NeighborWorks Capital is pleased to extend a $900,000 acquisition loan to Ithaca Neighborhood Housing Services for the acquisition of a 4.12-acre plot of to-be-developed vacant land in Ithaca, NY.
The parcel will be developed with a Low Income Housing Tax Credit (LIHTC) -financed affordable rental housing community consisting of 53 1- and 2- bedroom units, and 6-7 units of affordable for-sale single family homes. Construction is expected to be complete in the late summer/early fall of 2026.
Ithaca NHS, founded in 1976, is dedicated to expanding housing opportunities for low-and-moderate income residents of Cayuga, Chemung, Cortland, Schuyler, Seneca, Tioga, and Thompkins counties in New York. They are part of a growing network of Neighborhood Housing Services organizations utilizing partnerships between residents, business, and local government to revitalize blighted areas.
This is the third loan NeighborWorks Capital has extended to Ithaca NHS, and we are excited to help this project come to fruition as we continue to support their work to foster communities that embrace diversity, equity, and sustainability in ways that produce lasting outcomes.
