquisition and predevelopment loan for 36 months at 5%, to acquire the remaining piece of an 18 acre redevelopment site in Northeast Kansas City, MO. Building 1 will provide up to 300 apartments for low-income households and 200 apartments for students and faculty. Later development stages will include business incubator space and commercial space for local nonprofits focused on community revitalization. AAFE has executed a Memorandum of Understanding with Northwest Missouri State University (NWMSU) for the university to lease an adjacent property (Building 11) to use for classrooms, offices, light manufacturing, laboratories, and a 70,000 SF rooftop “farm.”
  • Mutual Housing Association of Greater Hartford

    for Office Space Refinance (2014) Hartford, CT

    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.
  • Montgomery Housing Partnership, Inc

    for Parkview Towers (2010) Takoma Park, MD

    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%.
  • Troy Rehabilitation and Improvement Program

    for Jacob Square (2013) Troy, NY

    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.
  • Mountain Housing Opportunities

    for Glen Rock Depot (2014) Asheville, NC

    This is NC’s 4th loan with Mountain Housing Opportunities (MHO). This $1,158,000 mini-permanent loan will be used to refinance maturing debt on the commercial component of the Glen Rock Depot, a mixed use project located in Asheville, NC. Glen Rock Depot includes a residential component of 60 affordable rental units, and a commercial component comprised of 9,100 square feet of commercial space in seven separate units and is located on the street level of this 4-story structure. MHO has established a condominium at the Glen Rock Depot to divide ownership of the residential and commercial components to facilitate financing.
  • Mutual Housing Association of Southwestern Connecticut, Inc

    for Fairfield Commons (2011) Stamford, CT

    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.

    See case study

  • NeighborWorks Waco

    for Pearls Pride (2011) Waco, TX

    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.
  • Hope Enterprise Corporation/Hope Federal Credit Union

    for Lincoln Gardens (2014) Jackson, MS

    This is NC’s 1st loan with Hope Enterprise Corporation (HEC). This $800,000 mini-permanent participation loan (NC’s share of the loan is 26.2% of the total $3,050,000 loan) was used to refinance Lincoln Garden Apartments, a 100-unit, general occupancy affordable rental housing development in Jackson, Mississippi. The loan will be originated and serviced by Hope Federal Credit Union (HFCU), which is HEC’s affiliated credit union. HEC will take-out NC’s share of the loan within the first 7 years. There is an extended Land Use Restriction Agreement (LURA) in place through 2051 that restricts occupancy to residents earning 50% or less of the (AMI) Area Median Income.
  • Southwest Minnesota Housing Partnership

    for McKay Apartments (2012) Alexandria, MN

    The McKay Apartments is the second Mini-Perm Acquisition loan with Southwest Minnesota Housing Partnership. This subordinate loan was used to assist in acquiring and preserving this 30-unit "market affordable" multifamily property while the owner determined capital needs and permanent financing options.
  • Mountain Housing Opportunities

    for Glen Rock Hotel (2014) Asheville, NC

    This is NC’s second loan to a project sponsored by Mountain Housing Opportunities (MHO) in North Carolina. This $902,500 construction and mini-permanent loan will be used for the commercial component of the Glen Rock Hotel, a historic structure in the River Arts District in Asheville, NC. The Glen Rock Hotel includes a commercial component comprised of a total of over 12,000 square feet of commercial space for use by small and medium-sized businesses in a rapidly developing area of Asheville.
  • New Jersey Community Capital (Lead Lender)

    for Paulsboro Plaza (2015) Paulsboro, NJ

    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.
  • Federation of Appalachian Housing Enterprises (Lead Lender)

    for Midway Apartments (2015) Midway, KY

    This is NC’s 2nd participation loan with Federation of Appalachian Housing Enterprises (FAHE). This $376,800 mini permanent loan will refinance Midway School Apartments, a 24-unit affordable rental housing development for seniors located in Midway, Kentucky. The loan will be originated and serviced by FAHE. The loan will have a term of 7 years and a 30 year amortization schedule, with a fixed interest rate of 5.75%.
  • Nevada HAND

    for Stewart Pines (2014) Las Vegas, NV

    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.
  • Housing Partnership, Inc.

    for 4618 West Market (2014) Louisville, KY

    This is NC’s first loan to a project sponsored by Housing Partnership, Inc. (HPI) located in Louisville, Kentucky. This $550,000 mini-permanent loan enabled HPI to acquire West Market Apartments, an 11-unit rental apartment complex built in 2008. The property is on the western end of downtown Louisville, Kentucky and was acquired from a local bank.
  • NJCC and CAPC

    for Multifamily Scattered Site (2014) Essex, Hudson, Middlesex and Union Counties, NJ

    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.

Interim Development

  • HomePort

    for Rich Street Condos (2010) Columbus, OH

    Rich Street Condos is a newly constructed 18 unit condo development consisting of 2-bedroom units targeted towards households with 80% AMGI. This interim development loan was used to take out a bank construction loan on the remaining 5 unsold units and provide repair funds for the units prior to them being offered for sale.
  • Neighborhood Development Services

    for Portage Housing III (2003) Ravenna, OH

    Portage Housing III is a 30-unit rental project offering 3 bedroom units to households within 50%-60% AMGI. This interim development loan was used to acquire the property.
  • NeighborWorks Umpqua

    for Brookside Court (2010) Roseburg, OR

    Brookside Court is a 50-unit multifamily rental project offering a mix of one bedroom units and efficiency units to households at 30% AMGI. This interim development loan was used to acquire and preserve this expiring HUD senior property.
  • Federation of Appalachian Housing Enterprises

    for Sutton School (2015) Sutton, WV

    This is Federation of Appalachian Housing Enterprises (FAHE) 3rd loan with NeighborWorks Capital (NC). NC provided a $750,000 participation loan toward a $2,100,000 construction loan to repurpose a former school into the Sutton School Apartments, a 23-unit affordable rental housing development for seniors located in Sutton, West Virginia. The loan will have a term of 2 years with an interest rate of 5.25%. The repayment of the FAHE loan will come from Low Income Tax Credit equity contributions from CAHEC as limited partner. The borrower is not a NeighborWorks Organization. NC modified its Loan Policies in December 2013 to permit a limited amount of lending to borrowers who are not NWOs so long as an NWO CDFI is involved in the project.
  • Nuestra Comunidad Development Corp

    for Bartlett Place (2010) Roxbury, MA

    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.
  • Cabrillo Economic Development Corporation

    for Piru Family Development (2012) Piru, CA

    Cabrillo Economic Development Corporation secured $1,215,000 in predevelopment and interim development financing for the Piru Family Development project in Piru, CA, a rural community at the border of Ventura County. As part of a larger revitalization effort, this project involves new construction of 24 energy efficient, affordable one-, two- & three- bedroom rental homes for low-income families.
  • Community Resources and Housing Development Corp

    for San Luis Self-Help (2004) San Luis, CO

    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.
  • AHC, Inc.

    for St. James Place (2015) Alexandria, VA

    This is AHC, Inc.’s 3rd loan with NeighborWorks Capital. AHC requested a $6,500,000 Interim Development Loan to finance the acquisition of 5000/5001 Echols Avenue, a 3.12 acre site in Alexandria, Virginia. The property has been rezoned and subdivided to permit the development of 225 units in two multifamily buildings. On the western parcel, AHC will develop, own, and operate a 93 unit 9% LIHTC project. AHC has received a reservation for tax credits and financing commitments from the City of Alexandria. Shortly after closing AHC will issue an RFP for debt and equity investors with a targeted equity and construction closing in Fall 2016. The project will have 3 efficiency units, 12 1-bedroom, 66 2-bedroom, and 12 3-bedroom units with rents from 40% to 60% of AMI.
  • Nuestra Comunidad Development Corp

    for Quincy Commons (2008) Boston, MA

    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.
  • Cabrillo Economic Development Corporation

    for Villa Cesar Chavez (2004) Oxnard, CA

    Villa Cesar Chavez is a 6-unit for sale project consisting of 3-4 bedroom single family homes. This interim development loan was used to fund infrastructure development costs associated with the project.
  • Cabrillo Economic Development Corporation

    for Etting Road (2015) Oxnard, CA

    This is Cabrillo Economic Development Corporation (CEDC) 11th loan with NeighborWorks Capital. CEDC has requested a $1,200,000 Interim Development Loan for the acquisition of land associated with a new construction project consisting of 42-units of affordable family housing, of which 34 units will be set aside for farmworkers, in Oxnard, CA. The development will provide 41 affordable rent restricted apartments for both farmworkers (34 units) and families (7 units) plus one apartment for an onsite resident manager. Apartments will be rent restricted to 30%, 45% and 50% of Area Median Income. It is planned that units set aside for farmworkers earning at or below 30% AMI and 45% AMI will receive USDA Section 521 Rental Assistance subsidies.
  • NeighborWorks New Horizons

    for Kirkham (2003) Branford, CT

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

    for Coppersmith Village (2014) East Boston, MA

    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.
  • Montgomery Housing Partnership, Inc

    for Halpine Hamlet (2009) Silver Spring, MD

    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.
  • Cabrillo Economic Development Corporation

    for Paseo de Luz (2012) Oxnard, CA

    Paseo De Luz is a 25-unit supportive rental project consisting of one bedroom units for households at 30% AMGI for people with mential illness. This loan was used to bridge final construction draws while awaiting final cost certification of the project.

    See case study

  • Community Housing Improvement Program (CHIP)

    for Fox Run 2 (2015) Cottonwood, CA

    This is Community Housing Improvement Program (CHIP) 1st loan with NeighborWorks Capital. CHIP requested an interim development loan from NC of $1,200,000 to refinance acquisition and cover site development costs for the Fox Run 2 project which is new construction of 24 units of single-family self-help housing in Cottonwood, California. CHIP was referred to NC by Rural Communities Assistance Corporation, CHIP’s long-time lender for this type of financing. Buyers will be applicants to the USDA 502 Mutual Self-Help program serving people at or below 70% of the Area Median Income (AMI).
  • NeighborWorks New Horizons

    for Canterbury Gardens (2009) New Haven, CT

    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.
  • Housing Partnership of Northeast Florida

    for Malibu Apartments (2003) Jacksonville, FL

    Malibu Apartments is a 106-unit multifamily rental project for households with 50% AMGI. This interim development loan was used to fund acquisition costs related to the property.
  • Atlanta Mutual Housing Association, Inc

    for Harbour Oaks Apts. (2005) Marietta, GA

    Harbour Oaks is an 80-unit multifamily rental project with a mix of 1-2 bedroom units for households at 50% AMGI. This loan was used to fund predevelopment expenses associated with the project. This loan was done in participation with National Housing Trust.
  • Alamo Area Mutual Housing Association

    for Bentley Place (2001) San Antonio, TX

    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.
  • Central Vermont Community Land Trust

    for River Station Condos (2006) Montpelier, VT

    River Station Condos is an 18-unit for sale project. This interim development loan was used to fund acquisition costs.
  • A Community of Friends (ACOF)

    for Huntington Square (2015) Huntington Square, CA

    This is ACOF’s 2nd loan with NeighborWorks Capital. ACOF requested a $2,010,000 Interim Development Loan request from a first-time borrower, A Community of Friends (ACOF). The loan will be used for the acquisition of land associated with the new construction of a mixed-use project consisting of 55-units of affordable special-needs rental housing and 10,000 SF of commercial/retail space located in Huntington Park, CA. The project will be built on a 0.77 acre site. All units will be targeted to households earning 50% of the Area Median Income or less. The commercial/retail space is anticipated to be a neighborhood-serving eating establishment or potential retail or service-oriented use.
  • NeighborWorks New Horizons

    for Fair Haven Mutual Housing (2010) New Haven, CT

    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.
  • Mountain Housing Opportunities

    for Eagle Market Place (2013) Asheville, NC

    A $1,760,000 interim development loan from NC is supporting Eagle Market Place, a mixed-use development undertaken by Mountain Housing Opportunities that includes 62 units of affordable rental housing, community space, and commercial/retail space. Eagle Market Place is a collaborative effort of MHO and Eagle Market Streets Development Corporation (ESMDC), a community-based developer in downtown Asheville.
  • Alamo Area Mutual Housing Association

    for Las Bougainvilleas (2006) San Antonio, TX

    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.
  • Cabrillo Economic Development Corporation

    for Paseo Santa Clara (2007) Oxnard, CA

    Paseo Santa Clara Apartments is a 140-unit multifamily rental project consisting of efficiencies and 1-3 bedroom units for households at 80% AMGI in Oxnard, CA. This interim development loan was used to fund predevelopment expenses associated with the project.
  • NeighborWorks Waco

    for Franklin Avenue Bldg. (2009) Waco, TX

    This interim development loan was used to perform site improvements to the commercial property where NeighborWorks Waco's headquarters.
  • NeighborWorks New Horizons

    for Spruce Ridge (2014) Stonington, CT

    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.
  • NeighborWorks Columbus

    for Solstice Senior Housing (2009) Opelika, AL

    Solstice Senior Housing is a 56-unit multi-family rental project consisting of three bedroom units for seniors at 50% AMGI. This interim development loan was used to fund acquisition of the property in Opelika, AL.

    See case study

  • Neighborhood Development Services, Inc.

    for Village of Harvest Hills (2004) Ravenna, OH

    The Village at Harvest Hills is a 40-unit rental project offering 2 bedroom units to households between 40%-60% AMGI. This interim development loan was used to refinance existing debt service on the property.
  • Community HousingWorks

    for 206 Cedar Land Acquisition (2014) Vista, CA

    This is NC’s fifth loan with Community HousingWorks (CHW). This $1,900,000 Interim Development Loan will be used for the acquisition of land and related predevelopment costs associated with the construction of a new affordable rental development in Vista, California in the north county region of San Diego. The project – 206 Cedar – will be built on a 1.95 acre infill site composed of three separate parcels. 206 Cedar is expected to include 55 apartments in a mix of one, two and three bedrooms affordable to households with incomes ranging from 30% to 60% of the Area Median Income.
  • Charlotte Mecklenburg Housing Partnership

    for Arden Street (2011) Charlotte, NC

    The Arden Street project will be a mixed-use development planned for 42 rental units and 33 for-sale town homes and is part of a large redevelopment plan adopted by the Charlotte City Council. NC’s loan facilitates the purchase of several key parcels.
  • Neighborhood Development Services, Inc.

    for BLADES (2004) Brady Lake, OH

    BLADES is an 11-unit single family affordable housing project for households with 50% AMGI. This interim development loan was used to fund costs related to acquiring the property.
  • West Elmwood Housing Development Corporation

    for Sankofa Apartments (2014) Providence, RI

    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.
  • Willamette Neighborhood Housing Services, Inc.

    for Alexander Court (2007) Corvallis, OR

    Alexander Court is a 24-unit mixed use project consisting primarily of multifamily rental, with a few single family rental units and some commercial space, for households with 50% AMGI. This interim development loan was used to fund acquisition expenses for the project.
  • Beyond Housing, Inc.

    for Pagedale Retail (2009) Pagedale, MO

    Pagedale Retail is a commercial project that brought the first chain grocery store to this community in more than three decades. It is the complimentary phase to the Pagedale Senior Housing project which will be constructed on an adoining site. This interim development loan was used to cover land acquisition expenses associated with the property.
  • Homeport

    for Trabue Crossing (2013) Columbus, OH

    This is NC’s eighth loan with Homeport and the $1,140,000 in interim financing will enable them to acquire the land on which Trabue Crossing (previously called The Enclave at Hilliard Run) will be built. The project involves the new construction of a 52-unit rental townhome community financed primarily with Low Income Housing Tax Credits. Attention to Universal Design standards ensure that the built environment of the project will serve residents of all ages without the need for adaptation or specialization. Four key needs of low and very-low income families are addressed - Education – an elementary school within walking distance; Jobs - close to retail employment, light industrial and distribution employment; Service Coordination – a Family Supportive Service Plan; and Transportation - local bus route offers easy access to a retail corridor and major employers with entry level employment needs.
  • Lawrence CommunityWorks

    for 108 Newbury Street (2011) Lawrence, MA

    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.
  • Alamo Area Mutual Housing Association

    for Thompson Place & Kings Point (2003) San Antonio, TX

    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.
  • Thistle Housing CDC

    for Fairway Oaks (2010) Boulder, CO

    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.
  • NeighborWorks Provo

    for Scattered Site (2013) Provo, UT

    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.
  • Rural Ulster Preservation Corporation

    for Buttermilk Falls Townhomes (2011) Ellenville, NY

    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.

    See case study

  • Willamette Neighborhood Housing Services

    for Larson Commons Phase 2 (2017) Corvallis, OR

    WNHS used a $455,000 loan to purchase a 0.495 acre site in South Corvallis, adjacent to parcel purchased in 2016. The combined sites will be developed as Larson Commons Phase 2 which will offer 13 townhouse rentals affordable to families at 50% AMI. The development will be financed with 9% LIHTC, CDBG and HOME funds, and a permanent loan. NC participated in this loan with Network of Affordable Housing (NOAH), an Oregon CDFI.
  • Montgomery Housing Partnership, Inc

    for Takoma Park Preservation (2006) Takoma Park, MD

    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.
  • Affordable Housing Alliance

    for Bayshore Bungalows (2014) Raritan Bay, NJ

    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.
  • Southwest Housing Solutions

    for 5716 Michigan Avenue (2010) Detroit, MI

    5716 Michigan Avenue is a historic renovation and adaptive re-use of a shoe factory into community health and counseling center. NC used its interim development loan product as a leverage loan to this New Markets Tax Credit financed project. The Co-Leverage Lenders with NC were Detroit LISC and Living Cities.
  • St. Mary Development Corporation

    for Deer Run Apartments (2011) Lawrenceburg, IN

    Deer Run Apartments is an 84 unit expiring use family LIHTC project located in Lawrenceburg, Indiana.This interim construction loan will cover the replacement of major building systems (roofs, siding, HVAC, windows, appliances, cabinets, flooring, and fixtures) to keep the property marketable into the future. NC provided $1.84 million in capital toward the $6.35 million construction loan, led by Community Housing Capital. This is the first loan with this borrower.
  • AHC Inc.

    for Barclay-Greenmount (2006) Baltimore, MD

    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.
  • NeighborWorks New Horizons

    for Hill Housing (2011) New Haven, CT

    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.
  • Avesta Housing Development Corporation

    for Antrim Village & Lincoln Green (2014) Antrim and Lincoln, NH

    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).
  • South County Housing Corporation

    for Connell Apartments (2009) Gilroy, CA

    This loan, provided in collaboration with several other CDFIs, provided cash flow to South County Housing.
  • Sacramento Mutual Housing Assoc

    for Mutual Housing at Spring Lake (2010) Sacramento, CA

    Mutual Housing at Spring Lake is a proposed 100-unit rental project consisting of 1, 2, 3, & 4 bedroom units for households between 30%-60% AMGI. This interim development loan was used to acquire the property.
  • Avesta Housing Development

    for Butler Payson Senior Housing (2011) Portland, ME

    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.
  • Nevada HAND

    for Sierra Pines Bridge Loan (2017) Las Vegas, NV

    Nevada HAND (NHI) needed a six month bridge loan to repay an existing acquisition loan from a national bank that was used to acquire Sierra Pines Senior Living from the general and limited partners in 2014. NHI had already received an 4% LIHTC and tax-exempt bond award and needed additional time to review and negotiate investor proposals as LIHTC pricing had dropped by more than 15%.
  • Madison Park Development Corporation

    for Madison Park III (2011) Roxbury, MA

    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.
  • PathStone

    for HOPN II - Newburgh Hts. (2007) Newburgh, NY

    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.
  • NeighborWorks Umpqua

    for WISH House (2008) Roseburg, OR

    WISH House is a 13-unit multifamily rental property consisting of one bedroom units for households with 40%-50% AMGI. This interim development loan was used to fund construction costs related to developing the project.
  • Thistle Communities

    for Kimbark Apartments (2014) Longmont, CO

    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.
  • NeighborWorks New Horizons

    for Highwood Square (2006) Hamden, CT

    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.
  • FAHE

    for Kentucky Tax Credit Equity Fund (2013) Berea, KY

    NC is participating in a $14,000,000 loan from Federation of Appalachian Housing Enterprises (FAHE) to Housing Equity Fund of Kentucky III (HEFK-III), a partnership between FAHE Capital and Virginia Community Development Corporation. HEFK-III is a Low Income Housing Tax Credit equity fund which is investing in three (3) affordable rental housing projects in Kentucky which have received allocations of 9% Tax Credits. HEFK-III will disburse funds to the three projects during the course of their construction, cost certification and close-out. Note photo is of one of the 3 affordable rental housing projects - Main Cross Apartments.
  • DHIC, Inc.

    for The 10 at Person Street (2013) Raleigh, NC

    This is NC’s fifth loan to DHIC, and the first since 2006. DHIC is using a construction loan from NC in the amount of $2,240,000 to finance development and construction costs associated with The 10 at South Person (the Project), the new construction of 10 units of attached single-family for-sale housing in downtown Raleigh, North Carolina. The Project, though small in scale, will enable DHIC to achieve important community building and redevelopment goals in a long-time service area.
  • RUPCO

    for Metlife Building (Makers Space) (2017) Kingston, NY

    RUPCO requested a $1,900,000 acquisition loan to exercise their option to purchase a 70,268 SF industrial building located in Kingston, NY. RUPCO, in partnership with proposed anchor tenant Stockade Works (STW) a nonprofit founded by the actress and producer Mary Stuart Masterson, plans to rehabilitate the building into light industrial “Maker’s Space” for entrepreneurial businesses, including but not limited to, a television and film production sound stage and post-production studio space. This economic development project is designed to provide needed production space for the television and film industry already located in Hudson Valley who will capitalize on the expanded film and television tax credits available by filming in Kingston. The project is projected to create 57 construction jobs and 581 permanent jobs when the facility is fully operational. STW also has plans to provide workforce development and educational opportunities for residents seeking jobs in the film and television production industry. NC participated in a $1.9 million loan led by the Leviticus Fund, a New York based CDFI.
  • NeighborWorks Anchorage

    for Spruce View Apartments (2010) Anchorage, AK

    Spruce View Apartments is an 82-unit rental rehabilitation project offering 2 & 3 bedroom units to households with 60% AMGI. This interim development loan was used for infrastructure repairs.
  • NeighborWorks Dakota Home Resources

    for Caledonia Condos (2005) Lead, SD

    Caledonia Condos is a 10-unit for sale project for households with 80% AMGI. This interim development loan was used to fund costs related to acquisition of the property.
  • Mutual Housing of Greater Hartford

    for Park Terrace I (2013) Hartford, CT

    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).
  • Charlotte Mecklenburg Housing Partnership, Inc.

    for Kohler Avenue (2011) Charlotte, NC

    This interim development loan was used to acquire several key parcels toalling 4+ acres on Kohler Avenue in the Double Oaks redevelopment area. Loan proceeds will be used for site and infrastructure improvements in preparation for the next phases of the for-sale and affordable rental projects.
  • Mutual Housing of Hawaii

    for Ko'oloa'ula Phase 1 (2010) Honolulu, HI

    Ko'oloa'ula is a proposed, 120-unit multifamily rental project offering 1-4 bedroom units primarily to households with 50%-60% AMGI. This interim development loan was used to cover the predevelopment costs associated with the property.
  • Asian Americans for Equality, Inc.

    for Union Street (2014) 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.
  • HomePort

    for Whittier Landing (2011) Columbus, OH

    Whittier Landing is the development of 40 single family homes on scattered in-fill lots in Columbus, Ohio under a lease-to-own program, 20 will be newly constructed and 20 are being renovated. HomePort has been awarded Low Income Housing Tax Credits and will target households with incomes from 35% to 60% of Area Median Income.
  • Community Frameworks

    for Valley Pointe (2017) Spokane Valley, WA

    In early 2008, Community Frameworks (CF) purchased a 2.41 acre parcel of land in the City of Spokane Valley to develop 30 for-sale townhouses. After completing construction on eight of the planned 30 highly energy efficient townhouses, and laying down the infrastructure on the remaining 22 sites, CF suspended the project due to slow sales and unforeseen market conditions and the modern architecture which was not common in this market area. CF's board decided to convert the project to affordable rental housing development to be called "Valley Pointe”. With the plan to build rental housing the construction lender needed to be repaid. NC was pleased to assist CF in providing a loan to repay the previous loan and provide predevelopment resources to apply for LIHTC and other state and local housing funds. The planned project will be a 34-units that will serve homeless and low and very low- income families.
  • Housing Partnership of Northeast Florida

    for Forest Apts. (2007) Jacksonville, FL

    Forest Apartments is a 112-unit multifamily rental project for households at 50% AMGI. This interim development loan was used to fund acquisition costs related to the property.
  • New Jersey Community Capital (NJCC)/Community Asset Preservation Corporation (CAPC)

    for AME Church Condos (2014) 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.
  • Mutual Housing of Hawaii

    for Ko'oloa'ula Phase II (2014) Honolulu, HI

    This will be NC’s second loan to Mutual Housing Association of Hawaii (MHAH), following a similar loan for the 120-unit, Phase I project which is immediately adjacent to the Project and recently completed. MHAH’s mission is to provide housing and support services to low- and very-low income families (earning 20-60% of AMI) with a special emphasis on those at risk of homelessness. MHAH will use the $3,000,000 interim development loan to finance pre-construction and pre-development costs associated with Ko’oloa’ula Phase II, the new construction of 188 units of affordable rental housing in East Kapolei, on the Island of Oahu, Hawaii.
  • Portage Area Development Corporation

    for Hudson Properties (2003) Ravenna, OH

    Hudson Properties is a 472-unit affordable housing rental project located across 11 properties. This interim development loan was used to acquire the properties.
  • Nuestra Comunidad

    for Harlow-Howard (2017) Dorchester (Boston), MA

    Nuestra requested an interim development/construction loan from NC to finance the new construction of 4 condominium units in the Dorchester neighborhood of Boston, Massachusetts. While the project is unrestricted/market rate, the units will be marketed at a price affordable to households with incomes in the range of 85% to 95% of the Area Median Income, and lower than comparable condo units in the area. Nuestra has owned the site for 25 years but only in recent years have the market conditions supported the development of unsubsidized for-sale housing in Dorchester. This project fits Nuestra’s strategic plan of developing homeownership projects that are targeted to a more diverse income population, including workforce housing. This is the result of feedback it has received from local elected officials and community stakeholders who want to see a more comprehensive and inclusive approach to community development that includes more diversified levels of incomes.
  • Gilman Housing Trust

    for Shattuck Hill (2006) Orleans, VT

    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.
  • The Housing Partnership

    for Brightwalk Development (2014) Charlotte, NC

    This is NC’s 9th loan with The Housing Partnership in North Carolina. This $2,700,000 interim development loan will be used to refinance and consolidate an existing loans and provide additional acquisition and soft cost capital associated with the continued development of the Brightwalk Master Plan and nearby sites in Charlotte, NC.
  • Community Housing of Wyandotte County

    for Escalade Heights (2014) Kansas City, KS

    This is NC’s second loan to a project sponsored by Community Housing of Wyandotte County (CHWC) in Kansas. This $300,000 interim development loan will be used to cover a portion of the costs of acquisition of a 60 lot subdivision know as Escalade Heights in Kansas City, Kansas. When completed, Escalade Heights is expected to include 16 lease-purchase single family rental units financed with Low Income Housing Tax Credits, and up to 44 market rate single family for-sale homes, all of which will be newly constructed.
  • RUPCO

    for Energy Square (2017) Kingston, NY

    RUPCO requested acquisition financing for the development site for Energy Square (E2), a 57-unit apartment building with 8,000 SF of ground floor commercial, to be built in Kingston, NY. The project will continue RUPCO’s revitalization work of the Midtown neighborhood of Kingston, and demonstrate the benefits of net-zero development, where all energy used by the property and residents is generated on-site using photovoltaic panels and geothermal heating. The E2 project is part of a corridor of RUPCO developments, from The MetLife film-and-television production project (recently acquired with NC financing) and The Lace Mill, an affordable housing development completed in 2015. RUPCO had the property under contract since May 2015, and had anticipated waiting until they secured development financing before closing the acquisition; however, the property seller, on short notice, accelerated the contract expiration to early September, compelling RUPCO’s request to NC. This loan was underwritten and closed in less than 3 weeks.
  • Nevada HAND

    for 501 North Lamb Boulevard (2014) Las Vegas, NV

    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.
  • The Impact! Group

    for Bradford Townhomes (2004) Norcross, GA

    Bradford Townhomes is a 96-unit rental project with 2-3 bedroom units primarily for households at 50% AMGI. This interim development loan was used to fund acquisition costs.
  • Affordable Housing, Education & Development, Inc.

    for Better Homes (2014) Littleton, NH

    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.
  • CommonBond Communities

    for Tallcorn Towers Apartments (2012) Marshalltown, IA

    NC provided both predevelopment and bridge loans to assist in the conversion of this historic hotel in Marshalltown, Iowa into a mixture of 49 affordable rental housing units and commercial retail spaces. This is NC's first financing with CommonBond, a large upper Midwest district member of the NeighborWorks network. Nc's predevelopment loan provided critically needed working capital to move the project to financial closing; and the NC bridge loan enables the project to proceed with construction while awaiting the final allocation of State of Iowa historic tax credits.
  • NeighborWorks New Horizons

    for Bridge Financing Line of Credit (2015) Branford, CT

    This will be NC’s ninth loan to NeighborWorks New Horizons (NWNH). This $1,500,000 bridge financing line of credit loan is being used to bridge funding commitments from the State of Connecticut Department of Housing (DOH) and the Connecticut Housing Finance Authority (CHFA). Funds will initially be utilized to support renovations to Ivy Street Apartments and Hubbard Woods Apartments, two projects currently owned by NWNH. During the first 30 months of the loan term, NWNH will be able to revolve the line of credit for additional projects that receive financing commitments from DOH or CHFA in place. The properties serve a diverse population – elderly, supportive housing, mixed-income, mixed-use, and workforce housing. Income levels vary from 25% to 110% of AMI.
  • St. Ambrose Housing Aid Center

    for Buena Vista Apartments (2014) Baltimore, MD

    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.
  • Neighborhood Development Services, Inc.

    for Lake Street (2004) Kent, OH

    Lake Street is a 13-unit affordable housing project consisting of a mixture of rental and for sale units. This interim development loan was used to fund expenses associated with acquiring the project.
  • DHIC, Inc.

    for Madison Glen (2003) Raleigh, NC

    Madison Glen is a newly constructed 120 unit affordable rental project offering 1, 2, & 3 bedroom apartments.  Over 90% of the units are targeted to households below 40% of AMI.  NC’s interim development loan bridged financing from one of the local project subsidies.
  • Cabrillo Economic Development Corporation

    for The Village (2015) Las Vegas, NV

    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.
  • Beyond Housing, Inc.

    for Pagedale Senior (2009) Pagedale, MO

    Pagedale Senior Housing is a 56-unit multifamily rental project consisting of 2 bedroom units for households at 50% AMGI. This interim development loan was used to fund land acquisition costs associated with the project.
  • Neighborhood Housing Services of New Haven

    for Affordable Housing Development (2014) New Haven, CT

    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.
  • Alamo Area Mutual Housing Association

    for Cimarron Apartments (2012) Universal City, TX

    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.
  • DHIC, Inc.

    for Dacian Glen Apartments (2006) Raleigh, NC

    Dacian Glen Apartments (now known as Glenbrook Crossing after its transformation) is a 65-unit multifamily rental project consisting of 1-3 bedroom units primarily for households at 60% AMGI. This interim development loan was used to fund acquisition costs associated with the project.
  • Nevada HAND

    for Boulder Highway Campus (2015) Las Vegas, NV

    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.
  • Rural Communities Housing Development Corporation

    for Orr Creek (2008) Ukiah, CA

    Orr Creek is a 71-unit rental project consisting of 1-4 bedroom units for households within 40%-60% AMGI. This interim development loan was used to fund initial construction costs for the project.
  • Charlotte Mecklenburg Housing Partnership

    for Catawba Senior Housing (2012) Charlotte, NC

    NC provided both an unsecured predevelopment loan, as well as a site acquisition loan for the construction of 62 units of affordable rental housing for seniors. NC funds enabled CMHP to gain site control prior to closing on tax credit equity and construction financing, and provided working capital to cover the substantial up-front costs associated with a LIHTC transaction.
  • Willamette Neighborhood Housing Services

    for Sunset Corners (2006) Sweet Home, OR

    Sunset Corners is a 6-unit rental project with 2-3 bedroom units for households at 60% AMGI. This interim development loan was used to fund acquisition costs associated with the project.
  • Little Tokyo Service Center CDC

    for Daimaru Hotel (2015) Los Angeles, CA

    This is NC’s first loan to Little Tokyo Service Center CDC (LTSC). This $3,064,000 interim development loan will be used to purchase an existing, 4-story, operating mixed-use property consisting of 48 SRO residential units and three commercial units located in the Little Tokyo neighborhood of Los Angeles, California. The Project, known as Daimaru Hotel, represents a strategic acquisition by LTSC of an important property in the heart of Little Tokyo. LTSC will redevelop the property into 24 units of rental housing (on top three floors) while retaining the commercial use on the first floor. LTSC’s affordable multi-family housing portfolio includes services for special needs populations, including transitional housing for survivors of domestic violence, formerly homeless persons, and mentally disabled adults.
  • Rocky Mountain Mutual Housing Association

    for Belle Creek , Phase 1 (2001) Henderson, CO

    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.
  • NeighborWorks Home Solutions

    for Beacon Place II (2014) Council Bluffs, IA

    This is NC’s second loan to a project sponsored by NeighborWorks Home Solutions (fka NeighborWorks Omaha). This $520,000 interim development loan will be used for land acquisition and a portion of predevelopment expenses related to Beacon Place II, a proposed 60-unit affordable housing project in Council Bluffs, Iowa that is in in the early predevelopment stage. Rents will be comparable to those for Beacon Place 1 (pictured above), and affordable at 30%-60% of AMI.
  • Primavera Foundation

    for Las Abuelitas (2013) South Tucson, AZ

    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.
  • Concord Area Trust for Community Housing

    for Friedman Court (2005) Concord, NH

    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.
  • NHS of South Florida

    for NHS of South Florida Headquarters (2008) Miami, FL

    This interim development loan was used to acquire and rehabilitate the commercial building where NHS of South Florida maintains its principal office.
  • NeighborWorks Montana

    for Glacier Ridge Apartments - Participation (2014) Cut Bank, MT

    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.
  • Community Works Rhode Island

    for Parkis Avenue West (2010) Providence, RI

    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.
  • Community Ventures Corp

    for 3rd Street Exchange (2005) Lexington, KY

    Third Street Exchange is an adaptive reuse to create a business incubator for 5 offices and a public market with 15 spaces. This interim loan bridged financing between the construction and permanent financing stage of the project.
  • HomeSight

    for Pontedera Condominiums (2014) Seattle, WA

    This is NC’s first loan to a project sponsored by HomeSight in Seattle, Washington. This $1,875,000 interim development loan was used to repay a remaining construction loan for the Pontedera Condominium, a 102 unit mixed use mid-rise building with 94 residential units and eight commercial work/live units. Construction of the project began in 2008 and was completed in early 2010. Pre-development costs were funded by HomeSight and grants from NeighborWorks America.
  • Alamo Area Mutual Housing Association

    for Cypress Cove (2012) San Antonio, TX

    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.
  • Housing Resources of Columbia County, Inc.

    for Copake Village (2004) Copake, NY

    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.
  • Madison Park Development Corporation

    for Madison Tropical (2013) Roxbury, Boston, MA

    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).
  • Mountain Housing Opportunities, Inc.

    for Glen Rock (2009) Asheville, NC

    Glen Rock is a 60-unit mixed use project consisting of multifamily rental and commercial space. This interim development loan was used to fund acquisition costs for the property.
  • Community HousingWorks, Inc.

    for Pineview Apartments (2004) Fallbrook, CA

    Pineview Apartments is a 101-unit multi-family rental project offering 1-3 bedroom units primarily to households at 80% AMGI. This interim development loan was used to fund acquisition costs related to the property.
  • Nevada HAND

    for Sierra Pines (2014) Las Vegas, NV

    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.
  • Community HousingWorks

    for Azusa Apartments (2013) Azusa, CA

    NC provided a $6,500,000 Interim Acquistion Loan to Community HousingWorks (CHW) to acquire the Azusa Apartments, an 88-unit multifamily property in Azusa, CA that was being sold by a private owner. NC was able to provide a flexible second mortgage behind a bank. This loan was done in participation with Mercy Loan Fund, Partners for the Common Good, and National Housing Trust who share NC's focus on preservation of affordable housing. This is NC's fourth loan with this borrower.

    See case study

  • Community Housing Partners

    for Townhomes of Ashbrook (2006) Charlotte, NC

    Townhomes of Ashbrook is a 150-unit rental property with 1-3 bedroom units for households at 60% AMGI. This interim development loan was used to provide subordinate financing toward the acquisition and interim repairs of the property.
  • Sacramento Mutual Housing Assoc

    for Stockton Boulevard (2010) Sacramento, CA

    Stockton Boulevard is a 91-unit, new construction, affordable rental townhouse project for households between 30%-60% AMI. This interim development loan was used to acquire the property from a distressed private developer
  • NeighborWorks Blackstone River Valley

    for The Meadows (2003) 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.
  • Southern Mutual Help Association (SMHA)

    for Teche Ridge (2013) New Iberia, LA

    NC committed to Southern Mutual Help Association (SMHA) a $1,700,000 interim development loan for site development and engineering to facilitate this multi-phase single family development to be constructed in accordance with Traditional Neighborhood Design (TND) principles. With an additional $1,700,000 in financing from Rural LISC, NC’s support enables SMHA to proceed with the first 131 home sites, generating substantial impact in rural Louisiana.
  • HomePort

    for City View Homes (2006) Columbus, OH

    City View Homes is a 35-unit multi-family rental project consisting of 2-3 bedroom units for households between 40%-50% AMGI. This interim development loan was used to fund costs related to acquisition.
  • Rural Communities Housing Development Corporation

    for Lakewood Homes (2005) Ukiah, CA

    Lakewood Homes is a 58-unit for sale project offering 3-4 bedroom units to households with 80% AMGI. This interim development loan was used to refinance existing debt service on the property.
  • United Housing, Inc.

    for Wolf River Bluffs (2010) Memphis, TN

    Wolf River Bluffs is a planned 34-unit, new construction for-sale project offering 2 and 3 bedroom single family homes to households at 80% AMGI. This interim development loan was used to acquire the property.
  • Cabrillo Economic Development Corporation

    for Snapdragon Phase 1 (2013) Ventura, CA

    NC provided Cabrillo Economic Development Corporation a $2,268,000 interim development loan for acquisition and bridge financing on a planned 50-unit new construction rental housing development for low-income households. The development includes 25 units designated for farm workers and is part of a larger effort known as Saticoy Village, in a community located within the heart of Ventura County, an agricultural powerhouse in this region.

Predevelopment

  • RUPCO

    for Fallsburg Replacement Housing Project (2015) Fallsburg, NY

    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.
  • Tierra del Sol

    for Paseo del Oro Apartments (2014) Las Cruces, NM

    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.
  • Cabrillo Economic Development Corporation

    for Camino Esperanza (2012) Simi Valley, CA

    NC provided Cabrillo Economic Development Corporation with a $400,000 predevelopment loan used to begin design and environmental work for 30 new apartments that will be occupied by adults with developmental disabilities. On-site services for residents will be provided in partnership with two local nonprofit organizations.
  • Charlotte Mecklenburg Housing Partnership, Inc

    for Statesville Ave Apts (2008) Charlotte, NC

    Statesville Avenue Apartments is a 96-unit mixed use project featuring multifamily rental units and commercial space. This loan was used to fund predevelopment expenses associated with the project.
  • HomePort

    for Enclave at Hilliard Run Homes (2010) Columbus, OH

    Enclave at Hilliard Run is a proposed, 54-unit for sale project. The units, consisting of three bedrooms each, will be targeted primarily to households with 50%-80% AMGI. NC's loan was used to cover predevelopment expenses associated with acquiring the property.
  • Homeport

    for Hilltop Homes II (2014) Columbus, OH

    This is NC’s ninth loan with Homeport. This $400,000 predevelopment loan will cover predevelopment costs for Hilltop Homes II, a proposed 40-unit scattered site, single family lease-purchase homes 9% LIHTC project in Columbus, Ohio. The 40 single-family homes will be used as rental housing. Some of those homes will be substantially renovated to a quality similar to a new construction home. The project will be an urban infill, scattered site project financed primarily with Low Income Housing Tax Credit equity. This will target large families with incomes at 30%, 50% and 60% of Area Median Household Income. The project constitutes the second phase of the Hilltop Homes project. The first phase is similar in design and is located in the same neighborhood. Hilltop Homes I has 30 units and is 97% occupied with only one vacant unit.
  • Neighborhood of Affordable Housing

    for Sitkowski School (2011) Webster, MA

    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.
  • Charlotte Mecklenburg Housing Partnership, Inc

    for Gables II (2008) Charlotte, NC

    Gables II is a 72-unit multifamily rental project featuring 1-2 bedroom units primarily for households at 60% AMGI. This loan was used to fund predevelopment expenses associated with the project.
  • Mutual Housing Association of Southwestern Connecticut, Inc

    for Wilton Commons II (2008) Wilton, CT

    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.
  • Tri-County Housing and Community Development Corporation

    for Melonaire Apartments (2012) Rocky Ford, CO

    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.
  • Codman Square Neighborhood Development Corp.

    for AB&W Bldg. (2006) Dorchester, MA

    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.
  • Mutual Housing Association of Greater Hartford

    for Summit Park (2013) Hartford, CT

    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.
  • Charlotte Mecklenburg Housing Partnership, Inc

    for Westinghouse (2009) Charlotte, NC

    Westinghouse is a 96-unit rental project featuring 2-3 bedroom units primarily for households at 60% AMGI. This loan was used to fund predevelopment expenses associated with the project.
  • Charlotte Mecklenburg Housing Partnership

    for Weddington Road Apartments (2014) Charlotte, NC

    This is NC’s eighth loan with Charlotte Mecklenburg Housing Partnership (CMHP). This $400,000 predevelopment loan was used for predevelopment expenses associated with the development of Weddington Apartments, a proposed 70-unit affordable rental housing development in Charlotte, NC. CMHP, founded in 1988, has been a NeighborWorks America® (NWA) member since 1997. The Partnership has fulfilled its mission through neighborhood revitalization, homeownership services, and the creation of over 2,000 affordable rental housing units.
  • Affordable Housing, Education & Development

    for Senior Living at Notre Dame (2013) Berlin, NH

    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.
  • Tierra Del Sol Housing Corporation

    for El Camino Real Apartments (2014) Hatch, NM

    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.
  • East Akron Neighborhood Development Corp

    for Village at New Seasons (2008) Canton, OH

    Village at New Seasons is a 50-unit mixed use project consisting of senior housing multifamily rental and commercial space. This loan was used to fund predevelopment expenses associated with the project.
  • HomeSight

    for CDFI Bridge Line of Credit (2015) Seattle, WA

    This is HomeSight’s 2nd loan with NeighborWorks Capital. HomeSight has requested a predevelopment loan of $400,000 to be used to provide liquidity to HomeSight as it ramps up its single family mortgage lending program. This is NC’s second loan to HomeSight. The primary source of repayment is the sale of the mortgages originated with NC proceeds to another lender. This is a new endeavor for HomeSight and NC was willing to make this loan due to their successful sale of 11 loans to date.
  • Community Housing of Wyandotte County

    for Villages at Bethany (2013) Kansas City, KS

    First-time NC borrower CHWC will use a $400,000 pre-development loan to build Villages at Bethany, an innovative affordable housing community for seniors totaling 139 units: 42 independent living units, 42 assisted living units, and 55 long-term care units. The project will be located in Kansas City, Kansas.
  • HomePort

    for Eastway Village Homes (2011) Columbus, OH

    Eastway Village is a 66 unit rental housing project that will consist of one-bedroom mid-rise apartments and two-bedroom cottage style ranch units for low- and very low-income seniors (55 and over). The loan will be used to pay for design and financing expenses.
  • Cabrillo Economic Development Corporation

    for Paseo Santa Barbara (2009) Santa Paula, CA

    Paseo Santa Barbara is a proposed 90-unit mixed use project featuring multifamily rental units and commercial space. This loan was used to fund predevelopment expenses associated with the project. At completion Cabrillo renamed the project Rodney Fernandez Gardens in honor of its retiring and founding Executive Director.
  • Charlotte Mecklenburg Housing Partnership, Inc

    for Live Oak Seniors (2006) Charlotte, NC

    Live Oak Seniors is a 50-unit multifamily rental project, dedicated exclusively to the elderly, featuring one bedroom units. This loan was used to fund predevelopment expenses associated with the project.

    See case study

  • Asian Americans for Equality

    for 244 Elizabeth Street & 44 Montgomery Street (2013) New York, NY

    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.
  • Cabrillo Economic Development Corporation

    for Azahar Place (2009) Ventura, CA

    Azahar Place is a proposed 60-unit multifamily rental project featuring 1-4 bedroom units for households at 60% AMGI. This loan was used to fund predevelopment expenses associated with the project.
  • Mutual Housing Association of Greater Hartford

    for Summit Park II (2016) Hartford, CT

    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.
  • New Kensington Community Development Corporation

    for Orinoka Mills (2013) Philadelphia, PA

    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.
  • Codman Square Neighborhood Development Corp.

    for Talbot Commons (2011) Boston, MA

    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.
  • HAP Housing (HAP)

    for 188 Fuller Street (2016) Ludlow, MA

    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.
  • Mutual Housing Association of Greater Hartford, Inc.

    for Zion Square (2004) Hartford, CT

    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.
  • Mutual Housing of Southwestern Connecticut

    for Wilton Commons II (2014) Wilton, CT

    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.
  • AHC Inc.

    for Woodbury North (2003) Arlington, VA

    Woodbury North is a 215-unit project featuring a mix of for sale and rental affordable housing units. This loan was used to fund predevelopment costs associated with the project.
  • Neighborhood of Affordable Housing (NOAH)

    for Coppersmith Village (2013) East Boston, MA

    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.
  • NeighborWorks Omaha

    for Beacon Place (2011) Council Bluffs, IA

    Beacon Place will be a newly constructed 40 unit apartment building will benefit low and moderate income residents of Council Bluffs, Iowa which is across the Missouri River from Omaha, Nebraska. This pre-development loan will cover architectural, engineering and survey costs. This is NC's first loan with NeighborWorks Omaha.
  • Urban Edge Housing Corp.

    for Egleston Crossing (2002) Boston, MA

    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.
  • Community Preservation and Development Corporation

    for Randle Hill Apartments (2017) Washington, DC

    This predevelopment loan will cover expenses incurred in the preservation of Randle Hill Apartments, a 196-unit development in the Congress Heights neighborhood of Washington DC. CPDC acquired the property in December 2016, and is applying for and allocation of 4% LIHTC and tax exempt bonds from the Washington DC Housing Finance Agency. This project will improve an older apartment property in a transitioning area of Washington DC, and provide affordable homes to both low-income families and moderate-income families, as only 80% of the apartments will be subject to rent restrictions. This will reduce displacement of households earning more than 60% AMI but are long-time community residents.
  • Madison Park Development Corporation

    for Ruggles-Shawmut (2005) Boston, MA

    Ruggles-Shawmut is a 43-unit affordable rental project providing housing to families at 30% AMGI. This loan was used to cover predevelopment costs.
  • NeighborWorks New Horizons

    for Spruce Meadow (2013) Stonington, CT

    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.
  • Urban Edge Housing Corp.

    for 89-95 Amory Street (2002) Boston, MA

    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.
  • Community Housing of Wyandotte County

    for Villages of Bethany (2013) Kansas City, KS

    This is NC’s first loan to a project sponsored by Community Housing of Wyandotte County (CHWC) in Kansas. This $400,000 predevelopment loan will be used for predevelopment expenses related to Villages at Bethany Senior, an affordable housing community for seniors consisting of a total of 139 units: 42 independent living units, 42 assisted living units, and 55 long-term care units. The project will be located in Kansas City, Kansas.
  • Lawrence CommunityWorks, Inc.

    for Duck Mill (2010) Lawrence, MA

    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.
  • Thistle Housing CDC

    for 1000 Rosewood (2010) Boulder, CO

    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.
  • Housing Resources of Columbia County, Inc.

    for Millerton (2004) Millerton, NY

    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.
  • Mennonite Housing Rehabilitation Services

    for French Quarter II (2014) Wichita, KS

    This is NC’s first loan with Mennonite Housing Rehabilitation Services (MHRS). This $400,000 predevelopment loan was used for predevelopment expenses associated with the development of French Quarter, Phase II, a proposed 44-unit affordable general occupancy rental housing development financed primarily with Low Income Housing Tax Credits (LIHTC) and located in Wichita, Kansas. The unit mix will include one, two and three bedroom units to be rented to households with incomes 30% and 60% of the Area Median Income (AMI).
  • South County Housing Corp

    for Par 3 Mar Vista (2005) Aptos, CA

    Par 3 Mar Visita is a 90-unit mixed use and mixed income development on 4-acres of vacant land in conjunction with an 8 acre market rate housing development. This loan funded predevelopment expenses for the project.
  • Housing Resources of Columbia County, Inc.

    for Hudson Homestead (2004) Hudson, NY

    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.
  • Portage Area Development Corporation

    for Portage Housing II (2001) Ravenna, OH

    Portage Housing II is a 25-unit single family rental project offering 3-4 bedroom units to households with 40% AMGI. This loan was used to fund pre-development costs associated with the project.
  • Manchester Neighborhood Housing Services

    for Silver Mill (Renaissance 8) (2005) Manchester, NH

    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.
  • Cabrillo Economic Development Corporation

    for Snapdragon Phase 1 (2011) Ventura, CA

    Snapdragon Phase 1 (previously known as Los Angeles Apartments) will include 24 general occupancy units at 50% area median income and remaining 25 units will be for farmworkers earning 30%-50% of AMI. Loan proceeds will be used to for architectural, engineering and site work.
  • Housing Resources of Western Colorado

    for HRWC OLP (2009) Grand Junction, CO

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

    for Duxberry Landing (2011) Columbus, OH

    HomePort used a Predevelopment Loan to cover third party fees and other up-front costs for this 35 unit scattered site, single-family, LIHTC project with a lease to purchase option development (units rented for 15 years then offered to the residents for purchase) for low-income households earning less than 60% AMI.

    See case study

  • Nuestra Comunidad Development Corp

    for Edgewood (2003) Boston, MA

    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.
  • East Akron Neighborhood Development Corp

    for Stephenson Pointe (2005) Akron, OH

    Stephenson Pointe is a 30-unit single family rental project for families at 60% AMGI. This interim development loan was used for relocation expenses associated with the project.
  • Neighborhood of Affordable Housing, Inc.

    for Benfield Farms (2009) Carlisle, MA

    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.
  • DHIC, Inc.

    for Highland Village (2002) Cary, NC

    Highland Village is a 260-unit multifamily property consisting of both for-sale and rental units. This loan was used to fund predevelopment expenses associated with the project.
  • Alamo Area Mutual Housing Association

    for Twin Oaks (2001) San Antonio, TX

    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.
  • Mutual Housing Association of Southwestern Connecticut, Inc

    for Wilton Commons (2006) Wilton, CT

    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.
  • Madison Park Development Corporation

    for Interfaith Apartments (2002) 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.
  • Lafayette Neighborhood Housing Services, Inc.

    for Old Jeff Apartments (2002) Lafayette, IN

    Old Jeff Apartments is a mixed use, 74-unit rental project consisting of efficiencies, 2-3 bedroom apartments and commercial space. This loan was used to fund predevelopment expenses.
  • West Elmwood Housing Development Corporation

    for Sankofa Apartments (2012) Providence, RI

    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.
  • Interfaith Housing Delaware, Inc

    for Arbor Place I (2006) New Castle, DE

    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.
  • PathStone

    for West Broadway Villas (2013) Monticello, NY

    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.
  • NeighborWorks Montana

    for Montana OLP (2009) Great Falls, MT

    This Organizational Pilot Loan was used to provide NeighborWorks Montana with a source of capital to on-lend for various affordable housing project loans.
  • Community HousingWorks, Inc.

    for Florida Street - KALOS (2009) San Diego, CA

    Florida Street (now known as KALOS) is a proposed 83-unit multifamily project with 1-3 bedroom units primarily for households at 60% AMGI. This loan was used to fund predevelopment expenses associated with the project.
  • Mutual Housing Association of Greater Hartford

    for Park Terrace I (2013) Hartford, CT

    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.
  • East Akron Neighborhood Development Corp

    for Queen Esther's Village (2006) Canton, OH

    Queen Esther's Village is a 33-unit multi-family, senior housing rental project with 2 bedroom units for households between 40%-60% AMGI. This loan was used to fund predevelopment expenses associated with the project.
  • Community Housing Development Corporation

    for Barrett Plaza & Barrett Terrace (2015) Richmond, CA

    This is NeighborWorks Capital’s (NC) first loans to Community Housing Development Corporation of North Richmond (CHDC). NC’s predevelopment loans were made to complete predevelopment activities for the recapitalization and preservation of two affordable rental properties owned by CHDC located in Richmond, California: Barrett Terrace and Barrett Plaza. Barrett Plaza Townhomes is a 58-unit general occupancy rental apartment complex built in 1979 in Richmond, California. The property receives rental subsidies from a recently renewed 20-year Section-8 Housing Assistance Payment (HAP) contract. The complex has been well maintained, but is in need of capital improvements which CHDC will undertake as part of a recapitalization of the project using tax exempt bonds and 4% Low Income Housing Tax Credits. NC’s $300,000 predevelopment loan enabled CHDC to complete the necessary predevelopment activities to secure financing for the recapitalization. Barrett Terrace Apartments is a 115-unit general occupancy rental apartment complex built in 1975 in Richmond, California. The property receives operating subsidies through a recently renewed 20-year Section-8 HAP contract. The complex has been well maintained, but is in need of capital improvements which CHDC will undertake as part of a recapitalization of the project also using tax exempt bonds and 4% Low Income Housing Tax Credits. NC’s $300,000 predevelopment loan will also enable CHDC to complete the necessary predevelopment activities to secure financing for the recapitalization.
  • South County Housing Corp

    for Gilroy Cannery (2007) Gilroy, CA

    Gilroy Cannery is a 210-unit project consisting primarily of multifamily rental units, with some single family rental units and commercial space. This loan was used to fund predevelopment expenses associated with the project.
  • DHIC, Inc.

    for Carlton Place (2005) Raleigh, NC

    Carlton Place is a 80-unit multifamily rental project consisting of 1-3 bedroom units. This loan was used to fund predevelopment expenses associated with the project.
  • A Community of Friends

    for Silver Star Apartments (2015) Los Angeles, CA

    The is NC’s second loan to A Community of Friends (ACOF) who closed on a $400,000 predevelopment loan for predevelopment costs related to its new construction project known at Silver Star Apartments. The project will be 49 units of permanent supportive housing community for homeless veterans located in the Hyde Park neighborhood of Los Angeles. Separately, NC approved a $2,000,000 interim development loan for the Huntington Square project for land acquisition. This planned construction of a mixed-use project consisting of 55 units of affordable special needs rental housing and 10,000 square feet of commercial/retail space will be located in Huntington Park, California. ACOF’s focus is to build housing for people who earn less than 30% of area median income (AMI) and have a mental, physical, or developmental disability. It works to provide people with special needs safe and affordable homes that allow them to focus on their mental and physical health. ACOF currently houses over 2,000 individuals and families in its buildings. 99% of ACOF’s special needs residents have a mental health, substance abuse, or a physical disability and over 95% have remained housed after one year with another 69% housed after three years.
  • HomePort

    for Whittier Landing (2009) Columbus, OH

    Whittier Landing is a proposed 40-unit rental property with 3-4 bedroom units for households between 40%-60% AMGI. This loan was used to fund predevelopment expenses associated with the project.
  • Charlotte Mecklenburg Housing Partnership (The Housing Partnership)

    for Atando Apartments (2015) Charlotte, NC

    This is NC’s 10th loan with Charlotte Mecklenburg Housing Partnership (The Housing Partnership). The Housing Partnership is requesting a $400,000 predevelopment loan from NC to complete predevelopment activities for the construction of Atando Apartments, a 130- unit general occupancy rental apartment project to be built at CMHP’s Brightwalk development. This is the final affordable housing project for this master plan redevelopment project. The project has been awarded a $10 million bond allocation and 4% LIHTC, NC’s source of repayment. The property will include four three- story apartment buildings of which one building will incorporate the 3,100 square foot clubhouse and have 79 three-bedroom and 51 two-bedroom units, all with two full baths. Of these units, five of the two-bedroom and eight of the three-bedroom units will have restricted rents amounting to 50% of the Mecklenburg County area median income (AMI). In addition, 46 of the two-bedroom units and 71-of the three-bedroom units will have rents at 60% of AMI.
  • Codman Square Neighborhood Development Corp.

    for Latin Academy II (2004) Dorchester, MA

    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.