NeighborWorks Capital funded a $500,000 stabilization loan with New Directions Housing Corporation (New Directions) in July 2020. This stabilization loan will provide flexible working capital for New Directions due to financial hardship caused by the COVID-19 quarantine orders and economic slowdown. New Directions manages and develops affordable housing in Louisville, Kentucky. They also have programs for affordable home repairs and community building and engagement. New Directions will continue with several development projects but anticipate that COVID-19 may impact the timing of these projects. These funds will allow New Directions to continue working on these projects as well as pay off existing debt in a timely fashion.
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.