NeighborWorks Capital recently closed a $6,269,100 permanent loan to Community Resources and Housing Development Corp (CRHDC) for the purchase of Kiva Apartments, 64 units in Alamosa, CO. Kiva was one of five properties (two multifamily, 2 self-storage, and 19 acres of vacant land) in a portfolio acquisition, expanding their presence in Alamosa and the San Luis Valley. NC’s ten-year loan includes an innovative debt service reserve, with underwriting (and loan size) at expected rents after a gradual increase, rather than at lower current rents. This was NC’s first loan to CRHDC after more than 10 years.
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.