NeighborWorks Capital closed an acquisition loan with Peoples’ Self-Help Housing Corporation (PSHH) in April 2020. This loan will finance the acquisition of approximately 10 acres of vacant land in Santa Barbara County, California. This land will be used for a new construction affordable multifamily project of 75 apartments (including the manager’s apartment). Along with these apartments, a community center building, two playgrounds, half basketball court, community garden, barbeques with covered seating, and landscaped walkways connecting the buildings and community areas will also be constructed.
NeighborWorks Capital has joined the Federal Home Loan Bank of Atlanta, a cooperative of eligible commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies that offers competitively-priced financing, as well as affordable housing and community development grants.