NeighborWorks Capital funded a $500,00 bridge loan with Affordable Housing Education and Development (AHEAD) Inc. in February. This loan provided AHEAD with additional capital to bridge the financing on their under-way construction project, Community Living at Lloyd’s Hills in New Hampshire as well as refinance the balance of NC’s existing loan for Better Homes AHEAD. AHEAD is waiting to close on construction financing from NH HFA and TD Bank- both of those are waiting to commitment from the LIHTC investor, also TD Bank. Community Living at Lloyd’s Hills will create 28 apartments (21 rent-restricted, 7 market) in four buildings with a community building.
NeighborWorks Capital has joined the Federal Home Loan Bank of Atlanta, a cooperative of eligible commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies that offers competitively-priced financing, as well as affordable housing and community development grants.