Piedmont Housing Alliance (PHA) recently closed on a $1,500,000 revolving predevelopment line of credit to support the redevelopment of Kindlewood (formerly Friendship Court) in Charlottesville, VA. Friendship Court’s 150 affordable apartments were built in 1972 after displacing many residents of a historic Black neighborhood in downtown Charlottesville. PHA, in partnership with National Housing Trust, will redevelop the site in four phases, replacing 150 apartments with 350 townhouses and apartments and a new community center, without displacing any residents. This was NeighborWorks Capital’s first loan to PHA, who joined the NeighborWorks America network in 2021.
Learn more about NeighborWorks Capital’s competitively priced, fixed-rate loan capital that is available to members of the NeighborWorks network. Visit our lending solutions page for more information.
