NeighborWorks Capital is pleased to renew a $10,000,000 acquisition/predevelopment line of credit to Hispanic Housing Development Corporation (HHDC). The renewal of this line of credit will allow for significant investment in new operating property acquisitions and will support predevelopment costs for HHDC’s development pipeline.
This funding will be an important tool for HHDC to expand their footprint in Puerto Rico and to grow their new development business in Chicago and adjacent areas in Indiana and especially Wisconsin.
HHDC was founded in 1975 as a nonprofit organization to help create affordable housing in Chicago’s Latino neighborhoods. HHDC builds comfortable, affordable, and sustainable housing which becomes a catalyst for economic prosperity and community growth. Today, HHDC provides housing throughout Chicago and in Puerto Rico. HHDC has evolved over the years and expanded business lines to be a real estate developer, involved in property preservation, property management, commercial development, the Tropic Construction Corp. and the Chicago Housing Authority Property Management.
Since 1975 they have built or improved more than 4,633 homes, apartments, condos, and single-family housing and currently have 39 residential developments with 3,596 units, and two commercial properties in their portfolio.
We are pleased to renew this line of credit and continue to support their mission to help people make a better life for themselves, their families, and their neighbors.
