NeighborWorks Capital funded a $1,000,000 predevelopment loan with Mutual Housing California (MHCA) in April 2020. This predevelopment loan will provide additional support for three projects that are likely to start construction in 2020 because of a new California financing program to support new construction using tax exempt bonds and a 4% LIHTC with state LIHTC. The three projects are as follows: Lavender Courtyard, Mutual on 5th Street, and Mutual Housing on the Boulevard. Lavender Courtyard will be a 53 apartment, single building new construction as a LGBTQ welcoming senior community in midtown Sacramento. Mutual on 5th Street will be 38 apartments in one building, with 17 apartments reserved for Transitional Age Youth with supporting services provided by Yolo County. Mutual Housing on the Boulevard will be a 127-unit, 7 building new construction in unincorporated Sacramento County. The project will be supported by 67 project-based Housing Choice Vouchers for inclusion of people coming out of homelessness with 50 of such households to be those experiencing mental illness.
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.