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 Deploys $22 Million to Fund Permanent Multifamily Loans in Partnership with Charles Schwab Bank
On August 30, 2022, NeighborWorks Capital received its largest investment to date, a $25 million facility from Charles Schwab Bank to fund permanent multifamily loans. One year later, NeighborWorks Capital is pleased to report that 90% of the facility has been utilized and $22 million of long-term, fixed-rate permanent financing has been deployed to members of the NeighborWorks network.