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.
NeighborWorks Capital and National Equity Fund Announce LIHTC Equity Fund to Empower Partner Organizations
The innovative fund, exclusive to members of the NeighborWorks America network, will provide LIHTC equity with equitable, consistent terms, helping create and preserve more affordable housing across the country.
