NeighborWorks Capital closed a $800,000 enterprise liquidity loan with Community Action Partnership of North Alabama, Inc (CAPNA) in July 2019. Our loan will give CAPNA the funds to improve their operating liquidity and provide a source for predevelopment funding. CAPNA is an active affordable housing developer with an expanding portfolio. This influx of funds will allow CAPNA a significant opportunity to expand its control of the portfolio, by taking 100% ownership as properties exit LIHTC compliance. Securing LIHTC in Alabama requires a significant cash outlay with a deposit of 15% of a LIHTC award ($150k to $250k) held by Alabama HFA for 9 to 12 months prior to closing on the financing. A secondary use of the loan will be development costs for small single-family projects in Montgomery, usually two-three homes per year where loan funds will bridge committed CDBG/HOME funds.
Lakes Region Community Developers | Bay Street Apartments
NeighborWorks Capital is pleased to extend a $673,000 construction-to-permanent loan to Lakes Region Community Developers for Bay Street Apartments.
