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.
Former NeighborWorks Capital CEO Jim Ferris Passes Away
NeighborWorks Capital is deeply saddened at the passing of our former CEO, Jim Ferris. Jim was the CEO of our organization from 2007 to 2022 and had a tremendous impact. He was part of our industry for 40 years.