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 Deploys $22 Million to Fund Permanent Multifamily Loans in Partnership with Charles Schwab Bank
On August 30, 2022, NeighborWorks Capital received its largest investment to date, a $25 million facility from Charles Schwab Bank to fund permanent multifamily loans. One year later, NeighborWorks Capital is pleased to report that 90% of the facility has been utilized and $22 million of long-term, fixed-rate permanent financing has been deployed to members of the NeighborWorks network.
