NeighborWorks Capital is pleased to extend a $19,000,000 construction loan, in participation with Century Housing, to the Community Housing Improvement Program (CHIP). The funds will be used to rehabilitate the East of Eaton townhome community in Chico, CA.
East of Eaton has not had a significant rehabilitation since it was originally constructed in 1992. Major improvements in this renovation will address safety and accessibility needs like repairing sidewalks as well as critical repairs for roofs, windows, walls, kitchens and baths, lighting, and plumbing. The improvement plan also includes upgrades to community landscaping, a playground, and dog park.
As part of their mission to promote safe, healthy, sustainable, affordable housing in their service area, CHIP will use an innovative funding program from CA-HCD, the Portfolio Revitalization Program (PRP), to substantially rehabilitate the property. This will preserve 76 affordable housing units and allow CHIP to continue to provide this quality, affordable housing option at well below market rental rates.
CHIP is based in Chico, California and provides healthy, sustainable, affordable housing to qualified residents in seven Sacramento Valley counties: Butte, Colusa, Glenn, Shasta, Tehama, Yuba, and Sutter. CHIP has built over 2,000 single-family homes and over 700 rental homes and apartments in their service area and is acknowledged as an innovator and leader in affordable housing issues in rural and urban areas. Their major lines of business are homeownership creation, rental housing development, property management, and resident services. Through these activities, CHIP is involved in disaster recovery, advocacy, and social justice.
NeighborWorks Capital began our partnership with CHIP in 2015 and has extended 3 other loans to the organization. We are happy to continue to support their work and grow our partnership with this organization that is widely recognized as an innovator and leader in affordable housing.
