NeighborWorks Capital closed a $1,700,000 acquisition loan with Community Housing Partners Corporation (CHP) in December 2019. This loan will assist CHP with assuming loans from Virginia Housing Development Authority. Ridge Apartments are a 100-apartment project located in Woodstock, Virginia that were developed in three phases (38 apartments in 2003, 38 apartments in 2004, and 24 apartments in 2005) using 9% LIHTC financing. All apartments are currently lease at 50% AMI, with up to 60% AMI eligibility. CHP plans to refinance the acquisition and existing debt in a new 4% LITHC/tax exempt bond transaction to combine several properties.
NeighborWorks Capital Deploys $500 Million to Catalyze Affordable Housing Development
NeighborWorks Capital has achieved a milestone of $500 million in loan capital deployed to support the affordable housing development, economic development, neighborhood revitalization, and resident and community services work of NeighborWorks network organizations across the United States.