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.
Chief of Consulting
The Chief of Consulting (CC) is a member of the senior management team and has overall responsibility for the startup and buildout of a consulting business focused on the affordable housing and community development industry. The CC will need to be an entrepreneur at heart but also be able to work as part of a team. The CC is a critical strategic partner for the Chief Executive Officer (CEO) and will report directly to the CEO.