NeighborWorks Capital recently closed a $2,862,000 revolving construction line of credit to DevNW for the development of 51 affordable homes in Eugene (Nelson Place, 40 homes) and Corvallis, OR (Southtown I, 11 homes). DevNW will use subsides from Oregon Housing and Community Services LIFT program, the Cities of Eugene and Corvallis, and HUD SHOP funds to make the homes affordable to families from 80% to 100% AMI, using a land trust model. The OHCS loan is a key part of the financing, providing subsidies (literally) on top of the land trust.
If you want to learn more about construction loans, contact Mike Haas, Senior Loan Officer, at mhaas@neighborworkscapital.org.
