NeighborWorks Blackstone River Valley (NWBRV) recently closed a $600,000 land acquisition and predevelopment refinance loan with NeighborWorks Capital. NWBRV plans to convert one of Tupperware’s first research labs into 55 affordable apartments in North Smithfield, RI. After taking out the loan in 2018 to complete environmental examination and initial mitigation actions, the timeline to move to financial applications within 24 months proved to be too ambitious. NWBRV also wanted to add a 43-unit new construction element to the development plan to help North Smithfield reach its affordable housing goal. NeighborWorks Capital was able to extend the maturity of the loan by 36 months, allowing NWBRV time to permit the expanded development plan and secure additional funding.
NeighborWorks Capital has joined the Federal Home Loan Bank of Atlanta, a cooperative of eligible commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies that offers competitively-priced financing, as well as affordable housing and community development grants.