NC closed a $300,000 line of credit with Lakes Region Community Developers (LRCD) for predevelopment expenses on new development opportunities. Operating in an area of New Hampshire with scare affordable housing options, LRCD is working to expand the scale and pace of its developments, and a flexible source of predevelopment funding will support their growth. NC’s loan can be used for property acquisition costs, predevelopment costs, especially expensive design and engineering work, and legal work to get projects ready to start construction. This was NC’s first loan to LRCD.
NeighborWorks Capital has joined the Federal Home Loan Bank of Atlanta, a cooperative of eligible commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies that offers competitively-priced financing, as well as affordable housing and community development grants.