Construction to Permanent Financing Rehabilitates Apartments

NeighborWorks Capital funded a $1,316,217 construction to permanent loan with Gulf Coast Housing Partnership (Gulf Coast) in August 2020. Gulf Coast acquired Virginia Meadows with the plan to rehabilitate 168 apartments for low-income housing for families in Montgomery, Alabama. Gulf Coast was awarded $1,436,593 in annual 9% Low Income Housing Tax Credits (LIHTC) for the development through the Alabama Housing Finance Authority in June 2019. The 2019 FHLB Atlanta Award, requires 60% of the units to be set-aside at 50% AMI or below.  The rehabilitation and preservation of the 168 apartments will ensure the surrounding community has access to high-quality affordable housing, which is a scarcity.