NeighborWorks Capital is pleased to extend a $2.5 million enterprise loan to CHN Housing Partners (CHN). The funds will provide additional liquidity as the organization grows its general contracting line of business.
CHN is an affordable housing developer serving Ohio, Michigan, and Pennsylvania that is nationally known for its LIHTC-financed, scattered-site, single-family lease-to-own projects. A major component of CHN’s work is its construction arm, which contributes to its mission to expand the supply of affordable housing in the region. This revolving line of credit will allow the organization to expand its general contracting capacity on its own projects while also serving as a third-party general contractor for other developers through its wholly owned for-profit affiliate, CHN Construction, LLC.
Since 2012, CHN Construction has completed 16 projects (512 units)This line of credit will provide CHN with the additional liquidity it needs to manage its increasing pipeline of construction projects.
CHN was founded in Cleveland, Ohio, in 1981 and is a large-scale affordable housing developer, residential lender, and housing intermediary that collaborates with its partners to solve major housing challenges in Ohio, Michigan, and Pennsylvania. CHN has developed approximately 7,100 single-family and multifamily housing units across more than 80 developments. CHN’s single-family work focuses on its nationally replicated Lease Purchase Program. The organization provides consulting services to other nonprofit affordable housing developers to replicate the Lease Purchase Program. CHN also provides energy assistance and weatherization services to improve energy efficiency and reduce homeowners’ costs.
This is the first time CHN and NeighborWorks Capital have partnered, and we are excited to support their efforts to address major housing challenges for the communities they serve in Ohio, Michigan, and Pennsylvania.
