NeighborWorks Capital closed a $6,307,000 refinance of a previous acquisition and predevelopment loan with East bay Asian Local Development Corporation (EBALDC) in September 2019. Our loan will give EBADLC the funds to increase NC’s existing $4,155,000 acquisition loan that initially closed in 2017 as the project has changed. The West Grand & Brush project in Oakland, California will incorporate some supportive-housing tenant and updating the design. This project will provide deep affordability in one of the most expensive rental markets in the US, with more than half of the apartments restricted to households at 20% and 30% of AMI.
Final FHFA Rule on Racial Equity, Language Access, and Fair Lending Oversight Will Aid Underserved Communities
A coalition of affordable housing and civil rights organizations applaud an announcement from the Federal Housing Finance Agency (FHFA) finalizing a rule on fair housing, fair lending, and equitable housing finance (EHF). The FHFA’s new rule on EHF plans will provide greater market access to underserved communities.