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.
Our team had the opportunity to spend time with five members of NeighborWorks America serving communities in Boston and Providence. On this trip, we visited Codman Square Neighborhood Development Corporation, Nuestra Comunidad Development Corporation, Madison Park Development Corporation, ONE Neighborhood Builders, and Cambridge Neighborhood Apartment Housing Services. Each of these organizations is doing transformational work to create opportunities for people to live in affordable homes, improve their lives, and strengthen their communities.