Hamilton Crossing, 64 affordable senior apartment homes outside of Columbus and our 11th project with Homeport, opened to a packed house on July 27. Our Senior Loan Officer Emily Dorfman was on hand, along with Whitehall mayor Kim Maggard, representatives from state and local offices and organizations, as well as residents.
We provided an unsecured $250,000 predevelopment loan to Homeport, our 11th totaling $4.7 million in predevelopment, acquisition and construction financing since 2006. Homeport is one of a handful of customers that we have worked with this many times. In addition, Homeport this year repaid a 36 month Line of Credit used for predevelopment expenses associated with the recapitalization of 15 properties in Homeport’s portfolio. This $400k facility provided funds to Homeport for pre-approved expenses, which allowed them to access the funds they needed without having to go through the loan approval process for each individual project.
“I can’t stress enough the value of NeighborWorks Capital’s specialty in affordable housing. Having NeighborWorks Capital’s expertise and the people who ‘get it’ makes our lives so much easier. Understanding our business, the inherent risks and timing concerns, is crucial to getting this work done. It also means NeighborWorks Capital can take risks that traditional financing organizations might not,” said Bruce Luecke, President and CEO of Homeport.
Hamilton Crossing, affordable senior apartment homes at 30 to 60% AMI ($10,300 – $20,600), is Homeport’s third senior affordable housing development in Whitehall. The primary financing is a 9% LIHTC, which helped Homeport secure the necessary construction financing. Our predevelopment loan helped them cover necessary architect fees.
“The need for predevelopment funding before a LIHTC is approved or even closed is critical. NeighborWorks Capital has been instrumental in helping us get the funds several times,” Luecke said.
Hamilton Crossing filled well ahead of schedule – a testament to need in the region, which has seen 29% growth in 65- to 74- year-old residents from 2014-2019. Their partnership with the community and the need are both great enough that Homeport is in discussions with Whitehall to add another senior housing development, as well as workforce homes in the same area. Affordable housing is key as the community continues to grow, Luecke said, and Whitehall has embraced the need. Mayor Kim Maggard expressed gratitude for Homeport’s quality affordable housing in Whitehall.
Homeport partners with National Church Residences to provide support services for the health and wellbeing of Hamilton Crossing’s residents, with the goal to keep people in their homes as long as possible, and help identify any health issues early. In addition, six of Hamilton Crossing’s homes were developed for those who might have developmental disabilities and need specialized care.
Sheri Galloway, a Hamilton Crossing resident who spoke at the opening, said it was a blessing to be able to live in a beautiful place where neighbors are like family. She stressed the value and meaning of a neighborly, social environment where residents’ well-being is a priority.
“For us, that’s the ultimate – we work to build communities. That’s just as important as the physical building,” said Luecke.
About Homeport
The nonprofit Homeport was incorporated in 1987 in Columbus, Ohio, under the mission that a decent and affordable home is the cornerstone of family life and a healthy community. Homeport’s real estate development, community planning and programs provide quality, affordable homes and services to low and moderate income households in Central Ohio. They have undergone significant growth in recent years as the need for affordable homes and related services in Central Ohio grows. More than 6,200 people currently live in a Homeport home.
