NeighborWorks Capital is pleased to extend a construction loan of472,000 to NeighborWorks Columbus for the development of a 62-unit for-sale single-family development, Newman’s Crossing, in Columbus, Georgia.
The site is a former mobile home park that will be transformed from a blighted tract of land into a new residential neighborhood that will support. Of the 62 homes that will be constructed, 51% of the homes will be set aside for households with an income at or below 80% of AMI. The development is geared towards families, with each home consisting of three bedrooms. The NeighborWorks Capital loan will be used to construct the infrastructure for the subdivision, including clearing and earthwork, storm, sanitary, and water systems, base, paving, and concrete. It is anticipated that all 62 homes will be completed and sold in three years.
NW Columbus was founded in 1998 and became a chartered member of NeighborWorks America in 2004. NW Columbus’s mission is to promote and provide access to affordable housing and build assets for financial independence for all citizens of low to moderate income. To achieve this, NW Columbus is a HUD approved Housing Counseling Agency and offers homebuyer education training and workshops and provides development services creating new homes for qualified buyers. NW Columbus is also a certified CDFI.
This is NeighborWorks Capital’s second loan with NeighborWorks Columbus, and we are proud to continue our partnership in support of their work to promote and provide access to safe, fit, and affordable housing and build assets for financial independence for all citizens of low to moderate income.
