The NeighborWorks Capital Equity Fund was created, in partnership with National Equity Fund, to expand NeighborWorks organizations’ access to equitable, transparent LIHTC equity and strengthen their ability to deliver lasting community impact. For The Neighborhood Developers (TND), the fund provided critical support for a transformational project at a pivotal moment.
In Everett, Massachusetts, TND is developing 25 Garvey Street, a 125-unit affordable housing community that will become the city’s first new affordable family rental housing development in more than 50 years. Located in the rapidly changing Commercial Triangle District, once an industrial area and now dominated by market-rate housing development, the project will ensure that families of all incomes can remain part of Everett’s future.
As TND’s largest development to date, 25 Garvey required financing that aligned with both the scale of the project and the organization’s long-term mission. Through the NeighborWorks Capital Equity Fund, TND gained access to competitive pricing and mission-aligned partnership terms that support long-term ownership, operational stability, and resident impact.Â
TND gained access to competitive pricing and mission-aligned partnership terms that support long-term ownership, operational stability, and resident impact.
“The NeighborWorks Capital Equity Fund understood what we were trying to accomplish at 25 Garvey,” said Steve Laferriere, Director of Real Estate for TND. “Being part of the fund provided TND with a mission-aligned partner that brought both flexibility and a long-term perspective, which has been invaluable as we move this project forward.”
Director of Real Estate,
The Neighborhood Developers
That long-term vision shaped every aspect of the development, from deeply affordable homes for families at risk of homelessness to thoughtfully designed community spaces that foster connection and stability. When completed, 25 Garvey will include a shared courtyard, children’s play area, gathering spaces, and future access to expanded public transit, creating a foundation for families to thrive for generations to come.
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Continue the Story
This story first appeared in our 2025 Annual Report. Discover how the NeighborWorks Capital Equity Fund is advancing community development, and explore additional stories, impact, and highlights from the year in the full report. Â
