NeighborWorks Capital closed a $75,000 federal funding interruption bridge loan with New Directions Housing Corporation in February 2019. Our loan will give New Directions HS funds to bridge the receipt of $75,000 in rental assistance payments from the HUD that were expected in early January 2019 but have been delayed due to the Federal government shutdown that occurred from 22 December 2018 to 25 January 2019. The rental assistance payments are for three of their properties for a total of twenty-one apartment units for seniors with developmental disabilities and eleven apartment units for low income seniors.
NeighborWorks Capital Deploys $22 Million to Fund Permanent Multifamily Loans in Partnership with Charles Schwab Bank
On August 30, 2022, NeighborWorks Capital received its largest investment to date, a $25 million facility from Charles Schwab Bank to fund permanent multifamily loans. One year later, NeighborWorks Capital is pleased to report that 90% of the facility has been utilized and $22 million of long-term, fixed-rate permanent financing has been deployed to members of the NeighborWorks network.