NeighborWorks Capital recently closed a $6,269,100 permanent loan to Community Resources and Housing Development Corp (CRHDC) for the purchase of Kiva Apartments, 64 units in Alamosa, CO. Kiva was one of five properties (two multifamily, 2 self-storage, and 19 acres of vacant land) in a portfolio acquisition, expanding their presence in Alamosa and the San Luis Valley. NC’s ten-year loan includes an innovative debt service reserve, with underwriting (and loan size) at expected rents after a gradual increase, rather than at lower current rents. This was NC’s first loan to CRHDC after more than 10 years.
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.