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.
Our team had the opportunity to spend time with five members of NeighborWorks America serving communities in Boston and Providence. On this trip, we visited Codman Square Neighborhood Development Corporation, Nuestra Comunidad Development Corporation, Madison Park Development Corporation, ONE Neighborhood Builders, and Cambridge Neighborhood Apartment Housing Services. Each of these organizations is doing transformational work to create opportunities for people to live in affordable homes, improve their lives, and strengthen their communities.