NeighborWorks Capital funded a $13,395,000 construction loan with Thistle Communities in December. This loan will assist Thistle with the construction of Velo Condominiums Phase I which will include 40 residential condominiums. Six of the forty will be subject to the restrictions of the City of Boulder Permanently Affordable For-Sale Interim Covenant. The development of the site will occur in two phases for a total of 70 residential condominiums. A portion of this construction loan will pay for the infrastructure development costs associated with the Phase II property.
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.