We are pleased to announce that NeighborWorks Capital recently received a $2 million Capital Magnet Fund grant award from the CDFI Fund. This award will allow us to provide lower cost, fixed rate permanent loans to members of the NeighborWorks America network.
NeighborWorks Capital will use the grant funds to offer NeighborWorks America organizations lower fixed rates on permanent loans to acquire or preserve affordable rental homes especially in economically-distressed or high opportunity areas. We are leveraging this award with more than $30 million in new capital to benefit the NeighborWorks America network.
For more than 20 years, NeighborWorks Capital has provided flexible, creative financing supporting more than 400 affordable housing, community development, and business expansion projects.